Beal Cos. and Rockport Group buy South Boston's Fargo building

A joint venture of the Beal Cos. LLP and the Rockpoint Group LLC purchased the Fargo building in Boston from Hypo Real Estate Capital Corp. for $40.5 million.

The nine-story building, located at 451 D St. in South Boston, has 450,000 square feet of office space and 25,000 square feet of garage space. The Beal Cos. will manage the property as an office building. The joint venture plans to renovate the property and hire a real estate broker to lease the 300,000 square feet of space in the building now available for rent.

The building, constructed in 1910, is located across from the new Westin Hotel and the Boston Convention and Exhibition Center in the South Boston Seaport District.

The Beal Cos. LLP is a full service real estate firm located in Boston. Rockpoint Group LLC is a global real estate investment management firm with offices in Boston, Dallas, San Francisco, Frankfurt, London and Tokyo.