Natick firm pays $120.5m for buildings in Seaport District

Crosspoint Associates Inc., a Natick real estate company, said yesterday that it paid $120.5 million for 10 historic buildings in Boston's Seaport District.

The price represents a 31 percent premium above the $92 million paid for the buildings the last time they changed hands, just three years ago. CB Richard Ellis, the broker for the deal, said there were 10 bidders. The high degree of interest and the hefty price reflect increasing real estate speculation in the developing seaport area, as well as confidence that commercial rents in Boston will continue to increase.

"It's a once in a lifetime opportunity to be in on the ground floor of a new area of the city. That is the exciting part," said James F. Carlin III, managing partner of Crosspoint. The firm was founded by president John W. Hueber, whose former business associate was Carlin's father, Natick businessman and former state commerce and transportation secretary James F. Carlin.

Crosspoint, in partnership with Anglo Irish Bank, bought the 10 buildings on Thomson Place and Farnsworth Street from an undisclosed owner who was represented by HDG Mansur Investment Services Inc., an international real estate investment firm based in Indianapolis. The buildings, totaling about 380,000 square feet, were constructed by the Boston Wharf Co. in the early 1900s. They are occupied by Thomson Financial, the Toronto information firm, which has a lease through 2014.

CB Richard Ellis Capital Markets said volatility in the credit markets did not keep the bidding from being "highly competitive."

"There's a lot of turmoil out there right now, and there's lots of deals that are going sideways and falling out," said Chris Angelone, executive vice president and partner at CB Richard Ellis. "It shows a lot of integrity on the part of our buyer that they performed the way they did given what is happening."

Crosspoint has a long list of retail and office properties throughout Massachusetts. James F. Carlin, who is no longer involved in managing Crosspoint, was commerce secretary and transportation secretary under former Governor Edward J. King and coined the "Make it in Massachusetts" slogan. He also served as chairman of the state Board of Higher Education under former Governor William F. Weld.

Christopher Rowland can be reached at crowland@globe.com.