In the latest sign of Fort Point’s hot real estate market, the office building at 333 Summer St. sold Tuesday for a price nearly seven times what its owner paid for it less than three years ago.
Synergy Investments closed a deal to sell 333 Summer - which is home to tech firm LogMeIn Inc. - for $74.25 million to an arm of Maryland-based real estate investment firm ASB Capital Management, according to Suffolk County property records.
That’s a big jump from the $11 million that Synergy and partners DivcoWest paid for the building in 2013, before exbiztensive renovations and before fast-growing LogMeIn signed a 12-year-lease for the building’s 117,000 square feet of office space. And at $634 per foot, it’s a price more commonly seen among top-tier downtown office buildings than the brick-and-beam spaces of Fort Point Channel.
But it’s another show of strength in the market for Class B office buildings in Boston, which have drawn surging rents from tech and creative firms looking for an alternative to Class A high-rises. And it’s another boost for Fort Point, where General Electric Co. is shopping for space for its new corporate headquarters. Several other buildings in the neighborhood have sold at high prices in recent months.
A spokeswoman for ASB did not immediately return messages seeking comment on the company’s plans for the building.