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One Beacon Sells for $340M

BOSTON-A private partnership, GFC Properties, acquires One Beacon St. for $340 million from a joint venture of Westbrook Partners and Prudential Real Estate Investors. The building, a 34-story, one-million sf office tower located within the city's Financial District, is 95% leased.

By Naomi Grossman | Updated on November 08, 2004

BOSTON-A private partnership, GFC Properties, has acquired One Beacon St. for $340 million from One Beacon LLC, a joint venture of Westbrook Partners and Prudential Real Estate Investors. Cushman & Wakefield’s Financial Services Group of Robert E. Griffin, Jr., Edward C. Maher Jr. and Marci Griffith Loeber represented One Beacon LLC and procured the buyer.

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.

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