Tishman Speyer Acquires Boston Office Property for $316 Million

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Tishman Speyer has just announced this week the acquisition of One Channel Center, a newly-constructed 501,650-square-foot office building located in Boston's Seaport District, along with an adjacent 965-space parking garage.  The property is fully leased to State Street Corporation through 2029.

One Channel Center was developed on a build-to-suit basis for State Street, one of Boston's largest financial institutions, and completed in 2014. The property sits on a full city block in the Fort Point micro-market in Boston's Seaport District, directly north of a new 1.6-acre public park. The property features excellent setbacks and views of downtown Boston, the Seaport and South Boston.  It also enjoys convenient access to major highways, plus the Broadway Station for the "T", the city's primary public transit system, which is located a short walk away.
 
"The Boston office market is currently very strong and we believe it will be strong over the long term," said Tishman Speyer President and CEO Rob Speyer. "This is a signature office building that is well situated in what is a vibrant mixed-use neighborhood with a great future. As such, it fits perfectly with our strategic portfolio growth plan in Boston, one of the nation's great cities, as we look for opportunities to continue developing and acquiring world-class properties to serve the needs of leading companies there."
 
According to public filings, the building was purchased for $316.5 million USD.