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$610M Deal

WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson -- Marriott International
Oliver Carr, III -- Carr Properties
Bryant Foulger -- Foulger-Pratt
$610M Deal
We promised a "riveting conclusion" (depending heavily on the leniency of your definition of riveting) to our Top 11 list today, so thank you, Brookfield Office Properties, for supplying a corker: the sale of 53 State Street announced last evening.
53 state street
In what's apparently Boston's largest single asset sale of '11, Brookfield sold 53 State Street for $610M. President Dennis Friedrich said the deal was part of a corporate campaign to recycle $682M in capital during the year. The buyer of the '80s-era Financial District high rise and its debt of $280M is rumored to be a fund advised by Hartford-based UBS Realty Investors? Todd Bailey. The 1.1M SF tower is said to have perhaps 300k SF vacant. One observer says the price was a little high since it's still a tough leasing market. But another source tells us that the $555/SF price is close to replacement cost, so it's a fair deal.
Reznick Intext BOS