Greg Vasil tells GlobeSt.com that a series of deals is a signal that Boston's tower market is red hot for buyers and sellers alike. The high-profile class A deals include Transwestern's 810,000-sf office towers in the Financial District, the recent $50-million trade of One Liberty Square to Dallas-based Invesco Real Estate and acquisition of the John Hancock Tower by Broadway Real Estate Partners of New York City.
"People are still very bullish on Boston," Vasil says. "Considering this is the first month, that's a solid way to start 2007. To put the numbers on the board early can only help the bottom line in December."
Marci Griffith Loeber, with Cushman & Wakefield's Capital Markets team, represented seller BeaMetFed Inc. and procured the buyer in the Federal Street deal along with Robert Griffin, Edward Maher and Elizabeth Thomas. She tells GlobeSt.com competition was stiff for the building. "We took more than a dozen offers," she says, adding that the solid investment interest is an indication that the Boston market remains strong.
The acquisition of the two inter-connected office towers by Transwestern was the firm's second Boston buy since March when it paid $50 million for an 11-story, 291,000-sf office building at 40 Broad St. in the Financial District. The company now owns more than 2.2 million sf of office space in the metropolitan area, including about 1.1 million in the Financial District.
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