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RAK keeps an eye on Boston with second acquisition

New York-based RAK Group LLC has acquired One Congress St. in Boston's Government Center district for $118 million. New York-based Dean Witter Realty sold the 1.4 million sq. ft. mixed-use complex. The acquisition marks RAK's second in Boston after the 1999 purchase of 294 Washington St. in downtown Boston.

In addition to 300,000 sq. ft. of office space and 36,000 sq. ft. of retail, the 10-story structure also contains one of the largest enclosed parking facilities in downtown Boston. Originally built as an eight-level parking facility in 1967, two levels of office space with 150,000 sq. ft. floorplates were added to the top of the building in 1990. The building contains 2,200 parking spaces, and the office segment is fully leased to the U.S. Environmental Protection Agency and the Massachusetts Department of Housing and Community Development.

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