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QUINCY, MA-ING Clarion Partners has received $16.2 million in funding to pay for the acquisition of 200 Newport Ave. in Quincy, an eight-story, 146,000-sf, fully-leased, class A office building. The firm acquired the property for $18 million in December, as reported by GlobeSt.com.
Riaz Cassum and Lauren O'Neil with Holliday Fenoglio Fowler's Boston office arranged the five year loan with AIG Global Investment Group. The financing includes a fixed-rate acquisition component and provides for future funding at a floating rate to pay for costs associated with the releasing of the building.
The New York City real estate investment advisory firm acquired the property from State Street Bank under a sales-leaseback agreement. At the time of the sale, State Street Bank had about two years remaining on its lease but Cassum says in a statement that the financial institution has been slowly relocating to its new headquarters at One Lincoln St. in Boston's Financial District.
"The space has been rapidly absorbed by companies such as Blue Cross Blue Shield, Citistreet and Boston Financial Data Services, due in large part to its convenient location next to the MBTA station and close proximity to Interstate 93 and downtown Boston," he says.
Constructed in 1984 for State Street Bank and occupied ever since by the financial institution, the building is situated just miles from Downtown Boston and has skyline and harbor views.
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