ING Clarion has paid $121.7 million, or nearly $300/sf, for
The property was sold by CB Richard Ellis Investors, which had put it up for sale through its brokerage affiliate. CB had purchased the property nearly three years ago from MetLife as part of a three-building portfolio, for which it paid $240 million. It had allocated a price of roughly $89 million to 101 Arch. At the time, the building was very well leased, but its main tenant was Lend Lease Real Estate Investments.
The property is actually comprised of three connected buildings, the five-story Harvard building, which was constructed in 1873, the former Kennedy Department Store and a 21-story building that was built in 1988. It is now 89.2 percent leased to tenants including MMA Financial, ProMutual Group, Kopelman & Paige and Robert Half International.
Comments? E-mail Orest Mandzy or call him at (267) 247-0112, Ext. 211.
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