Jaylen Brown Takes A Shot At Downtown Boston Real Estate, Misses 399 Washington

The 76,000-square-foot former Barnes & Noble location has been empty for nearly two decades and is now under contract to Boston-based Hudson Group. According to the Boston Business Journal, citing sources familiar with the negotiations, the property is expected to sell for much less than its 2017 price tag of $63 million.

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Brown, who signed a record-breaking $303.7 million contract last year, planned to transform the five-story building into a hub for Black entrepreneurship. His vision included featuring Black-owned businesses on the street level and housing his startup accelerator program on the upper floors.

"A building is a core part of BostonXchange, so he's looking forward to finding a location," Malia Lazu, Brown's consultant on the initiative, told the Boston Business Journal. The search continues for an alternative site downtown or elsewhere in the city.

The report said that the NBA All-Star’s interest represents exactly what civic leaders hope to see for vacant downtown properties in post-pandemic Boston. Michael Nichols, president of the Downtown Boston Business Improvement District, supported Brown’s mission. “We remain motivated to work with Jaylen and his team to find a space that can serve as the long-term epicenter for their mission-focused work,” Nichols said.

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The property’s troubled history extends beyond the pandemic. After Barnes & Noble closed in 2006, it sat vacant until L3 Capital and LaSalle Investment Management purchased it in 2017. Despite millions in upgrades, COVID-19 derailed their plans, forcing them to surrender the building to lender Wells Fargo last year to avoid foreclosure, the report noted.

Hudson Group, the prospective buyer, brings experience in transforming downtown Boston properties. The firm has converted buildings in the Leather District into residential units and partnered with Brookfield on a 26-story apartment tower on the Greenway.

Brown’s initiative, Boston XChange, launched this summer and recently announced its first cohort of 10 businesses. While the Washington Street location didn’t work out, his broader mission to address Boston’s racial wealth gap through real estate and entrepreneurship continues.

The setback points to the ongoing challenges in major commercial real estate markets. Property values have declined sharply since the pandemic, creating obstacles and opportunities for innovative development projects.

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