Clarion sells Boston portfolio to TIAA
A separate account advised by Clarion Partners has sold a seven-property office portfolio. The buyer was an affiliate of TIAA Global Asset Management. HFF represented the seller.
The portfolio totals 408,342 square feet in the Fort Point Channel neighborhood in Boston's Seaport District and is 97 percent leased. The portfolio comprises 263 Summer St.; 332 and 374 Congress St.; and 33–41, 34, 38 and 44 Farnsworth St. Originally built in the early 1900s, the properties today feature high-quality office space characterized by exposed ceilings, natural lighting and modern efficient workspaces.
During the first quarter, the Boston office market had 58 office acquisitions totaling more than $2.8 billion in sales volume — a decrease compared with the sales total during fourth quarter 2015, which had more than $3.6 billion in sales activity, the highest quarter of 2015, according to Real Capital Analytics. In 2015, more than $8.5 billion of office prop