$14.5m Summer sale.

Jeffrey R. Dunne and Steven P. Bardsley recently represented ITW Mortgage Investments II, Inc., an entity serviced by GE Real Estate (a business unit of GE Commercial Finance), in the sale of 600 Summer Street for $14.5 million or $151 PSF.

Dunne and Bardsley were also responsible for procuring the buyer, 600 Summer Street Investor Associates, LLC, an entity controlled by Seaboard Properties Inc.

600 Summer Street is a 96,300 s/f Class A office building situated on a highly visible 1.38 [+ or -] acre site. The building was constructed in 1967 and underwent a comprehensive, $7.9 million renovation in 2002.

At the time of sale, 600 Summer Street was 81% leased, with major tenants including GE Real Estate (45,000 s/f), Wofsey, Rosen, Kweskin & Kuriansky, LLC (15,000 s/f), Chicago Title Insurance Company (6,352 s/f), and Bello, Lapine & Cassone (5,144 s/f).

Notably, Wofsey Rosen, Chicago Title and Bello Lapine have been in the building since 1986, 1972 and 1994, respectively. These tenants renewed during the renovation and realized a large rent increase to do so.

Jeff Dunne commented: "The property's excellent location combined with its recent comprehensive renovation separates it from its competitors, as demonstrated by its ability to retain existing and attract new tenants. The new owners should fair well with this asset."