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33 Arch Commands $366M from TIAA-CREF

BOSTON-AREA Property Partners is selling the 33-story, trophy at 90% occupancy. The 600,000-square-foot office sold at a 5% cap rate.

By Ryan Clark | Updated on September 13, 2011

BOSTON-AREA Property Partners is selling 33 Arch St. to TIAA-CREF for $365.8 million. The 600,000-square-foot trophy office is at 90% occupancy and commanded a 5% cap rate. Eastdil Secured represented the seller in the deal.

The property was constructed in 2004 and rises 33 stories into the Boston skyline, which has strict regulations limiting the height and number of skyscrapers in the city. The class A property has and 821-space garage and boasts Digitas, The Securities and Exchange Commission and DLA Piper Rudnick as tenants. Located in the Financial District, the property was 51% owned by New York headquartered AREA and 49% owned by Quebec-based SITQ Immobilier in a joint venture. The property was officially owned by AREA Properties Value Enhancement Fund IV and partner Ivanhoe Cambridge.

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