Back Bay Office Building Listed by Blackstone Amid Market Shift

A Changing of Hands?

Blackstone’s real estate arm, EQ Office, is reportedly looking to offload 399 Boylston St., a 233K SF office building in Boston’s Back Bay, reports Bisnow. Banker & Tradesman first reported the sale, citing anonymous sources and confirming that Newmark is handling the listing. Neither EQ nor Newmark has commented publicly.

A Steady Asset in a Shifting Market

EQ bought the Back Bay building from Shorenstein Properties in 2014 for $117M, when it was 87% leased. Despite the exit of former anchor tenant Natixis Global Asset Management in 2017—who vacated 120K SF to move to BXP’s 888 Boylston—the property remains 90% leased today.

In November, EQ Office reported signing over 21K SF in new leases at the Back Bay property, with its leasing VP, Scott Silverstein, touting the building’s strong market positioning.

Context: A Busy Year for Boston Office Sales

The potential sale joins a growing list of recent transactions in Boston’s office market. In April, Synergy acquired 99 High St. for $227M, while North Colony Asset Management bought 343 Congress St. for $48M earlier this year.

Back Bay Holding Steady

Despite broader challenges in the office sector, Back Bay remains a resilient submarket. According to CBRE, it had a vacancy rate of 15.8% last quarter—among the lowest in Boston—and saw 122K SF of leasing activity in Q1.

With investor appetite still cautious, the sale of 399 Boylston could test current pricing expectations in one of Boston’s most stable office districts.