45 Milk Street Sold to Private, Overseas Investor
19 Jun, 2007, Boston, MA
C&W Handles $34 Million Transaction
On behalf of 45 Milk Street, LP, Cushman & Wakefield of Massachusetts, Inc. today announced the $33,900,000 sale of 45 Milk Street, landmark “jewel box” office building located in Boston’s vibrant Financial District. Cushman & Wakefield’s Boston office exclusively represented the seller -- a private offshore partnership -- in the transaction, and procured the buyer, an overseas private client advised by Anglo Irish Bank, which provided sourcing, acquisition and financing services.
Initially constructed in 1893 for The International Trust Company, 45 Milk Street has been thoroughly renovated and upgraded over time, first in 1982, again in 1991 and most recently in 2005. The nine-story Beaux Arts style building has 68,995 square feet of office and retail space and is located at the intersection of Milk and Devonshire Street – one of the most sought after addresses in Downtown Boston. This landmark has historically outperformed the Financial District office submarket both in terms of effective occupancy and achieved rents. The building is currently 100% occupied by a diverse tenant base including Wilmington Trust Corporation; Appleton Partners, Inc.; Nelson Kinder Mosseau & Saturley, LLC; Fair Isaac; and Egon Zehnder International.
"45 Milk Street enjoys unmatched curb appeal and occupies a coveted Financial District location, which together form one of our most contested offerings," said Ed Maher, Executive Director at Cushman & Wakefield. "Add to that the opportunity to take advantage of Boston’s rapidly rising office rents and 45 Milk Street becomes an excellent investment.”
“We are delighted to have secured and financed this high quality asset for our overseas clients,” said Tony Campbell, president and chief executive officer of Anglo Irish Bank Group - North America. “Our clients have a globally diverse property portfolio, and this trophy office building located just one block from Post Office Square offers long-term capital growth opportunities.”
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About Cushman & Wakefield
Cushman & Wakefield is the world’s preeminent real estate services firm. Founded in 1917, the firm has 197 offices in 55 countries around the globe, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. For the New England area, Cushman & Wakefield maintains offices in Boston, Massachusetts; Manchester, New Hampshire; Hartford and Stamford, Connecticut; and Portland Maine. To find out more about Cushman & Wakefield, please call 617.330.6966, or visit the firm’s Web site at www.cushwake.com.
About Anglo Irish Bank
Anglo Irish Bank is Ireland’s third largest bank and the fourth largest company listed on the Irish Stock Exchange. The Bank operates in three core areas - business lending, treasury and wealth management. The Bank’s long established reputation is built on successful long-term relationships, service quality and certainty of deal execution, a business model which has been the foundation for their sustained market leading performance.
In North America, the group has representative offices in Boston, New York and Chicago offering a variety of financing options in the acquisition, construction or refinancing of all types of commercial real estate.
For more information about Anglo Irish Bank, visit the company’s Web site at www.angloirishbank.com.
Contact: Marty Nee