BOSTON—Locally-based real estate private equity firm Rockpoint Group has acquired the twin high-rise office towers at 75-101 Federal St. here for $326.5 million.
Rockpoint acquired the office buildings from a joint venture partnership led by Pearlmark, a Chicago-based private equity firm. The two buildings total 818,231 square feet. 75 Federal St. is a 21-story building, while 101 Federal is 31 stories tall.
The two buildings are connected by the complex's main lobby. The property is currently 84% leased. Its anchor tenants include HQ Global Workplaces, Wells Fargo, Sherin & Lodgen, Willis of Massachusetts and Ironshore Insurance. The Cushman & Wakefield team, led by president Robert Griffin, vice chairman Edward Maher and executive director Matt Pullen, oversaw the transaction on behalf of the seller.
Rockpoint had no comment on its purchase of 75-101 Federal St. In April, Rockpoint and partner MRP Realty sold Bethesda Crossing, a 353,000-square-foot building in Bethesda, MD.
“75-101 Federal St. is a distinctive feature on Boston's skyline and one of the city's most recognized business addresses,” says Cushman & Wakefield's Maher. “Its efficient floor plates, plentiful on-site amenities and great views, combined with its convenient location in the heart of Downtown Boston, make it an exceptional asset for tenants and investors alike.”
Recently, the building underwent more than $7 million in capital improvements that included upgrades to its lobby, façade, garage, common area, HVAC, roof and elevator.
The property's on-site amenities include a B/SPOKE indoor cycling studio, The Bar Method barre studio, a full-service Santander Bank, Bush Cleaners, David's Instant Shoe Repair and shoe shine stand, Martin's News sundry shop, underground parking, FedEx services, Starbucks and Café de Boston.
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