BOSTON—Tishman Speyer has increased its presence in the Seaport District with the acquisition of the newly constructed One Channel Center office building and adjacent parking garage.

The property, which is fully leased to State Street Corp., totals 501,650 square feet. The parking garage that was part of the deal offers 965 spaces. State Street Corp. is the sole tenant in the property through 2029. The property and garage traded for $316.5 million, according to Suffolk County land records cited in a report in the Boston Business Journal.

"The Boston office market is currently very strong and we believe it will be strong over the long term," states Tishman Speyer president and CEO Rob Speyer. "This is a signature office building that is well situated in what is a vibrant mixed-use neighborhood with a great future. As such, it fits perfectly with our strategic portfolio growth plan in Boston, one of the nation's great cities, as we look for opportunities to continue developing and acquiring world-class properties to serve the needs of leading companies there." Tishman Speyer declined to comment further on its purchase of the property.