Seattle-based institutional real estate advisor Kennedy Assoc. has acquired 185 Franklin St. in Boston from Verizon for $192 million.

Kennedy Assoc. acquired the Post Office Square property with one of its institutional partners, and will “reposition” the property.

Commonwealth Ventures, a New England-based real estate development and investment firm active in the Boston market, will manage the redevelopment of the 22-story building, which has 700,000 rentable square feet. As part of the repositioning, 60,000 square feet of retail will be added to the building, and tenant naming rights will be offered, the company said.

As part of the transaction, Verizon retained ownership of roughly 100,000 square feet at closing, and entered into a multi-month lease-back arrangement of the entire building.