For $220M Carr Properties Continues Boston Investment Spree

November 01, 2018 - By The Real Reporter

220 State Street, Boston MA

BOSTON—It’s been a busy fall investment spree for the Washington DC-based Carr Properties, first acquiring a major stake in Bulfinch Crossing (See story first reported here by Real Reporter) in September from National Real Estate Advisors, and most recently picking up sole ownership of 200 State Street - The iconic glass trophy building that overlooks the Greenway, on the fringe of the Financial District.

The Newmark Knight Frank Capital Markets team completed the sale of 200 State for $222 million on behalf of GLL Real Estate Partners. Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Director James Tribble of NKF’s team, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the 304,178 sf office condominium, along with its associated 120-space parking garage.

“200 State Street’s compact building core facilitates highly efficient, flexible floor plates averaging 20,000 square feet in size,” said Newmark’s Pullen. “Combined with its prestigious State Street address and panoramic city and Boston Harbor views, the asset is uniquely able to accommodate a variety of modern tenant requirements, he added.”

200 State Street is presently 96 percent leased to a diverse 21-tenant roster anchored by Beacon Health Options, TD Bank, FTI Consulting, Beacon Capital Partners and TIFF Investment Management. The institutional-quality asset benefits from significant base building and tenant improvements completed throughout the past 10 years.

The sale completes the second major downtown Boston purchase for Carr Properties in as many months with the late September stake buy of One Congress Street.