Institutional Property Advisors Lists 20,000-SF Downtown Boston Retail Space for $13.71M
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has exclusively listed a 20,000-square-foot retail property in Boston's Downtown Crossing shopping district, with an asking price of $13,710,000 — equating to $685.50 per square foot.
The announcement was made March 9, 2026. The seller, WREC Washington Street Acquisition LLC, is represented by Jim Koury, IPA senior managing director investments.
Property Details and Lease Structure
The retail space is distributed across three floors at 459 Washington St., a building constructed circa 1900 and built out in 2017. The floors are connected by an elevator and escalators. The property will be 100% occupied by a Teso Life flagship store operating under a parent-guaranteed 10-year lease, with two five-year renewal options and annual rent escalations of 3%.
"The space will be 100% occupied by a Teso Life flagship store on a parent-guaranteed 10-year lease with two five-year renewal options and annual rent increases of 3%," said Jim Koury, IPA senior managing director investments. "With 22 million annual visitors and retail vacancy of 2.4%, Downtown Crossing is one of Boston's most-visited shopping districts."
No cap rate was disclosed in connection with the listing. Commercial real estate financing terms for a prospective buyer have not been announced.
Location and Market Context
The property sits adjacent to Boston Common, the historic Freedom Trail, and the Downtown Crossing MBTA rapid transit station, which serves commuters traveling to Harvard, MIT, and many of Boston's major employers and institutions. South Station, Boston's busiest transportation hub, is within walking distance, as are Northeastern University, Tufts University, and Boston University. Retail destinations including Copley Square, Prudential Center, and Faneuil Hall Marketplace are also nearby.
The daytime population within a half mile of the property is approximately 169,000, according to the announcement. The broader Downtown Crossing district draws 22 million annual visitors and carries a retail vacancy rate of 2.4%, figures that Koury cited in connection with the listing.
Offering Structure
The offering is structured as a stabilized, income-producing asset. The combination of full occupancy, a corporate lease guarantee, built-in rent escalations, and a long initial term with renewal options are features of the listing as described in the announcement.
The $685.50-per-square-foot asking price reflects the property's location and lease structure. No buyer has been identified at this stage of the listing process.
About Institutional Property Advisors
Institutional Property Advisors is a division of Marcus & Millichap dedicated to serving institutional clients. The division combines investment and capital markets expertise with research capabilities to provide advisory services for the acquisition, disposition, and financing of institutional properties and portfolios.
No closing date or buyer has been announced in connection with the listing.