AREA Property Partners, an international fund manager and real estate investor, declared that it has sold the property located at 33 Arch Street in Boston, MA, to the institutional financial services company TIAA-CREF.
The office property was sold by Value Enhancement Fund IV of Area Properties and its partner Ivanhoé Cambridge. The buyer was represented by Eastdil Secured and the terms and conditions of deal were not revealed.
The construction of the 33-storey Class A office tower was completed in 2004. The construction has around 600,000 sq ft. office construction space and an extra garage space to park 821 vehicles. The property located in the Financial District of Boston enjoys 90% occupancy and is occupied by well known clients such as DLA Piper Rudnick, the Securities and Exchange Commission and Digitas. The lease occupancy of the building increased from 80% in 2010 to 90% and additional 85,000 sq ft. space was leased during the period. The construction in addition to its location convenience, efficient office space and modern construction is also a LEED Gold certified construction.
Philip J. McAndrews, TIAA-CREF’s global real estate transactions and joint ventures’ head, has called 33 Arch Street a good asset. He added that 33 Arch Street is located in the stable market of Boston, which is considered as a prime place for arts, finance, technology, science and education. He concluded that the Boston office underscores the commitment of the company to remain active in the main gateway cities.