A seven building portfolio in the Fort Point Channel neighborhood of Bostonās Seaport District has been acquired by an affiliate of TIAA for a combined price of $224 million. The 97-percent-leased portfolio is located across the Fort Point Channel from Bostonās Financial District. Originally built in the early 1900’s, the properties are currently used for office space.
āTIAA is one of the largest stakeholders in the city of Boston with both large debt and equity holdings. We strongly believe in the city, its continued strength and the long-term viability of real estate investments here, which we are actively continuing to seek across asset and risk classes. This portfolio allows us to diversify our current holdings and provides for creative value enhancement moving forward,ā said Sam Flood, Head of Northeast Real Estate Acquisitions, TIAA Global Asset Management.
