BOSTON—A joint venture of New York City-based Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York has acquired the 28 State St. office tower here from Blackstone for an undisclosed price.
No financial details on the transaction were reported. The 40-story, 572,000-square-foot office building, which also contains another 7,000 square feet of retail space, was designed by Emery Roth & Sons and built in 1968. The 28 State St. building, located in the city's financial district, was completely renovated in the late 1990s and was purchased by Blackstone in 2007.
The downtown office property represents the fourth joint venture acquisition by Rockefeller Group Investment Management, the investment management subsidiary of The Rockefeller Group, on behalf of Rockefeller Group U.S. Premier Office Fund LP, the company's core-plus office fund. Mitsubishi Estate New York has been the fund's joint-venture partner on each acquisition. With the acquisition of 28 State St., Rockefeller Group Investment Management and Mitsubishi Estate New York have acquired approximately 1.9 million square feet of U.S. office space. Between 2011 and 2013, the companies acquired 1100 First St. and 1101 K St. in Washington, DC, and 50 Beale St. in San Francisco.
“Boston has been a target market of ours since the launch of the Rockefeller Group U.S. Premier Office Fund and 28 State Street is a strong addition to our portfolio,” says Atsushi Nakajima, president and CEO of The Rockefeller Group.
Dennis Irvin, president and CEO of Rockefeller Group Investment Management, adds, “We're very pleased to add an asset of 28 State Street's quality and potential to the fund. This is a high quality, well located asset managed to the highest standards by Blackstone, and it's an excellent fit for us as we continue to diversify our investments in core and core-plus properties in gateway markets.”
Tetsuya Masuda, executive vice president of Mitsubishi Estate New York, notes that Mitsubishi views Boston as “a diversified market where we see strong long-term stability and potential for appreciation.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
