BOSTON — HFF (NYSE: HF) has secured a $500 million refinancing for International Place, a 1.8 million-square-foot, Class A office complex in Boston’s Financial District.
Working on behalf of a joint venture between The Chiofaro Company and an institutional partner, HFF placed the fixed-rate loan with New York Life Real Estate Investors and Northwestern Mutual.
International Place was completed in 1992. It features two interconnected office towers in the heart of the Financial District. The property offers 360-degree unobstructed views of Boston’s downtown waterfront.
Situated at the foot of the Rose Kennedy Greenway, tenants of International Place have easy access to South Station, Interstates 93 and 90, and Logan Airport via the Ted Williams and Callahan/Sumner Tunnels.
Senior Managing Director Riaz Cassum and real estate analyst Patrick McAneny led the HFF debt placement team representing the borrower.
Major tenants at International Place include investment management firm Eaton Vance; law firms Choate Hall & Stewart and Proskauer Rose; and PayPal. The retail portion of the complex houses tenants such as the Palm Restaurant, Starbucks, Au Bon Pain, Santander Bank and a soon-to-open Republic Fitness.
The Chiofaro Company is a privately held, independent firm engaged in the development, investment, leasing, management and ownership of real estate properties.
HFF operates out of 23 offices nationwide and is a provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF’s stock price closed at $34.37 per share on Tuesday, Nov. 11, up from $24.97 a year ago.
— Scott Reid