Tishman Speyer has acquired The Eddy, a high-rise apartment tower located on the East Boston waterfront, from Green Cities Co. for $135 million.
Built in 2016, the 17-story LEED Gold certified tower features 259 market rate rental apartments and is East Boston's tallest.
This is the first multifamily acquisition in Boston for Tishman Speyer, which owns a long list of office, life science, retail and condominium properties throughout the region.
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Tishman Speyer is currently developing the Enterprise Research Campus in collaboration with Harvard University, a mixed-use campus whose first phase will include 900,000 square feet of labs, offices, apartments and a hotel. Tishman Speyer also developed the landmark Pier 4 mixed-use project, which encompassed condominiums, offices, retail and a public park in Boston's Seaport neighborhood.
The firm also owns numerous trophy office properties throughout the region and maintains an active life science development pipeline through Breakthrough Properties, its joint venture with Bellco Capital.
"Our acquisition of The Eddy is emblematic of Tishman Speyer's ongoing desire to develop, own and operate top quality, well-located properties across a diverse array of asset classes," said Tishman Speyer Managing Director Jessica Hughes, in prepared remarks.
Walker and Dunlop arranged the transaction on behalf of Green Cities Co.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
