A 40-story class A office building in Boston has been sold by a joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York for $418m. Located at the intersection of Congress and State Streets in Boston’s Financial District, 28 State Street features 572,000 sq ft of office and 7,000 sq ft of retail. Designed by Emory Roth & Sons, the office tower, which was 95 percent leased at the time of the sale, is one of only eight buildings in Boston that has more than 40 floors. TA Realty represented the sellers during the sale.
“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.”
