The 90%-leased landmark at 75-101 Federal St. was sold by BeaMetFed Inc., a joint venture between Equity Office Properties Trust and General Motors Pension Fund. Details about the deal will be forthcoming, but the Federal Street asset was bought on behalf of its Aslan Realty Partners III fund, an institutional equity fund with $800 million in capital commitments.
"The property is well positioned to capitalize on improving fundamentals in downtown Boston," Steven Quazzo, Transwestern's CEO, says in a press release. He nor Kevin Hites, Transwestern's senior vice president of acquisitions, were available prior to press time.
Lincoln Property Co.'s Boston office will manage the towers. Cushman & Wakefield of Massachusetts Inc.'s Boston team will lease it.
In March 2006, Transwestern bought an 11-story, 291,000-sf office building at 40 Broad St. in the Financial District for $50 million. Transwestern currently owns more than 2.2 million sf of office space in the Boston market, of which nearly 1.1 million is in the Financial District.
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