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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.