Boston office tower sold for $400 million auctioned

A 36-story office building in downtown Boston has been sold for $400 million at a foreclosure auction. This price is significantly lower than its previous value of $1 billion, which was set three years ago when it was refinanced by the former owner, Fortis Property Group. The only bid at the auction came from an affiliate of BDT & MSD Partners, a merchant bank based in Chicago and New York City. The building, known as One Lincoln, was once home to State Street Corporation until they moved in 2023. Currently, less than half of the building's space is leased. HarbourVest Partners, a private equity firm, has signed a lease for 250,000 square feet across 11 floors and is expected to move in later this year.