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Wednesday, 25 September 2019

Venture Pays $635Mln for Boston's 75 State St. Office Building

A venture of Rockpoint Group and DivcoWest Real Estate Services has paid $635 million, or $577/sf, for the 1.1 million-square-foot office building at 75 State St. in Boston. It has assumed a $310 million loan that MetLife had provided four years ago.

Commercial Real Estate Direct Staff Report

A venture of Rockpoint Group and DivcoWest Real Estate Services has paid $635 million, or $577/sf, for the 1.1 million-square-foot office building at 75 State St. in Boston.

It bought the property from a venture of Brookfield Properties and AustralianSuper, an Australian investment manager, in a deal brokered by NKF Capital Markets.

The Rockpoint/DivcoWest venture assumed a $310 million loan that MetLife had provided in 2015 as part of the property's recapitalization, which also involved AustralianSuper buying a 49 percent stake in the property from Brookfield in a deal that valued it at $605 million.

Brookfield had owned the building since...


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