The long-vacant building at 399 Washington in Downtown Crossing has been purchased for $13 million, significantly below its 2017 sale price of $63 million. New owners Hudson Group and Assembly Investments plan to reduce rents to attract tenants, as the previous investments did not yield occupancy. This shift may bring energy to a long-dormant area while potentially impacting Boston's revenue from property taxes, which heavily relies on stable rental income amid ongoing challenges in the post-pandemic office market.
The sale of 399 Washington at an 80% discount signals potential change, as new owners plan to lower rent to attract tenants.
Despite upgrades, the previous owners struggled to find tenants, highlighting the challenges of the current office market post-COVID-19.
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