Financial details of the transaction were not released but industry sources tell GlobeSt.com that the 782,031-sf building went for somewhere in the $260 to $265 million range.
Spaulding & Slye Colliers principals Jeffrey B. Swartz and Michael G. Smith, and senior vice president Cappy F. Daume acted as sole brokers in the transaction. "There are only 23 office towers in the entire city over 25 stories," says Swartz, "of which half are controlled by either REITs or owner occupants. There just aren't many opportunities to buy a first class office tower in Boston. The buyer acquired an outstanding asset."
Swartz tells GlobeSt.com that the 41-story building was never officially on the market. "We approached the owners and asked if they would be interested in selling," he says. "We sensed that the building would be a good match for the partnership."
Mellon Financial Center was renamed after its anchor tenant Mellon Financial, expanded its premises and made a new long-term commitment for nearly half of the building. Other tenants include Berkshire Partners, Robinson & Cole, First Union, Boston Capital, AG Edwards, and Davis Malm.
The Blackstone Group and Walton Street Capital acquired the building two years ago and implemented extensive renovations to the property, most notably to the ground floor. The newly completed lobby features a wall of marble, an all glass entrance, new retail space, and plaza area.
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