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AJ Investment Group, a European investment firm, has recently acquired a six-story building located at 400 Atlantic Avenue in Boston for $30 million. This acquisition marks JAJ's first deal in Boston and provides an opportunity to redevelop the vacant office space. The sale price equates to $300 per square foot, which is a significant amount considering the average price per square foot in Boston is around $500.

    The seller was an affiliate of UBS Group, which had purchased the property ten years ago for $50 million. However, UBS was reportedly acting on behalf of another family office when they sold the property to JAJ. It is worth noting that UBS had previously considered selling the property to Synergy but ultimately decided against it due to potential risk-adjusted returns, even with interested tenants.

    The property was previously occupied by the law firm Goulston & Storrs before they relocated to One Post Office Square. As of last year, the annual base rent at 400 Atlantic Avenue was $4.2 million.

    JAJ Investment Group may look to reimagine the property in various ways, although an office space is unlikely to be part of their plans. The company is primarily involved in European real estate and has an impressive portfolio consisting of offices and hotels, including a five-star converted palace in Lisbon and a forthcoming 150-room property in Miami Beach.

    The waterfront acquisition offers harborfront access, but it is adjacent to another hospitality property, the Boston Harbor Hotel.

    In other news, Finvarb JV secured $45 million in financing for their Miami Beach Thompson Hotel-anchored project. Madrid-based firms are pushing deeper into Boston's office market, while a new report suggests that most of Boston's biggest offices have dropped in value.