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Boston Tower Sales Hit New High at $859 Per SF

BOSTON-State Street Financial Center set a record in the city last year when the property sold for $859 per sf. The John Hancock Tower placed fourth on the list of top sellers at $532 per sf.

By Beverly Ford | Updated on January 08, 2007

BOSTON-The one-million-sf One Lincoln St. building, acquired by an affiliate of Fortis Property Group for $889 million, or $859 per sf, set a record for per-sf tower space sales. The $846 million paid for the John Hancock Tower is just another example of the record-breaking sales of 2006.

“The future looks pretty good for continued investment activity and record breaking prices,” predicts David Begelfer, head of the local chapter of the National Association of Industrial and Office Properties.

But Richard Bradbury, vice president of finance for Richards Barry Joyce & Partners, tells GlobeSt.com that while per-sf pricing should continue to remain high, it could be awhile before Boston will see another tower sell in the $800-per-sf price range.

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