Carr Properties Makes Second Major Investment in Boston
The deal marks the Washington, DC-based REIT’s second investment in Boston following its recent announcement of joining with National Real Estate Advisors and HYM Investment Group to own and develop One Congress, a 1-million-square-foot trophy office tower in Downtown Boston.
BOSTON—Carr Properties continues its recent expansion into the Boston commercial real estate market with the purchase of the 200 State St. office building here.
The deal marks the Washington, DC-based REIT’s second investment in Boston following its recent announcement of joining with National Real Estate Advisors and HYM Investment Group to own and develop One Congress, a 1-million-square-foot trophy office tower in Downtown Boston.
No financial terms of the transaction were reported. Back in 2008, the property was purchased by GLL Real Estate Partners GmbH for $167 million, according to multiple published reports.
200 State Street is a 16-story, LEED Gold office building located on the Greenway adjacent to Faneuil Hall Marketplace in Downtown Boston. Constructed in 1985, the structure is well-suited for a variety of tenant layouts with structural columns concentrated at its perimeter allowing for column-free interior; nine-foot finished ceiling heights and flexible floorplates averaging 20,000 square feet.
The building offers unobstructed views of Boston harbor and has access to public transit. Carr Properties’ plans to renovate the building to deliver the hospitality experience consistent with the Carr Properties’ brand, the company states in a news announcement.
Carr Properties’ CEO, Oliver Carr says of its latest Boston deal, “We are very excited to have closed on the acquisition of 200 State Street and look forward to continuing to grow our portfolio in Boston as a long-term oriented owner. The building’s quality and exceptional views are entirely consistent with the balance of our portfolio.”
The company currently owns a portfolio of 18 commercial office properties totaling approximately 4.8 million square feet, as well as, a pipeline of five development projects that include: The Wilson and The Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, DC; and One Congress in Boston. Upon completion, these projects will add 2.4 million square feet of trophy-quality office space to Carr’s portfolio.