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ING Clarion Pays $18M for 146,000-SF Office

QUINCY, MA-ING Clarion wraps up a year of Bay State buying with the $17.5-million acquisition of 200 Newport Ave., a 146,000-sf, fully leased office building in Quincy.

By Beverly Ford | Updated on December 21, 2006

QUINCY, MA-New York real estate investment advisory firm ING Clarion has added a 146,000-sf, fully leased class A office building to its Bay State portfolio with the $17.5-million acquisition of 200 Newport Ave. The eight-story building, owned by State Street Bank, is fully occupied by the seller, which will remain in the property for at least another two years.

ING Clarion vice president Deke Schultze tells GlobeSt.com that the asset was a strong buy for the company, which saw a value-added opportunity in the deal.

“In general, we like the prospects of the Boston office market,” says Schultze, noting that the property, with its skyline and harbor views of Boston, offers tremendous lease-up potential once State Street’s lease expires. The buyer also plans to convert the buildings ground level space to retail when the tenant relocates, he says.

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