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| 263 Summer Street; 332 and 374 Congress Street, Fort Point Channel Neighborhood Seaport District, Boston, MA |
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| 33-41, 34, 38 and 44 Farnsworth Street, Fort Point Channel Neighborhood Seaport District, Boston, MA |
BOSTON, MA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $224 million sale of a
seven-property portfolio totaling 408,342 square feet in the Fort Point Channel
neighborhood in Boston’s Seaport District.
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| Coleman Benedict |
HFF exclusively
represented the seller, a separate account advised by Clarion Partners, and
procured the buyer, an affiliate of TIAA in this landmark transaction.
The 97-percent-leased
portfolio is comprised of 263 Summer
Street; 332 and 374 Congress Street; and 33-41, 34, 38 and 44 Farnsworth Street,
which are located across the Fort Point Channel from Boston’s Financial
District. Originally built in the early
1900s, the properties today feature high-quality office space characterized by
exposed ceilings, natural lighting and modern efficient workspaces.
The HFF investment sales
team was led by senior managing director Coleman
Benedict and director Ben Sayles.
“This portfolio likely
represents one of the last large-scale investment opportunities in the Fort
Point Channel neighborhood with the bulk of the inventory controlled by a
select number of long-term holders,” said Benedict.
“Quite possibly the hottest submarket in the
country; the Fort Point continues to draw a significant tenant base driven by
its unique brick & timber office supply, the influx of thousands of
residential units, as well as dozens of new popular restaurants and retailers.”
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| Ben Sayles |
“TIAA is one of the
largest stakeholders in the city of Boston with both large debt and equity
holdings,” said Sam Flood, Head of Northeast Real Estate Acquisitions, TIAA
Global Asset Management.
“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,”
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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