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| 50 Congress Street, Lobby, Downtown Boston, MA |
BOSTON, MA, May 30, 2017 –
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $79
million sale of 50 Congress Street,
a 179,872-square-foot office building occupying an entire city block in the
heart of Boston’s bustling downtown.
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| Lauren O'Neil |
HFF arranged the sale of
the property on behalf of the seller, an affiliate of KBS Capital Advisors, and
procured the buyer, a joint venture arranged between Jumbo Capital Management
and Guggenheim Real Estate.
 |
| Coleman Benedict |
Originally designed by
renowned architect Andrews, Jaques & Rantoul as the headquarters for State
Mutual Life Insurance, the building was constructed in two phases between 1910
and 1915.
Today, it is 90 percent leased
to over 60 tenants and features a vibrant first-floor retail component. The tenant roster includes a mix of law firm,
retail, private equity and financial services tenants, with 20 percent of the
tenants having been in occupancy for more than 12 years.
“Jumbo Capital is excited
to bring the success it has had with revitalizing over two million square feet
of suburban assets to the downtown Boston market,” said Jay Hirsh, managing partner of Jumbo Capital Management. “50
Congress Street provides an excellent canvas to create an upscale and inviting
feel while restoring many of the historic features of the property”.
“Downtown Boston is one of
the strongest office markets in the United States with a vacancy rate that
continues to remain very low and rents that are on the rise,” said Ben Sayles,
director at HFF.
“Being located just
steps from Post Office Square and directly across from the future headquarters
of Digitas/Publicis Groupe at Congress Square, 50 Congress Street occupies an
irreplaceable position within the urban core.”
 |
| Ben Sayles |
Along with the sale, HFF
has also been retained by the buyer to secure acquisition financing, which is
being led by Lauren O’Neil.
Founded by Peter Bren and Charles J. Schreiber
Jr. in 1992, KBS is one of the nation's preeminent buyers of commercial real
estate and structured debt investments.
In August 2014, KBS was ranked by Institutional Real Estate, Inc. and Property Funds Research as among the top real estate investment managers globally, and in December 2016, National Real Estate Investor ranked KBS the ninth-largest office owner globally.
KBS has a strong reputation in the industry for efficient and timely closing on large and complex transactions in the office, industrial, multifamily and retail sectors. KBS also originates and acquires debt positions collateralized by stabilized and value-added properties.
In August 2014, KBS was ranked by Institutional Real Estate, Inc. and Property Funds Research as among the top real estate investment managers globally, and in December 2016, National Real Estate Investor ranked KBS the ninth-largest office owner globally.
KBS has a strong reputation in the industry for efficient and timely closing on large and complex transactions in the office, industrial, multifamily and retail sectors. KBS also originates and acquires debt positions collateralized by stabilized and value-added properties.
KBS Realty Advisors has
created six institutional commingled funds, 14 separate accounts with public
and corporate pension funds and five sovereign wealth funds. KBS Capital
Advisors was formed in 2006 as the exclusive advisor for KBS' publicly
registered non-traded REITs, which are designed to give individual investors
the ability to invest in a similar type of real estate as KBS pension fund and
institutional partners.
Jumbo Capital Management, LLC (“Jumbo
Capital”) is a privately held, value focused, commercial real estate investment
firm located in Quincy, MA. The firm was founded in 2009 by Jay Hirsh, who left
Boston-based New Boston Fund, Inc. to pursue investment opportunities brought
about by the “great recession”.
Jumbo has since grown to over 30 employees with
leadership having a combined 80+ years of commercial real estate experience.
Jumbo Capital invests in all property types and focuses on a range of transactions
from $5-$300 million. Currently, the firm manages over 3 million square feet of
commercial real estate in the Greater Boston area.
 |
| Christopher Phaneuf |
Guggenheim Real Estate, a division of
Guggenheim Partners, was formed in 2002 and manages approximately $1.5 billion
of client assets invested across a wide spectrum of U.S. commercial real
estate. GRE’s direct property investments include 9.1 million square feet of
office, industrial, retail and multi-family property throughout the United States.
Guggenheim Partners is a
global investment and advisory firm with more than $260 billion in assets under
management and over 2,300 employees based in more than 25 offices around the
world.
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Public Relations
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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