"It's a significant [complex] in a fantastic market," says Hinesvice president David Perry. While acknowledging that the deal hasclosed, Perry declined to provide details, citing an ongoingconfidentiality agreement. He adds that a press release will beissued within a few days on the purchase of the complex, which isalso known as the Riverfront Office Park. Calls to Calpers and NewYork-based Blackstone were not returned by press deadline.

Despite that, industry sources estimate that the buildings soldfor about $325 per sf, or in the $215 million range for the667,000-sf complex. If accurate, that would reportedly be a newrecord for Class A office space in Cambridge, which has been apopular target among investors given the city's tight vacancy rateand rents that now average above $50 per sf. At present, forexample, Beacon Capital Partners is entertaining offers from buyersangling to acquire its Technology Square office development a fewblocks from the Riverfront site, while several other Cambridgeoffice buildings have already changed hands this year.

The sale of Riverfront has created a domino effect as well, withBlackstone's property management team migrating across the riverfrom Cambridge to One Boston Place. Blackstone and Walton StreetCapital of Chicago recently purchased that 41-story, 770,000-sfoffice tower in Boston's Financial District for an estimated $180million. Meanwhile, CB Richard Ellis/Whittier Partners has beenhired to lease One Boston Place, which has a number of tenantsrolling over during the next few years. Jones Lang LaSalle hadmanaged One Boston Place for the previous owners, Lend Lease RealEstate Investments.

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