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Thursday, 22 December 2011

Brookfield Sells Boston's 53 State St. for $610Mln

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Brookfield Office Properties has sold 53 State St. in Boston for $610 million, or about $557/sf.

The 1.2 million-square-foot building, in the city's financial district, is also known as Exchange Place. It was sold to UBS Realty Investors, according to The Real Reporter.

The property backs a $280 million loan that's securitized through JPMorgan Chase Commercial Mortgage Securities Trust, 2006-LDP8. The interest-only debt matures in August 2016 and carries a 5.958 percent coupon.

The building generated $24.8 million of net operating income last year, according to servicer data compiled by Morningstar.

Tenants of the 40-story building include law firm Goodwin Procter, which leases about 38 percent of the space through 2016; advertising firm Hill Holiday, which takes 126,225 sf through 2021; RBS Citizens Bank, which occupies 131,317 sf through 2020; as well as Boston Consulting Group, Blackstone Group and Morgan Stanley Smith Barney.

It was 97 percent occupied at the end of last year, but its occupancy had fallen to 78.8 percent as of the end of the third quarter, according to a regulatory filing.

Brookfield, of Toronto, assumed 53 State in its 1996 acquisition of the former World Financial Properties of New York. It sold stakes in 53 and 75 State St. in 2001 to a subsidiary of Deutsche Bank, but bought those interests back in 2008.

It offered the property through Eastdil Secured.

The historic landmark was constructed in 1915 and last renovated in 1997. It contains 30,000 sf of shops, restaurants and bank branches on the ground floor and concourse levels, and has underground parking facilities.

Comments? E-mail Anita Nolan or call her at (267) 247-0112, Ext. 212.



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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Boston
  • States: Massachusetts
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Deal Name: JPMorgan Chase Comm Mtg Securities Trust, 2006-LDP8
  • Company: Burnham Pacific Properties
  • Valuation: More than $150 million
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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