Boston – On behalf of the International Institute of New England, JLL’s Capital Markets experts recently announced that the firm has closed the sale of One Milk Street, a 36,531-square-foot mixed-use property prominently located on the corner of Washington Street and Milk Street in Boston. Midwood Investment and Development purchased the asset for $18.2 million.
Managing Directors Frank Petz and Jessica Hughes led the JLL Investment Sales team on the transaction along with Vice President Matthew Sherry.
“The sale of One Milk further underscores the insatiable demand for well-located assets in Boston,”said Petz. “The current and pending vacancy was attractive to investors, and pricing was driven to record highs given the large retail component.”
Located in the heart of Downtown, One Milk sits amidst the Washington Street Corridor resurgence, surrounded by the expansion of new high end retail, luxury residential and mixed-use developments. Owned and occupied by the International Institute of Boston since 1997, the approximately 5,000 s.f. upper floors are currently used as classrooms and administrative offices. The iconic six-story building can accommodate a number of different uses and layouts, attracting an expanding and diverse tenant base for both the retail and office components of the asset.