Boston, MA Newmark Knight Frank (NKF) completed the $845 million sale of 53 State St. to a joint venture between Allianz Real Estate of America, Beacon Capital Partners and the Pension Reserves Investment Management Board (PRIM). On behalf of a fund managed by UBS Asset Management, REPM, Real Estate-US, vice chairman Edward Maher, executive managing director Matthew Pullen and managing director James Tribble of NKF’s Capital Markets team oversaw the transaction of the 1.2 million s/f office tower and associated 126-space parking garage.
Also known as Exchange Place, 53 State St. is the result of a union between the historic 11-story Boston Stock Exchange building and a modern 40-story, reflective blue-glass office tower joined by a seven-story atrium lobby. The asset is presently 93% leased to a diverse tenant roster anchored by Hill Holliday, Nixon Peabody LLP, Acquia, The Boston Globe and Marcum LLP.
“53 State St. represents one of the most iconic trophy towers in one of the United States’ most sought-after gateway cities,” said Maher. “With flexible floor plates and tenant-dedicated amenities including a best-in-class twelfth-floor roof deck, the asset has recently enjoyed exceptional leasing activity resulting in brand-new, high-end tenant buildouts.”
53 State St. comprises an entire city block at the corner of State and Congress Sts., providing tenants with access to Faneuil Hall Marketplace, the Park at Post Office Sq. and the Rose Fitzgerald Kennedy Greenway. The asset also offers an exceptional commuter location with on-site access to the MBTA Blue and Orange Lines, walkability to the MBTA Red and Green Lines, South Station and North Station and access to I-90 (Mass. Pike) and I-93.
NKF’s debt team, led by executive managing director David Douvadjian, oversaw financing for the transaction.