1.1-Mil-SF Office Tower Sells for $375 Mil

BOSTON-The deal to sell 1 Federal St., a 38-story tower located in the heart of the financial district here, has closed. The sale of the 1.1 million-sf building,, which was for $375 million, demonstrates the continued strength of the office market here.

Atlanta, Georgia-based Jamestown purchased the building from the IBM pension fund. Clarion partners represented the fund while the investment advisory group in Trammell Crow Co. brokered the deal. Jamestown is an investment fund comprised of German investors and One Federal, a class A property in a strong urban center is indicative of the type of assets foreign investors are interested in.