Tishman Speyer acquires One Channel Center for $316.5 million

Boston, MA Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, has acquired One Channel Center, a newly-constructed 501,650 s/f office building located in the city’s Seaport District, along with an adjacent 965-space parking garage. According to public record the property sold for $316.5 million. The property is fully leased to State Street Corp. through 2029.

One Channel Center - Boston, MA

One Channel Center was developed on a build-to-suit basis for State Street, one of the city’s largest financial institutions, and completed in 2014. The property sits on a full city block in the Fort Point micro-market in the Seaport District, directly north of a new 1.6-acre public park. The property features views of downtown, the Seaport and South Boston. It also has access to major highways, plus the Broadway T Station is located a short walk away.

“The Boston office market is currently very strong and we believe it will be strong over the long term,” said Tishman Speyer president and CEO Rob Speyer. “This is a signature office building that is well situated in what is a vibrant mixed-use neighborhood with a great future. As such, it fits perfectly with our strategic portfolio growth plan in Boston, one of the nation’s great cities, as we look for opportunities to continue developing and acquiring world-class properties to serve the needs of leading companies there.”

Founded in 1978, Tishman Speyer is one of the world’s leading developers, owners, operators, and fund managers of first-class real estate. Active across North America, Europe, South America and Asia, Tishman Speyer is relied upon by many of the world’s most prestigious corporations to meet their office space needs. As of June 30, the firm had acquired, developed and/or managed a portfolio of 139.1 million s/f with a total value of  $74.7 billion. Signature assets include New York’s Rockefeller Center and Chrysler Center, São Paulo’s Torre Norte, Ventura Corporate Towers in Rio de Janeiro and OpernTurm in Frankfurt. Tishman Speyer also has projects at different stages of development currently in Atlanta, Boston, Brasília, Chengdu, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Suzhou and Washington, D.C.