The Chiofaro Co. Receives $500M in Financing for Boston Office Complex
- Nov 13, 2014
The Chiofaro Co. and an institutional partner have received $500 million in financing for International Place, a 1.8 million-square-foot, Class A trophy office complex located in Boston’s Financial District.
HFF secured the fixed-rate loan with New York Life Real Estate Investors and Northwestern Mutual.
“The Boston market is exceptionally strong today. The market is experiencing a drastic tightening of fundamentals as tenants continue to demand quality space downtown in order to attract young talent,” Riaz Cassum, HFF’s senior managing director, told Commercial Property Executive. “The exciting rejuvenation of the Financial District, with over 2,700 apartment units in the pipeline, is helping create a highly attractive live/work/play environment.”
Originally completed in 1992, International Place has been a big part of the Boston skyline with its two signature interconnected office towers in the heart of the Financial District. The property offers 360-degree unobstructed views and is considered to be the flagship of Boston’s downtown waterfront and the gateway to its historic Financial District and the emergent Seaport District.
Ionic marble columns surround the lobby’s perimeter and enhance the building’s classic opulence. Beneath the building’s lobby, more than 800 parking spaces are provided for tenants and their guests.
The building’s tenant roster includes Choate Hall & Stewart, PayPal, Eaton Vance and Proskauer Rose. It was 86 percent occupied at the time of the refinancing.
“International Place is an iconic office property that has a dominant presence within Boston’s financial district,” Peter Jahn, Northwestern Mutual’s director, said in a company statement. “Boston is a dynamic city where it makes sense for us to invest on behalf of our policy owners.”
The complex’s courtyard includes full-sized trees, an inspiring ceiling-to-floor waterfall, and numerous restaurants and retail shops, including Palm Restaurant, Starbucks, Au Bon Pain and Santander Bank.
The complex is close to the South Station, Interstates 93 and 90, and Logan Airport via the Ted Williams and Callahan/Sumner Tunnels.
The HFF debt placement team was comprised of senior managing director Riaz Cassum and real estate analyst Patrick McAneny.
“International Place defines world-class business in Boston. This is where the strongest firms in the city come to thrive and interact in a dynamic and distinct environment,” Cassum added. “Positioned adjacent to the Northern Avenue Bridge, connecting the established Financial District to the rejuvenated Seaport District, International Place provides a gateway to one of the newest and most exciting neighborhoods in the country.”