Starwood Real Estate Income JV Buys Boston Office Tower for $614 Million
March 27, 2020 | S&P Global Market Intelligence
Starwood Real Estate Income Trust Inc., via a joint venture with an affiliate of its sponsor, bought the leasehold interest in the 38-story office tower at 60 State St. in downtown Boston for $614.3 million, excluding closing costs.
The property offers 911,394 square feet along with a 240-space subterranean parking garage.
Starwood owns 75% of the joint venture that owns the 91%-leased asset, with the sponsor’s affiliate accounting for the rest. The affiliate has the option of putting its stake to Starwood within four months of the deal’s closing at cost plus a market interest rate.
The property is leased to 32 tenants and is the Boston office for international law firm Wilmer Hale and the global headquarters for asset manager Amundi Pioneer.
Source: S&P Global Market Intelligence
