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Starwood REIT Closes on Boston’s 60 State St. for Reported $614M
Starwood Real Estate Income Trust closed on its acquisition of the leasehold interest in downtown Boston’s 60 State St. for a reported $614 million. The nontraded REIT acquired the 911,394-square-foot office and retail tower from institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group.
An NKF team of Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell, of NKF’s Boston Capital Markets group, oversaw the sale of the 38-story office/retail tower and associated 240-space parking garage in conjunction with colleagues Debra Gould and Gilbert Dailey. The transaction marks the largest sale price year-to-date for an office asset in Boston’s CBD.
“60 State St. is the beneficiary of significant capital improvements completed in the past five years, resulting in fully-modernized common areas and base building systems, as well as brand-new, tenant-exclusive amenities,” said Maher. “The asset also boasts high operational efficiency, as exemplified by its LEED Platinum certification.”
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- ◦Sale/Acquisition
