A joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York has sold a Boston office building for about $418 million. The buyer was not identified. TA Realty LLC arranged the sale.
BOSTON–(BUSINESS WIRE)–TA Realty LLC, a leading provider of real estate investment management services to institutional and private investors, today announced that it arranged the approximately $418 million sale of 28 State Street in Boston on behalf of a joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York.
The 40-story Class A office building, which had a 95 percent occupancy rate at the time of the sale, is located at the intersection of Congress and State Streets in Boston’s Financial District, close to historic Faneuil Hall. TA Realty provided asset management and advisory services to the joint venture, helping the ownership group significantly enhance the property’s value through operational and capital improvements.
“The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” said Jim Raisides, Partner at TA Realty. “This trophy property produced a very competitive bid process which resulted in a sale to a well-capitalized domestic institutional investor. We believe the purchase price reflects the value we helped create over the ownership period.”
Designed by Emory Roth & Sons, 28 State Street is one of only eight buildings in Boston greater than 40 stories. The property benefits from a complete renovation that occurred in the late 1990s resulting in significant enhancements to its infrastructure and systems, lobby and outdoor spaces. The building has approximately 572,000 square feet of office space with an additional 7,000 square feet of retail space. Major tenants include prominent financial services and law firms.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to institutional and private investors. Since its inception in 1982, TA Realty has managed more than $25 billion of real estate assets through a series of value-added, commingled funds and customized core separate accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. For more than three decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by leading pension funds, endowments, foundations and high net worth individuals. For more information please visit www.tarealty.com.