Starwood RE Income Trust Pays Reported $614M for Boston Office Tower
Multiple published reports state the sale price for the property was $614 million, making the deal the largest sale price recorded for an office asset year-to-date in Boston’s Central Business District.
BOSTON—Starwood Real Estate Income Trust, which is based in Miami, has acquired the 38-story 60 State St. office/retail tower here in a deal reportedly valued at $614 million.
Newmark Knight Frank represented the seller—institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group—in the transaction.
NKF co-head of US capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and managing director Samantha Hallowell of Newmark Knight Frank’s Boston Capital Markets group oversaw the transaction in conjunction with NKF executive managing director Debra Gould and senior managing director Gilbert Dailey.
Multiple published reports state the sale price for the property was $614 million, making the deal the largest sale price recorded for an office asset year-to-date in Boston’s Central Business District.
The building features 911,394 square feet of office and retail space and is anchored by law firm WilmerHale, asset manager Amundi Pioneer, advertising technology solutions provider Criteo and asset manager BlackRock.
The retail component includes a brand-new, three-level Samuel Adams Tap Room, which opened earlier this year. The building also includes the iconic State Room event space on floors 33 and 34.
“60 State Street is the beneficiary of significant capital improvements completed in the past five years, resulting in fully-modernized common areas and base building systems as well as brand-new, tenant-exclusive amenities,” says NKF’s Maher. “The asset also boasts high operational efficiency as exemplified by its LEED Platinum certification.”
Earlier this month, Newmark Knight Frank announced another significant deal at a Boston tower building.
The brokerage firm reported the successful completion of the sale of a 50% interest in 75-101 Federal St. in Downtown Boston from Rockpoint Group to Carr Properties of Washington, DC.
NKF’s Griffin, Maher, Pullen and Hallowell oversaw the transaction of the trophy mixed-use tower. No financial details of the transaction were disclosed.
Comprising two interconnected 21- and 31-story towers, 75-101 Federal Street encompasses 853,319 square feet of office, retail and amenity space complemented by a 175-space, below-grade parking garage.
The property benefits from significant capital improvements that Rockpoint Group completed in recent years, highlighted by a fully-activated lobby and retail component including a number of fitness, dining and convenience amenities.