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TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), will retain the remaining 50.1% interest in 501 Boylston St., which totals 610,000 square feet of office and retail space.
Cambridge Savings Bank will house its new operations center at the 2-million-square-foot Hobbs Brook Park, but will retain its corporate headquarters operations in Cambridge.
The company states the sale resulted in a total return to the investors of 142.10% (calculated based on the aggregate amount of original capital invested in the property).
"We love the characteristics of Boston Children's hub-and-spoke model, where the satellite offices are leased on a long-term basis to an investment-grade system.”
Under the agreement with an affiliate of Verizon, the telecommunications firm will lease approximately 70% of the planned 627,000-square-foot Class A office tower at 100 Causeway St. for a 20-year term.