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Hines Global Buys Boston Office from Equity

NEWTON, MA-Riverside Center, a three-building complex here, represents the REIT's third acquisition in the Boston area.

By Paul Bubny | Updated on April 03, 2013

NEWTON, MA-Hines Global REIT Inc. on Tuesday said it had acquired Riverside Center, a 510,000-square-foot office complex, from Equity Office. According to an SEC filing, the REIT is paying $197.3 million for the complex, which is 97% leased to 19 tenants.

The acquisition was funded with proceeds from Hines Global’s revolving credit facility and proceeds from a $150-million bridge loan from JPMorgan Chase Bank, according to the SEC filing. The loan requires interest at LIBOR plus a margin of 1.75%, ranging up to 2.75%, and has a term of 60 days, with an option to extend the maturity date for 30 days.

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