160 Federal St Trades For $190M
Chicago-based LaSalle Investment Management acquired the 351k SF 160 Federal St in Downtown Boston for $190M from Beacon Capital Markets. That would make it a sweet sale for Boston-based Beacon, since it just bought majority ownership of 160 Federal from Taurus Investment Holdings last April for a reported $125M. Beacon put in about $9M for upgrades to the property, including renovating the lobby, adding a fitness center and revamping a number of common areas.
Interest in the art deco property was high, including mostly domestic investors, but also Investcorp, whose HQ is in Bahrain, as a potential buyer, the Boston Business Journal reports. Tenants in the building include First Republic Bank, Colliers International and the Boston Business Journal, though the publication is moving to 70 Franklin St. Transwestern handles the leasing. [BBJ]
