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Boston Hub's Twin Towers on Market for $220 Mil

BOSTON-Equity Office Properties and a Dutch pension fund are jointly selling 75-101 Federal St., two unified buildings totaling 800,000 sf.

By Joe Clements | Updated on October 01, 2000

BOSTON-The Hub’s answer to the Twix candy bar–75-101 Federal St.–-is about to go on the market for sale, as Trammell Crow has been retained to broker the sale of the conjoined Financial District office towers. According to industry sources, the asking price of the two buildings will be $220 million.

“It’s a wonderful property,” says one Boston investment specialist who predicts the tower will generate considerable interest from a range of potential suitors. Along with an attached parking garage, the source notes that 75-101 Federal St. benefits from a strong location and a large block of retail space that features a bank, convenience store and several restaurants. The bustling Downtown Crossing shopping district is also close by, as is access to virtually all of the city’s subway lines.

Due to its unique history, 75-101 Federal St. has a complicated ownership arrangement, with a Dutch pension fund controlling 75 Federal St. and Equity Office Properties running the larger, and newer, 101 Federal St. The Dutch group acquired the building with Beacon Properties Corp. in the mid-1990s from the H.N. Gorin Co., which had developed both structures, albeit nearly 70 years apart. Equity took over in 1998 when it purchased Beacon, at the time a public REIT.

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