TA Realty Arranges $418M Sale of Office Tower in Boston’s Financial District
BOSTON — TA Realty LLC has arranged the $418 million sale of 28 State Street, a 40-story office tower located at the intersection of Congress and State streets in Boston’s Financial District.
A joint venture between Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York sold the asset to a domestic institutional investor.
The building includes 572,000 square feet of office space, and was 95 percent leased at the time of sale to financial services and law firms. In addition, 28 State Street includes 7,000 square feet of retail space.
TA Realty managed the building and provided advisory services on behalf of the joint venture, helping the ownership group enhance the property’s value through operational and capital improvements.
“The asset quality and ideal location together with strong market fundamentals made 28 State Street a highly compelling acquisition opportunity,” says Jim Raisides, partner at TA Realty. “We believe the purchase price reflects the value we helped create over the ownership period.”
Designed by Emery Roth & Sons and originally constructed in 1968, 28 State Street was completely renovated in the late 1990s. Enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces. The tower is one of only eight buildings in Boston greater than 40 stories.
Since its inception in 1982, TA Realty has managed more than $25 billion of real estate assets. As of September 30, 2017, gross assets under management were valued at approximately $10 billion, comprising 43.1 million square feet of industrial, office and retail real estate, and over 8,135 multifamily units.
— Camren Skelton