Tishman pays $514m for Jamestown's One Federal Street.BOSTON, MA: Tishman Speyer has acquired One Federal Street--a 1.12 million square feet office building in downtown Boston. The property was acquired for $514 million from Jamestown, an Atlanta-based real estate investment company. Tishman Speyer will own and manage the property, which is 97% leased. Blue-chip tenants include Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , State Street Corporation, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. and Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. , to be joined by international law firm Bingham McCutchen Bingham McCutchen LLP is an international law firm with 950 attorneys in ten US offices and three international offices representing clients in high-stakes litigation, complex financing and financial regulatory matters, government affairs and a wide variety of sophisticated LLP LLP - Lower Layer Protocol in 2008. "One Federal is a one-of-a-kind asset, and as a result, it's been a successful investment for Jamestown and our investors," said Jeffrey Ackemann, a managing director at Jamestown. Tishman Speyer president and chief executive officer Jerry Speyer commented, "In keeping with our investment strategy, the acquisition of One Federal Street increases our presence in what we regard as the finest neighborhood in one of the world's premier cities. "We have great faith in the Boston market and are proud to add One Federal Street alongside 125 High Street to our portfolio of quality properties around the globe." Located in the heart of Boston's financial district, the 38-story tower was developed originally to be the headquarters of Shawmut Bank and subsequently modernized in several phases, One Federal has stood as one of Boston's signature properties for 30 years. Representing Tishman Speyer in the transaction were the law firms of Fried Frank Harris Shriver shrive v. shrove or shrived, shriv·en or shrived, shriv·ing, shrives v.tr. 1. To hear the confession of and give absolution to (a penitent). 2. & Jacobson LLP and Goulston & Storrs. Robert E. Griffin, Jr., Edward C. Maher, Jr., and Marci Griffith Loeber of Cushman & Wakefield of Massachusetts, Inc. represented the seller and procured the buyer. "The hard fact is that assets of One Federal's trophy quality rarely trade in Boston. In fact, in its 30-year existence, this is only the third time that One Federal has changed hands," said Maher, executive director at Cushman & Wakefield. "One Federal's defining characteristic is its proven resiliency. In both strong market conditions and weak, the building has historically displayed an innate ability to maintain a market leading occupancy level." |
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