Tishman Acquires Trophy Tower for $514M

BOSTON-Tishman Speyer Properties LP has acquired One Federal St. , a 38-story, 1.1-million-sf office tower in the Financial District for $514 million. The trophy asset is one of the highest-priced office properties to sell here this year. The new owners paid more than $450 per sf for the property, according to property records.

Jamestown was the seller. The Atlanta-based is expected to reap about $140 million in profits from the sale. The company purchased the nearly fully leased tower in 2001 for $375.4 million.

Tishman Speyer will own and manage One Federal, which is 97% leased with tenants such as Bank of America, State Street Corp., Credit Suisse First Boston, Bear Stearns and Fidelity Investments. Law firm Bingham McCutchen LLP will be added to the roster in 2008. The building is situated on 1.3 acres and takes up the entire block between Federal and Devonshire streets. It is second acquisition here for the New York City real estate company. The firm also owns 125 High St., a two-tower office complex totaling 1.5 million sf.