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BOSTON-A private partnership, GFC Properties, has acquired One Beacon St. for $340 million from One Beacon LLC, a joint venture of Westbrook Partners and Prudential Real Estate Investors. Cushman & Wakefield’s Financial Services Group of Robert E. Griffin, Jr., Edward C. Maher Jr. and Marci Griffith Loeber represented One Beacon LLC and procured the buyer.

The building is a 34-story office tower located within the city’s Financial District. It comprises more than one million sf of first-class space and features a cafeteria, dry cleaning service, lobby shop and underground parking for 309 vehicles.

Initially constructed as the world headquarters of Commercial Union Insurance in 1973, One Beacon Street has renovated, most recently with the a five million dollar overhaul of the main lobby. The building sits on over an acre and the property is located upon the highest elevation within the Financial District.

“Boston is regarded as one of the top investment markets in the country and One Beacon Street is one of this city’s most prominent towers. Trophy-quality towers trade so infrequently in Boston that a real premium is put on each of these transactions,” says Griffin, president, New England Area at Cushman & Wakefield. He adds that the size, quality, credit tenancy and location of the building could make the deal “one the year’s top transactions across the entire country.”

One Beacon Street is 95% leased to commercial tenants including OneBeacon Insurance, MassHousing Finance Agency, RBC Dane Rauscher, Brown & Company, Skadden Arps and Berkshire Companies as well as Suffolk University, Oracle, Standard Life Insurance and Zurich Reinsurance.

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