BOSTON-Tishman Speyer Properties LP has reached an agreement to buy One Federal St., a 1.1-million-sf, 38-story office tower, for $518 million. The deal makes the trophy asset one of the highest priced office properties to sell in the city so far this year.

An industry source familiar with the transaction tells that the deal will likely close in the next 60 days. The acquisition would be the second for the New York City real estate company, which also owns 125 High St., a two-tower office complex totaling 1.5 million sf. Tishman Speyer did not return calls from seeking comment.

Robert Griffin, president of Cushman & Wakefield of Massachusetts, who began marketing the property for Jamestown last month, tells that the seller is close to completing the transaction but has not yet finalized the paperwork on the deal. “We’re moving forward on the transaction but I can’t confirm who [the buyer] is.”

If the deal is completed, the $518-million sales price would be one of the highest paid for an office property in Boston this year. And at $471 per sf, more than what most office buildings sold for in the city during 2005, recent sales figures show.

Jamestown, a German real estate investment company, will reap more than $140 million in profit on the tower, which it purchased in 2001 for $375.4 million. Built in 1976 as the world headquarters for Shawmut Bank, the fully leased building counts among its tenants a number of high profile firms, including Bank of America, State Street Corp., Credit Suisse First Boston, and Bear, Stearns Securities Corp. The property, whose top floor is leased to the Harvard Club, is situated on 1.3 acres and takes up the entire block between Federal and Devonshire streets.

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