BOSTON-Invesco Real Estate has traded One Liberty Square, considered one of only five “jewel box” office properties in town, to Clarion Partners for $54 million. Atlanta-based Invesco acquired the 13-story, 157,563-square-foot office building at the peak of the market in 2006, paying $50.3 million to buy it from Mass Mutual Life.
“We believe that One Liberty Square, a landmark in Boston's Financial District and situated in one of the country's preeminent office markets, benefits from a broad tenant base primarily focused in the finance, legal, and technology industries,” says Gary Rufrano, a partner at Clarion. “Our research indicates that these sectors are expected to be strong employment drivers as the US economy continues its recovery.” Although there has been limited new office construction in the Financial District submarket, at present some 1,500 residential units in the area are either under construction or permitted.
A Cushman & Wakefield capital markets team of Robert E. Griffin Jr., Edward C. Maher Jr. and Matthew E. Pullen, along with leasing specialists Dave Martel, Jim Brady and Tim Bianchi, represented Invesco and procured the buyer. The property, built in 1926, is currently 89% leased to a tenant roster that includes Great Hill Partners, Berman DeValerio and Boston Advisors.
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