The building is a 34-story office tower located within the city's Financial District. It comprises more than one million sf of first-class space and features a cafeteria, dry cleaning service, lobby shop and underground parking for 309 vehicles.
Initially constructed as the world headquarters of Commercial Union Insurance in 1973, One Beacon Street has renovated, most recently with the a five million dollar overhaul of the main lobby. The building sits on over an acre and the property is located upon the highest elevation within the Financial District.
"Boston is regarded as one of the top investment markets in the country and One Beacon Street is one of this city's most prominent towers. Trophy-quality towers trade so infrequently in Boston that a real premium is put on each of these transactions," says Griffin, president, New England Area at Cushman & Wakefield. He adds that the size, quality, credit tenancy and location of the building could make the deal "one the year's top transactions across the entire country."
One Beacon Street is 95% leased to commercial tenants including OneBeacon Insurance, MassHousing Finance Agency, RBC Dane Rauscher, Brown & Company, Skadden Arps and Berkshire Companies as well as Suffolk University, Oracle, Standard Life Insurance and Zurich Reinsurance.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
