Invesco Takes 220 KSF Boston Office Tower for $75M

An institutional client of Invesco Real Estate has set its sights on Boston, picking up a 220,311-square-foot Class A office property from Millennium Partners for the price of $75 million.

January 13, 2012
By Nicholas Ziegler, News Editor

After a busy December that saw the firm sell the 30-story 10 Exchange Place in Jersey City for $285 million and partner on the purchase of Dallas’ 1.2 million-square-foot Plaza of the Americas, Invesco Real Estate has made another marquee pickup. This time, an institutional client of the company has set its sights on Boston – specifically on the 220,311-square-foot Class A office located at 179 Lincoln St.

CBRE Group Inc. both represented the seller, Millennium Partners, as well as procured the buyer. The sale price was reported to be $75 million.

Calling the building “an institutional-quality asset,” Chris Angelone, an executive vice president with CBRE, said that the building “will continue to take advantage of its unique appeal to a broad array of users.

According to a fourth-quarter 2011 report by services firm Jones Lang LaSalle, the Boston economy tended to outperform the nation’s average, but gains were not seen evenly. Overall, however, the city boasts a 6.6 percent unemployment rate, well below the national average. “Boston sales transaction activity continues at a healthy pace,” the report noted, “with trophy CBD assets trading at high price points indicating ongoing appetite from well-capitalized institutional investors.”

179 Lincoln was originally constructed in the late 19th century and occupies an entire city block overlooking the Rose Fitzgerald Kennedy Greenway. The property is more than 90 percent leased and saw a full renovation in 2008 that gave it a LEED Silver rating.

Boston is expected to continue to outperform the country in the upcoming year, according to JLL.