With a new acquisition, a large third-party management assignment, and $1 billion ground-up office tower development, Carr Properties quickly becomes a more prominent real estate player in the most sought-after gateway city in the U.S.
Carr Properties is pleased to announce its continued expansion into Boston, Massachusetts, as it has successfully acquired a 50 percent ownership interest in 75-101 Federal Street, and entered into a prominent third-party management assignment at 60 State Street, both properties located in downtown Boston.
Boston-based real estate private equity firm, Rockpoint Group, previously held full ownership of 75-101 Federal Street, a two-tower, 853,319 square foot premier Class-A asset, and will continue to hold the remaining 50 percent ownership interest, as of March 12, 2020. With the building’s recent capital improvements, including lobby renovations, new amenities and sustainability enhancements, 75-101 Federal Street is a strategic investment for Carr Properties, as the firm continues to grow its Boston presence. 75-101 Federal Street will be managed by Rockhill Management, an affiliate of Rockpoint Group.
Additionally, on March 20, 2020, Carr Properties commenced property management at 60 State Street, a 911,394 square foot Class-A office tower on behalf of Starwood Real Estate Income Trust, Inc., a nontraded REIT managed by Starwood Capital Group, who acquired the asset from institutional investors advised by J.P. Morgan Asset Management and Oxford Properties. 60 State Street is an iconic 38-story office tower, prominently positioned at the city’s prestigious “State & Congress” intersection. The property was fully modernized in recent years, including a lobby renovation and brand-new on-site amenities, such as a fitness center and the opening of a new retailer, Samuel Adams Tap Room.
Carr Properties first entered the Boston market in 2018 with the acquisition of 200 State Street, a 16-story, 304,00 square foot trophy office building, located at the meeting point of Faneuil Hall and Rose Kennedy Garden in the Financial District.
In 2019, Carr Properties made its most significant expansion into Boston with the acquisition of a 75 percent ownership interest in One Congress, a one million square foot office tower development that will serve as State Street Bank’s new global headquarters. One Congress will tower 600 feet within Bulfinch Crossing, a 4.8 acre master development in the center of downtown Boston. Carr Properties’ partners on this development are National Real Estate Advisors and The HYM Investment Group. The project broke ground in the summer of 2019 and is anticipated to deliver early 2023.