Converse has a new landlord
Converse has a new landlord.
The shoe-maker’s brand-new Bulfinch Triangle headquarters was purchased Thursday for $150 million by a German investment fund, according to Suffolk County property records.
Union Investment bought the building from Related Beal, which redeveloped the run-down former Schrafft candy warehouse on Lovejoy Wharf into a brand-new 10-story headquarters for Converse, complete with a design-your-own shoe store and even a recording studio.
The company - which moved in to Boston from North Andover last year - has a long-term lease for the 214,000 square-foot building, which occupies a prime spot of waterfront near the TD Garden, visible from the Zakim Bridge.
At about $700 per square foot, the deal is the latest in a string of high-priced office building sales in recent months, many to long-term institutional investors from Europe and Canada.
Union has moved into Boston in a big way. Late last year it paid $180 million to buy the just-opened Godfrey Hotel in Downtown Crossing. It is also rumored in real estate circles to have a deal in place to buy brand new 101 Seaport Boulevard - home to the Boston office of accounting giant PwC - from developer Skanska USA. Both Skanska and Union declined to comment on that deal.
But in a statement about Union’s purchase of the Converse building, Martin Brühl, the company’s head of international invesetment management, sounded like his firm has more deals planned here.
“With its stable returns and the prospect of rental growth Boston certainly has the potential for further investments,” he said.