The 34 storey office tower has approximately 94,500 square meters of rentable space, plus an underground parking garage for 309 vehicles. The Class A office tower atop Beacon Hill in Boston's Financial District is 96 percent leased.
Allianz acquires stake in office building in Boston
The building was designed by Skidmore, Owings and Merrill and completed in 1973. Since then One Beacon Street received additional capital improvements and upgrades. The building was the first to receive the LEED-EB (Leadership in Energy and Environmental Design – Existing Building) Silver Certification given out by the United States Green Building Council in 2008. It also received the EnergyStar label in 2007 and 2008 from the United States Environmental Protection Agency.
The transaction is a co-investment together with a subsidiary of a fund of the Boston-based real estate firm Beacon Capital Partners, LLC. The 50 percent joint venture follows Allianz's recent buy in the US: a 25 percent stake of 1301 Avenue of the Americas in the heart of Midtown Manhattan in a joint venture structure together with the Paramount Group, New York.
"Beacon Capital Partners was a very professional and competent partner in this Joint Venture. Following our fund investment with Beacon we are happy that we were able to further expand our business relationship," says Ronald Weidner, Chief Investment Officer of Allianz Real Estate.
Beacon Hill in Boston
Boston, New York, Washington, San Francisco
With the acquisition of an interest in One Beacon Street, Allianz Real Estate invested in one of its US American key target cities: Boston, New York, Washington and San Francisco.
"In the upcoming 12 to 24 months we hope to find good quality assets with attractive returns on a risk adjusted basis in these markets." explains Weidner. "Together with strong, local partners we are looking forward to closing more structured deals over the next months and so expand Allianz's real estate exposure."
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