BOSTON-The recently purchased Landmark Center picked up some acquisition financing on behalf of its owners checking in at $230 million. The fixed-rate loan was obtained for the owners by HFF through New York Life Insurance Co. and New York State Teachers Retirement System. The release notes that J.P. Morgan Asset Management and Samuels & Associates advised institutional investors which acquired the loan; however sources indicate that a joint venture of J.P. Morgan Asset Management and Samuels & Associates purchased the Landmark Center in January 2011 from Abbey Group for $530.5 million.

The mixed-used facility measures 950,000 square feet, 262,000 square feet of which is street level retail. The eight floor mixed office property is 98% leased with tenants such as Blue Cross Blue Shield of Massachusetts, Harvard School of Public Health, and Harvard Medical School. The retail portion is filled by Bed Bath & Beyond, Best Buy, REI, Staples and a 13-screen movie theater.

The owners have been attempted to garner permission and interest to build an additional eight floors or roughly 337,000 square feet, above the adjacent parking garage. The HFF team of Bob Herron, Whitney Wilcox and Greg Labine represented the borrowers for the loan for 401 Park Dr. here.