June 8, 2018 Comments Off on Rockefeller, Mitsubishi JV Divest Boston Asset for $418M Views: 2690 Massachusetts, National News, Northeast

Rockefeller, Mitsubishi JV Divest Boston Asset for $418M

TA Realty LLC arranged the roughly $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 at Congress and State Streets in Boston’s Financial District was reportedly acquired by Heitman Capital Management.

TA Realty’s Jim Raisides says, “The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly-compelling acquisition opportunity. 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.”

TA Realty provided asset management and advisory services to the JV. The 95%-occupied building has roughly 572,000 square feet of office space with an additional 7,000 square feet of retail space.

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