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Investors - APRIL 3, 2014

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IN-DEPTH: Rockefeller JV bought Boston tower $345m

by Andrea Waitrovich

A joint venture between Rockefeller Group U.S. Premier Office Fund and Mitsubishi Estate has acquired 28 State St. in Boston. Here's an in-depth look at the deal.

 

THE DEAL

The Blackstone Group sold the class A tower in Boston’s Financial District. The sales price was approximately $345 million, or $605 per square foot. It has a first mortgage in the amount of $173 million, which was financed by Midland Loan Services OBO GS 2007-EOP. The transaction is the first completed deal in Boston of the second quarter.

The downtown office property represents the fourth joint venture acquisition by Rockefeller Group Investment Management, the investment management subsidiary of The Rockefeller Group, on behalf of Rockefeller Group U.S. Premier Office Fund, the company’s core-plus office fund.

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