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BOSTON-CB Richard Ellis Investors is selling the 21-story, 407,000-sf office tower in the financial district which it purchased from Metropolitan Life Insurance Co. for $89 million just three years ago. The 101 Arch St. building, which was completed in 1988, is expected to sell for between $148 million and $190 million, an industry source tells GlobeSt.com. Another industry source says the figure will be closer to $125 million.

“CB will likely make a hefty profit with this sale,” notes one Boston broker. “It’s a beautiful building and one I’m sure will generate a lot of interest.”

The Los Angles based investment firm acquired the property from Metropolitan Life Insurance Co. in 2002 as part of a portfolio buy totaling $240 million, The acquisition, made through CB’s Strategic Partners II Fund, also included the 15-story, 421,000-sf Metropolitan Executive Tower and five-level parking structure near Giants Stadium in East Rutherford, NJ and the 13-story, 448,000-sf Century Centre, a two-building complex in Irvine, CA that includes a six-level parkinggarage.

The building, which houses tenants that include the Pro Mutual Group, MMA, Robert Half Technology and several legal firms, is currently about 90% leased and recently signed a number of leases. Built in 1988, the building has first floor retail space along with 52 indoor parking spaces.

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