1/18/2007

Transwestern Investment buys connected Boston office buildings

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75-101 Federal St.

Transwestern Investment Co. purchased a two-building office complex at 75-101 Federal St. in downtown Boston for $260 million from a joint venture between Equity Office Properties Trust and General Motors Pension Fund on Jan. 18.

Cushman & Wakefield's Capital Markets Group represented the seller, who used Real Capital Markets to market this transaction.

Cushman & Wakefield procured the buyer as well.

The interconnected buildings, which have a combined 813,000 sq. feet - 251,653 sq. feet in the 21-story 75 Federal St. and 561,542 sq. feet in the 31-story building at 101 Federal St. - have an integrated architectural design and share a main lobby. They are located next to a city parking garage that is the site of a proposed 80-story tower.

The purchase price equates to $320 per sq. foot.

The property was 90 percent occupied at the time of the sale.

This is Transwestern's second office building purchase in less than a year in downtown Boston. In Feb. 2006, the company purchased the building at 40 Broad St. for $40 million from Prudential Real Estate Investors.

Transwestern Investment Co. is a privately held institutional investor based in Chicago.

Address: 75-101 Federal St., Boston, Mass.

Size: 813,195 sq. feet

Built: 1929 and 1988

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Filed Under: Office

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