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State Street Tower Sale Sets Record at $880M

BOSTON-American Financial will sell State Street Financial Center to an undisclosed buyer. The company purchased the property in 2004 for $705 million.

By Beverly Ford | Updated on November 03, 2006

BOSTON-Two years after American Financial Realty Trust set a record for paying the highest price per square foot for a Boston building, the firm will set a record again when it sells the 36-story State Street Financial Center for more than $880 million.

The Jenkintown, PA company, which acquired the 1.1 million-sf tower at One Lincoln St. just two years ago for $705 million, has reached an agreement with an unnamed Northeast-based private real estate investment group to acquire the fully-leased office tower. The sale is expected to close in late 2006 or early 2007, according to the release.

“My God, that’s amazing. It’s an incredible price,” one broker tells GlobeSt.com of the $840 per sf deal, which will be the highest per square-foot price paid to date for a building in Boston’s CBD.

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