Newmark announces the successful completion of the sale of the leasehold interest in 60 State Street in Downtown Boston, Massachusetts on behalf of institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group to Starwood Real Estate Income Trust, Inc., a nontraded REIT managed by Starwood Capital Group. Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of Newmark’s Boston Capital Markets group oversaw the transaction of the 38-story office/retail tower and associated 240-space parking garage in conjunction with Newmark Executive Managing Director Debra Gould and Senior Managing Director Gilbert Dailey. The transaction marks the largest sale price recorded for an office asset year-to-date in Boston’s Central Business District .
Comprising 911,394 square feet of office and retail space, 60 State Street is anchored by law firm WilmerHale, asset manager Amundi Pioneer, advertising technology solutions provider Criteo (NASDAQ: CRTO) and asset manager BlackRock (NYSE: BLK). The retail component is highlighted by a brand-new, three-level Samuel Adams Tap Room, which opened earlier this year. The building also features the iconic State Room event space on Floors 33 and 34.
“60 State Street is the beneficiary of significant capital improvements completed in the past five years, resulting in fully-modernized common areas and base building systems as well as brand-new, tenant-exclusive amenities,” said Maher. “The asset also boasts high operational efficiency as exemplified by its LEED Platinum certification.”
Situated in the heart of Downtown Boston, 60 State Street features direct, on-site access to the MBTA’s Blue and Orange Lines. It also offers walkability to the Green Line at Government Center, South Station and North Station complemented by swift access to Interstates 90 (Massachusetts Turnpike) and 93 as well as Logan International Airport.
(Real Capital Analytics. Analysis (criteria: Boston CBD, office, year-to-date, sale, individual property/portfolio) conducted by Newmark, March 2020).
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With 50 years as an alternatives investment manager, $145 billion in assets under management and over 700 professionals (as of December 31, 2019), it offers strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 17 offices throughout the Americas, Europe and Asia Pacific, its 15 independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.
Sam Wallman, J.P. Morgan Asset Management
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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