The Landmark Building Changes Ownership in $125 Million Deal
- Apr 20, 2015
The iconic office building that is home to the Boston Business Journal, Colliers International and First Republic Bank recently traded hands in a transaction valued at $125 million.
As reported by the Journal, Taurus Investment Holdings LLC and venture partner Invesco Real Estate sold the Class A office asset at 160 Federal St. in Boston’s Financial District to an affiliate of Beacon Capital Partners. Metropolitan Life Insurance Co. financed the deal with a $96.2 million mortgage which was executed April 10.
Also known as The Landmark Building, the 24-story office condominium was completed in 1929 under architectural designed by George W. Fuller and Parker, Thomas & Rice. Originally built as corporate headquarters for United Shoe Machinery—which at the time controlled the shoe machinery business in the U.S.—, the Art Deco skyscraper was one of the city’s finest and most innovative buildings in terms of technology and design. The building was listed in the National Register of Historic Places in the 1980s.
The property, which consists of 351,000 square feet of office and ground floor retail space, was acquired by Taurus in 2001. Shortly after taking over the property, Taurus started a complex renovation process that ultimately raised occupancy levels from well under 55 percent to above 96 percent. The list of tenants at The Landmark Buildings also includes Rackemann, Sawyer & Brewster, the Massachusetts Educational Financing Authority and the Massachusetts Housing Partnership.
Image courtesy of Taurus Investment Holdings