MBTA launches garage sale

The Massachusetts Bay Transportation Authority is asking $70m for a parking garage located next to Boston’s North Station. Interested bidders also have the option of leasing it for 50 years for an upfront payment of $65m, according to a bid invitation.

Boston’s mass transit agency is having a garage sale.

The Massachusetts Bay Transportation Authority (MBTA), the city’s bus, subway and commuter rail operator, is inviting bids for a parking garage near North Station, one of its major transportation hubs.

MBTA North Station Garage:
up for sale

According to a bid invitation posted on a real estate broker’s website, the MBTA is looking to either lease the MBTA North Station Garage for at least $65 million or sell it for at least $70 million payable at closing. The lease would be a 50-year lease with five, five-year extension options, according to the ad.

The North Station parking garage contains give levels of parking that provides approximately 1,275 parking spaces across 663,163 square feet of space.

The garage sale makes the MBTA at least the second major transit agency to consider off-loading some of its non-transportation assets to private investors. New Jersey Transit, the New Jersey-owned commuter rail operator, is currently in the process of leasing more than 100 parking facilities near its bus and rail lines to private investors. Financial close on that deal is expected later this year or early next year.

The MBTA will host a pre-bid conference for the North Station Garage on 1 June, according to the bid invitation. Bids will be due 27 July at 1pm Boston time.