Key Takeaways
- • J.P. Morgan Asset Management and Oxford Properties Group completed the sale of the leasehold interest in 60 State Street, a 911,394-square-foot Class-A office tower in Downtown Boston, to Starwood Real Estate Income Trust (SREIT), managed by Starwood Capital Group.
- • The transaction represents the largest office asset sale by price recorded year-to-date in Boston's Central Business District as of March 2020, underscoring continued institutional investor appetite for premium downtown office assets.
- • The 38-story tower features anchor tenants including WilmerHale, Amundi Pioneer, Criteo, and BlackRock, plus a newly opened three-level Samuel Adams Tap Room and the iconic State Room event venue, generating diversified revenue streams.
- • 60 State Street holds LEED Platinum certification and has undergone significant capital improvements over the past five years, including modernized common areas, base building systems, and tenant-exclusive amenities, positioning it as a high-operational-efficiency asset.
- • The property's strategic location provides direct on-site access to Boston's MBTA Blue and Orange Lines, enhancing tenant accessibility and reducing transportation friction in a competitive office market.
Summary
Newmark Knight Frank announced the completion of the sale of the leasehold interest in 60 State Street in Downtown Boston on behalf of institutional investors advised by J.P. Morgan Asset Management and Oxford Properties Group to Starwood Real Estate Income Trust, Inc., a nontraded REIT managed by Starwood Capital Group. The transaction closed in late March 2020 and marks the largest office asset sale by price recorded year-to-date in Boston's Central Business District, reflecting robust institutional capital deployment into premium downtown office assets amid market uncertainty.
The 38-story office and retail tower comprises 911,394 square feet and includes an associated 240-space parking garage. The asset is anchored by major institutional and corporate tenants: law firm WilmerHale, asset managers Amundi Pioneer and BlackRock, and advertising technology solutions provider Criteo. The retail component features a brand-new, three-level Samuel Adams Tap Room that opened earlier in 2020, along with the iconic State Room event space occupying Floors 33 and 34. This tenant and amenity mix provides diversified income streams beyond traditional office leasing.
The property has benefited from substantial capital improvements over the preceding five years, resulting in fully modernized common areas, upgraded base building systems, and newly constructed tenant-exclusive amenities. The building holds LEED Platinum certification and demonstrates high operational efficiency—critical attributes for institutional investors evaluating long-term portfolio value and sustainability credentials. Positioned in the heart of Downtown Boston, 60 State Street offers direct, on-site access to the MBTA's Blue and Orange Lines, providing superior transportation connectivity that enhances tenant recruitment and retention prospects.
The transaction was executed by a specialized NKF team including Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director Samantha Hallowell, Executive Managing Director Debra Gould, and Senior Managing Director Gilbert Dailey. Property management transitioned to Carr Properties effective March 20, 2020.
The 38-story office and retail tower comprises 911,394 square feet and includes an associated 240-space parking garage. The asset is anchored by major institutional and corporate tenants: law firm WilmerHale, asset managers Amundi Pioneer and BlackRock, and advertising technology solutions provider Criteo. The retail component features a brand-new, three-level Samuel Adams Tap Room that opened earlier in 2020, along with the iconic State Room event space occupying Floors 33 and 34. This tenant and amenity mix provides diversified income streams beyond traditional office leasing.
The property has benefited from substantial capital improvements over the preceding five years, resulting in fully modernized common areas, upgraded base building systems, and newly constructed tenant-exclusive amenities. The building holds LEED Platinum certification and demonstrates high operational efficiency—critical attributes for institutional investors evaluating long-term portfolio value and sustainability credentials. Positioned in the heart of Downtown Boston, 60 State Street offers direct, on-site access to the MBTA's Blue and Orange Lines, providing superior transportation connectivity that enhances tenant recruitment and retention prospects.
The transaction was executed by a specialized NKF team including Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director Samantha Hallowell, Executive Managing Director Debra Gould, and Senior Managing Director Gilbert Dailey. Property management transitioned to Carr Properties effective March 20, 2020.
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