News

Starwood REIT Buys 911K SF Downtown Boston Tower For $614M

Courtesy of Transwestern Consulting Group
60 State St. In Downtown Boston

A Starwood Capital Group-managed real estate income trust has laid down $614.3M to add a 38-story downtown Boston tower to its portfolio.

Starwood bought a majority stake in the ground lease at 60 State St., it disclosed in a filing with the Securities and Exchange Commission. The REIT and an undisclosed joint venture partner acquired the property from J.P. Morgan Asset Management and Oxford Properties Group, according to a release from Newmark Knight Frank, which brokered the transaction.

Three floors of the more than 911K SF of office and retail building are occupied by a new Samuel Adams Tap Room, and the State Room event space inhabits the 33rd and 34th floors. The tower also boasts law firm WilmerHale, asset manager BlackRock and 28 others as tenants. The Druker Co. owns the land under the building, Commercial Property Executive previously reported.

The sale comes as business has slowed for Boston and around the country. In an effort to help combat the spread of the novel coronavirus Mayor Marty Walsh last week ordered that Boston construction projects wind down by March 23.

Massachusetts Gov. Charlie Baker on Monday also issued a two-week stay-at-home advisory and ordered the closure of nonessential businesses.

Still, the commercial real estate market is soldiering on, with the Starwood REIT’s acquisition serving as Boston’s latest example. The $674/SF sale for the tower, which is 91% occupied, was finalized Friday.

Blackstone sold the tower and three other properties for a combined $2.1B in 2014.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Boston Newsletters
Related Stories

Copper Mill Sues Partners Over Collapsed Deal For 750-Unit Dorchester Project

Dean Adler Looks To Sell 'The Best Property We Own'

2.1M SF Chicago Office Complex Set For November Sheriff's Auction

2 Fulton Market Moves Signal Strength Of Top-Shelf Office Market

Sir George Iacobescu Has A Message For Developers Sitting On The Sidelines

Wu Secures Approval To Give Tax Breaks To 4 Big Multifamily Projects

JPMorgan's Chicago Office Renovation Costing Bank Over $800M, Dimon Says

BXP Lands Equity Partner For Madison Avenue Office Project

Why Boston Has One Of The Nation's Hottest Retail Markets

High-Profile CBRE Chicago Exits Continue As 3 More Leave For Cushman & Wakefield

Foreclosure Suit Filed At Stalled Penn Plaza Life Sciences Project

Chicago Office Tower Sells For $550M To Zara Founder In Blockbuster Deal