BOSTON-Institutional financial-services firm TIAA-CREF has purchased 33 Arch St. in Boston's Financial District from AREA Property Partners and Ivanhoe Cambridge. The purchase price of the Class A office tower was not disclosed.
Since 2010, the occupancy rate at the 33-story office tower increased from 80% to 90%. The property has LEED Gold certification. According Jones Lang LaSalle, asking rents for Class A office space in the Financial District touched $49.11 per square foot gross for Q2 2011. For the full story, go to Commercial Property Executive .
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