Senior vice president Cappy F. Daume of the Spaulding & Slye Colliers Capital Markets Group represented the seller and introduced the buyer in the transaction.
"One State St. presented us with the opportunity to acquire a stable asset with room to grow in an excellent location," says John E. Geraghty, vice president of Geraghty Associates, which is the managing agent for Adams Court Associates.
This is the first sale of the One State St. in more than 30 years. The building is located at the top of State Street, at the beginning of the Washington Street retail corridor along the city's Freedom Trail. Built in 1928, it includes 3,603 sf of ground floor retail space. The building is approximately 75% leased with about 16,000 sf available. Among its 20 tenants are Sandulli, Grace, Shapiro, Horwitz & Davidson, PC Badger, Dolan, Parker & Cohen, Kudirka & Jobse and American Express.
"There were many parallels between the buyer and the seller," says Baume. "Both have roots in the residential market. Both are long-term holders. Both are privately owned operations." He adds that with such similar orientations there was an easy meeting of the minds. "The ownership of One State Street will maintain its Boston roots, which is an added bonus."
The price, at $210 per sf, does not compare to some of the city's latest huge deals. Most recently, the State Street building at One Lincoln St. sold for a whopping $641 per sf. Prior to that deal, Beacon Capital Partners acquired John Hancock Financial Service's three-building portfolio for about $300 per sf. Space in the building goes for about $25 per sf.
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