TA Realty has arranged the approximately $418 million sale of 28 State Street in Boston on behalf of a joint venture between Rockefeller Group U.S. Premier Office Fund and Mitsubishi Estate New York.
The 40-story class A office building, which had a 95 percent occupancy rate at the time of the sale, is located at the intersection of Congress and State Streets in Boston’s Financial District, close to historic Faneuil Hall.
“The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” said Jim Raisides, partner at TA Realty. “This trophy property produced a very competitive bid process which resulted in a sale to a well-capitalized domestic institutional investor.”
Designed by Emory Roth & Sons, 28 State Street is one of only eight buildings in Boston greater than 40 stories. The property benefits from a complete renovation that occurred in the late 1990s resulting in significant enhancements to its infrastructure and systems, lobby and outdoor spaces. The building has approximately 572,000 square feet of office space with an additional 7,000 square feet of retail space. Major tenants include prominent financial services and law firms.
