Boston’s 53 State Street changes hands for $845m

Allianz Real Estate of America, Beacon Capital Partners and the Pension Reserves Investment Management Board (PRIM) bought 53 State Street, also known as Exchange Place, in downtown Boston for $845m. The 1.2 million sq ft facility is a combination of the historic 11-story Boston Stock Exchange building, a modern 40-story office tower, a seven-story atrium lobby and a 126-space parking garage. The asset is currently 93 percent leased to a diverse tenant roster anchored by Hill Holliday, Nixon Peabody LLP, Acquia, The Boston Globe and Marcum LLP.

Newmark Knight Frank sold the office complex on behalf of a fund managed by UBS Asset Management, REPM, Real Estate-US. “53 State Street represents one of the most iconic trophy towers in one of the United States’ most sought-after gateway cities,” said Edward Maher, vice chairman of NKF. “With flexible floor plates and tenant-dedicated amenities including a best-in-class 12-floor roof deck, the asset has recently enjoyed exceptional leasing activity resulting in brand-new, high-end tenant build-outs.”