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$53M Financing Secured for 360,000-SF Retail Building

BOSTON-A $53-million loan is secured for Marketplace Center, a 16-story retail building at 200 State St. The building is situated right near open space that is emerging as the Big Dig puts the city's highway underground.

By Naomi Grossman | Updated on January 14, 2004

BOSTON-A $53-million loan was secured for Marketplace Center, a 16-story retail building located in the heart of the city’s financial district at 200 State St. The local office of Holliday Fenoglio Fowler LP arranged the refinancing deal on behalf of Marketplace Center Limited Partnership, a limited partnership managed by Sullivan Properties Inc.

Holliday Fenoglio Fowler’s senior managing director Riaz Cassum and senior real estate analyst Greg LaBine secured a five-year, fixed-rate loan through Cigna Investments Inc.

Built in 1985, Marketplace Center consists of 16 floors of office space totaling 310,084 sf, an attached two-story retail space totaling 53,553 sf and a 120-space underground parking structure. The property is 97% occupied and among its office tenants are Grubb & Ellis Co., Wellington Management Co., the Parthenon Group and Parthenon Capital. Among its retail tenants are Gap Kids, Banana Republic, Bath & Body Works, Ann Taylor Loft, the Body Shop, Brookstone, Gap, Seattle’s Best Coffee, American Eagle Outfitters, Clark’s of England/Bostonian and Gap Body. The property is adjacent to a Metropolitan Boston Transit Authority subway stop, Route 93 and Faneuil Hall Marketplace, a complex with retail stores, restaurants and a food court.

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