JENKINTOWN, PA - February 2, 2004 - PRNewswire
American Financial Realty Trust (NYSE: AFR) today announced that it has signed an agreement with a partnership comprised of The State Teachers Retirement System of Ohio, Morgan Stanley Real Estate Funds, The Gale Company and Columbia Plaza Associates to acquire State Street Financial Center, a newly developed, 1.05 million square foot office building in Boston, Massachusetts, which is 100% leased by State Street Corporation under a 20-year lease. AFR will receive additional income from the operations of the parking garage.
State Street Financial Center is a 36-story, Class A+ office building centrally located in Boston's Financial District, just one block from Boston's South Station. It features approximately 1.05 million square foot of office space, including two 75,000 square foot state-of-the-art trading floors, and serves as the headquarters for State Street Corporation, an AA-/Aa3 rated global financial services firm. The property also includes a below-grade, 900-space parking garage.
The acquisition, at a purchase price of approximately $705 million, is scheduled to close within two weeks. The Company will finance the acquisition with available cash and a 20-year secured, fixed rate loan in excess of $500 million with an interest rate of approximately 5.65% to 5.80%.
Sphere: Related Content
Tuesday, February 03, 2004
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment