Michael Dell Closes On $10.9M Condo In Downtown Boston

Michael Dell, chairman and CEO of Dell Technologies, has laid out nearly $11 million for a condo in one of downtown Boston's newest and swankiest buildings.

Dell closed on the condo today, and his $10.9 million gets him a penthouse condo in Millennium Tower, according to Massachusetts land records. The 60-story building rises from the long-vacant site of what was once the Filene's department store's flagship location in Boston's Downtown Crossing. The purchase price also includes two parking spaces, according to public records.

Dell made the purchase through a limited liability corporation, MT PH4B LLC, registered to Marc R. Lisker, a partner at MSD Capital, the firm that manages Dell's family's funds.

Related: Dell EMC To Pay Rebate And MDF To Legacy EMC Partners For January 'Gap Month'

Millennium Tower is quickly becoming a go-to address for the privacy-minded corporate elite. In August, billionaire banker Jonathan Grayken, head of Lone Star Funds, bought its 13,000-square-foot "Grand Penthouse" for $35 million, according to a Boston Business Journal report.

Dell, a Texas native, has been rumored to be shopping for homes in the city since early this year, shortly after the company he founded in his University of Texas dorm room announced that it would acquire Hopkinton, Mass.-based data storage giant EMC.

The $58 billion merger was finalized in early September, creating Dell Technologies, the largest privately held IT firm in the world.

The CEO's net worth is currently about $20.8 billion, according to Forbes. Dell reportedly owns several homes, including properties in Hawaii and the Caribbean. His primary home is a sprawling Austin, Texas, mansion very near company headquarters. He also owns a ranch nearby.

According to reports, most of the Millennium Tower's 442 units have been sold, and a number of penthouses – ranging in price from $6.2 million to $15 million and billed as "the highest point in the city," were said to be set to close before the end of the year.

And Dell is just the latest wealthy corporate CEO to buy a home in Boston. Jeff Immelt, CEO of GE, which is relocating its headquarters to the city, recently spent nearly $8 million on a four-bedroom Commonwealth Ave. condo near Boston Public Garden, according to reports.

Scott Winslow, president of Winslow Technology Group, a solution provider based in Waltham, Mass., said Dell's home purchase bodes well.

"I'm happy to see it," Winslow said. "EMC is one of the largest employers in the state, and when there's a big acquisition like this, there's a lot of worry that there's going to be job losses, so this shows commitment to the area. I feel like Michael has already given us great access, but it'll be great having him up here."

id
unit-1659132512259
type
Sponsored post