BOSTON — Tokyo-based Mori Trust Co. Ltd. has acquired 10 St. James and 75 Arlington, a two-building office property totaling 824,772 square feet in Boston’s Back Bay neighborhood, for $673 million.
The LEED Silver-certified portfolio features an enclosed-glass galleria joining the lobbies of both buildings, on-site dining and a 400-space underground parking garage.
The property was acquired from Liberty Mutual Insurance, and is home to the company’s Boston headquarters. Liberty Mutual has already moved many of its workers from the two connected buildings to a $300 million tower built at 157 Berkeley St. in 2013, according to reports by The Boston Globe. The company plans to continue to lease space at 10 St. James and 75 Arlington.
Robert Griffin, Edward Maher, Matthew Pullen, Alex Foshay, William Anderson and David Martel of NGKF Capital Markets represented the seller in the transaction.
John Butterworth, Tim Howe and Andrea DeSimone of CBRE’s New England office are in charge of leasing for the property. An agreement to continue their services has yet to be announced.
Mori Trust Co. established its U.S. subsidiary, Mori America LLC, in November 2016. This acquisition is Mori Trust’s first in the United States. Mori Trust is a developer, owner and manager of commercial real estate, with a specialization in office, multifamily, hospitality and retail space.
— Katie Sloan