100 Federal St: Irreplaceable Asset
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|Yesterday, Cushman & Wakefield announced that Boston Properties closed on its $610M purchase of the 1.3M SF 100 Federal St from an affiliate of the Bank of America. We've already reported on this deal, but it's worth noting again. First, given the financial turmoil of the recent past, it's reassuring that big deals are being completed. Second, among the downtown submarkets, the Financial District is trailing most others with an overall vacancy rate of 16%, compared to 5.6% for the Back Bay and 13.4% for the entire CBD. But, 100 Federal St is 92% leased. Boston Properties snapped up the tower that went on sale for the first time since its opening in ?71. Cushman's Rob Griffin and Ed Maher repped the seller and found the buyer.|