May 9, 2016
Blackstone Group LP has sold Boston’s Fiduciary Trust Building to Deka Immobilien Investment GMBH of Frankfurt. The buyer paid $139 million for the 227,365 square-foot office building at 175 Federal St., adjacent to Dewey Square. DekaBank is the asset management and capital markets division of Deka Group, one of Germany’s largest security providers.
Blackstone acquired the building as part of its $39 billion buy of Equity Office Properties Trust in 2007. Since then, Blackstone has been steadily selling off the assets. Blackstone, however, is not leaving the market – in February, it acquired the 178-room Club Quarters Hotel.
Deka’s acquisition adds to the growing list of German real estate firms investing in Boston. Union Real Estate Investment of Hamburg recently spent $452 million to acquire 101 Seaport Boulevard.