Morgan Stanley Fund Grabs 50% of Boston Trophy Building
- Aug 07, 2013
In a deal that was first reported by Bisnow, a Morgan Stanley real estate fund has acquired the Blackstone Group’s 50 percent share of One Post Office Square, a 40-story office building in Boston’s financial district, for a reported $550 million.
At $776 a square foot, the purchase is the largest sale in the area post-recessionary and now gives the Morgan Stanley fund 100 percent ownership of the building. A spokesperson for Morgan Stanley declined to provide any further details.
Located at 60 State St., the Class A office skyscraper is Boston’s 10th-tallest building, standing 525 feet tall. An attached, eight-level parking garage offers 368 parking spaces and direct access to the building’s lobby.
High-profile tenants include McCall & Almy, Putnam Investments, and Sullivan & Worcester L.L.P.
One Post Office Square is connected to the five-star Langham Hotel, and includes retail space and a first-class cafe. Outside, the wide-reaching dining and boutique options of Faneuil Hall and Downtown Crossing are just steps away.
Colliers’ Lisa Campoli told Bisnow that the building is a great asset in an exceptional location, and the deal makes sense for Morgan Stanley, which wants to expand its U.S. real estate portfolio.
This marks Blackstone’s fourth sale in the Boston area in 2013, all deriving from the Equity Office Properties Trust portfolio, which Blackstone acquired from Sam Zell for $39 billion in 2007.