Equity Office’s 100 Summer St. could be sold as part of a portfolio sale.
Thomas Grillo
Real Estate Editor- Boston Business Journal
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Today’s sale of 28 State St. in Boston’s Financial District for $345 million could be the last tower Blackstone Group’s Equity Office Properties Trust sells as a one-off, according to a published report.
Blackstone is considering whether it should market its 14 remaining Greater Boston offices totaling more than 7 million square feet in bulk, a transaction that could bring as much as $3 billion.
The report, published Tuesday by New Jersey-based newsletter Real Estate Alert, said Blackstone is consulting with Eastdil Secured on how to proceed and whether it makes more sense to sell its remaining Boston-area properties together in a single transaction.
James McCaffrey, Eastdil’s senior managing director in Boston, could not be reached for comment.
Among Blackstone’s remaining Boston office holdings are: 225 Franklin St.; 100 High St.; 125 Summer St.; 175 Federal St.; 60 State St.; 100 Summer St.; and 500 Boylston St. The company also owns 125 and 150 Cambridgepark Drive in Cambridge.
Blackstone sold 28 State St. today to a joint venture of New York-based Rockefeller Group and Mitsubishi Estate New York. The 40-story building is located at the intersection of Congress and State streets in the Financial District, near historic Faneuil Hall. The building has 572,000 square feet of office space with an additional 7,000 square feet of ground-floor retail. The tower was purchased as part of a portfolio when Blackstone Group acquired billionaire Sam Zell’s Equity Office Properties Trust for about $20 billion in 2006.
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