BOSTON—Equity Residential has sold the 50 Staniford Street medical office building on the Massachusetts General Hospital campus here for $123.3 million.

The deal for the 100% leased property was reported by brokerage firm Cushman & Wakefield. C&W did not divulge the identity of the buyer. However, a knowledgeable source has confirmed that the 10-story 193,230-square-foot building was acquired by RREEF America, L.L.C., an affiliate of RREEF Property Trust.

A spokesperson for RREEF Property Trust declined comment on the deal. RREEF America L.L.C. of New York City is the sponsor and advisor of RREEF Property Trust. RREEF America L.L.C., together with its affiliates in Europe and Asia, comprise the global real estate investment business of Deutsche Asset & Wealth Management (formerly RREEF Real Estate), a division of Deutsche Bank A.G.

“50 Staniford Street's on-campus location and blue-chip hospital tenancy make it one of the most desirable medical office properties in the country,” says Cushman & Wakefield vice chairman Edward Maher. “Paired with its mission-critical functionality, an iconic asset like 50 Staniford Street is a generational opportunity rarely available to investors.”

C&W officials say that the property, which was built in the mid 1970s, had never been available for purchase on a stand-alone basis. The building is anchored by General Hospital, the flagship hospital of Partners Healthcare. The hospital occupies approximately 74% of the building. Other tenants include Ophthalmic Consultants of Boston and Boston Eye Surgery.

The building and adjacent parking garage are situated in the Massachusetts General Hospital medical cluster, which consists of more than 5.7 million square feet of healthcare, research and support space.

The C&W team that worked on the transaction representing Chicago-based Equity Residential in the sale was led by president Robert Griffin and vice chairman Maher. Others involved in the deal included executive director Matt Pullen, as well as C&W's Medical-Academic Practice Group executive director Frank Nelson, senior director Michael Greeley and associate director Thomas Greeley.