Carr Properties Acquires Boston Office Asset

The real estate investment trust has purchased 200 State St., a 300,000-square-foot downtown office building, from GLL Real Estate Partners.
200 State St.

Carr Properties has acquired 200 State St., a 304,000-square-foot Class A office building in downtown Boston, from GLL Real Estate Partners. The acquisition is the company’s second investment in Boston.

GLL Real Estate Partners originally purchased the building in 2008 for $167 million and secured $90.4 million in financing for the property, according to Yardi Matrix data. Terms were not disclosed for Carr Properties’ purchase of the building.

The office asset is a 16-story, LEED Gold building situated on the Greenway adjacent to Faneuil Hall Marketplace. Built in 1985, the property offers unobstructed views of Boston harbor and has convenient access to public transit. The new owner plans to renovate the building.

Carr Properties’ recently announced it was partnering with National Real Estate Advisors and HYM Investment Group in the joint venture’s plan to own and develop One Congress, a 1 million-square-foot office tower located in downtown Boston. Last year, the project landed $180 million in financing.

Image courtesy of Yardi Matrix