Transforming Properties, Creating Value
12/23/2015

Rockpoint rounds out 2015 with fourth high-profile Boston acquisition

By Boston Business Journal

Boston-based private equity firm Rockpoint Group is rounding out the year with a fourth high-profile real estate purchase.

Rockpoint has acquired 99 Summer St., a 20-story, 270,000-square-foot downtown office tower, for $132 million, according to a Suffolk County deed. The seller was Cornerstone Real Estate Advisers, a real estate investment firm based in Hartford, Connecticut, Rockpoint said in an announcement.

The deal closed Dec. 22, according to Hank Midgley, a Rockpoint principal.

The office is 95 percent leased. Cornerstone acquired the property in August 2013 for $110.8 million from Normandy Real Estate Partners. Normandy, which remodeled the office in 2007, had acquired it in 2003 for $68.25 million.

Rockpoint’s recent Boston activity includes the July acquisition of 75-101 Federal St., an 812,000-square-foot trophy tower complex in the Financial District, for $326.5 million. In October, the firm bought the brick-and-beam Tower Point office in Boston’s Fort Point neighborhood for $62.1 million.

Rockpoint is also part of a partnership including hospitality-industry investors Highgate and Hotel Asset Value Enhancement that’s planning to purchase the Renaissance Boston Waterfront Hotel.

Rockhill Management, an affiliate of Rockpoint, will assume management of the 99 Summer St. office.