Transactions - NOVEMBER 25, 2014

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Boston investor buys 50% interest in Manhattan office

by Andrea Waitrovich

Boston-based Beacon Capital Partners has purchased a 50 percent partial interest in the office located at 85 Broad St. in Manhattan. The seller, MetLife, will retain the remaining stake.

The total property value was $350 million, or $318 per square foot. Beacon Capital will pay approximately $175 million its 50 percent stake in the 1.1 million-square-foot office.

Current tenants include investment bank Oppenheimer & Co.

There have been several high-priced Manhattan offices trading this month. Last week The Blackstone Group sold 1095 Avenue of the Americas for $2.25 billion. On the buying side the firm is in contracts to buy 1750 Broadway for $605 million from Vornado Realty Trust.

Also, TIAA-CREF acquired the offices

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