BOSTON—The ownership of the 1.8-million-square-foot International Place office complex here has secured a $500-million refinancing of the property located in the city's Financial District.
The refinancing was announced by HFF, which placed the fixed-rate loan with New York Life Real Estate Investors and Northwestern Mutual on behalf of a joint venture between The Chiofaro Co. and an institutional partner. The HFF debt placement team that represented the borrower was led by senior managing director Riaz Cassum and real estate analyst Patrick McAneny.
In a seperate announcement, Northwestern Mutual announced it funded $250 million of the $500-million mortgage loan refinance for International Place.
International Place was completed in 1992, and since then has been one of the defining elements of the Boston skyline with its two signature interconnected office towers in the heart of the Financial District. The 46 and 35-story towers offer 360-degree unobstructed views.
Major tenants at the property include Eaton Vance, Choate Hall & Stewart, Proskauer Rose and PayPal. The retail portion of the complex houses tenants such as the Palm Restaurant, Starbucks, Au Bon Pain, Santander Bank and Republic Fitness (coming soon).
In September, the law firm Choate Hall & Stewart LLP renewed its lease at International Place. The firm has been headquartered at the building since 2005.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
