LaSalle, a real estate investment management firm and independent subsidiary of brokerage giant JLL (NYSE: JLL), closed the deal for the 251,000-square-foot office on Dec. 15. It acquired the office from Callahan Capital Properties, the Chicago-based real estate private equity firm of Canadian pension fund Ivanhoé Cambridge, which itself acquired the property just 17 months ago for $100 million.
David Schreiber, managing director of Acquisitions with LaSalle Investment Management, said in a statement that the 10-20 Channel Center office was well-positioned near GE’s future headquarters and “within the immediate path of continued densification.””As one of the few fully-renovated brick-and-beam Seaport properties, the property is well-positioned to continue attracting strong demand from prospective tenants who are drawn to the Seaport’s vibrancy and character,” Schreiber said in an email.“We have a favorable view on 10-20 Channel Center as it is well-located in Boston’s Seaport District adjacent to GE’s future global headquarters and within the immediate path of continued densification.
The Property offers a compelling value enhancement opportunity through future re-leasing, and as one of the few fully-renovated brick-and-beam Seaport properties, the property is well-positioned to continue attracting strong demand from prospective tenants who are drawn to the Seaport’s vibrancy and character.”The neighborhood surrounding 10-20 Channel Center has seen intense sales and leasing activity in this real-estate cycle. GE is firming up plans to develop its 2.5-acre, $200 million headquarter campus, last week finalizing the $83 million land and property acquisition for the site and naming Suffolk Construction the project’s construction manager.
North Carolina tech giant Red Hat Inc. (NYSE: RTT) has leased its first major Boston office at 300 A St. And last December, New York-based real estate developer Tishman Speyer acquired State Street Corp.’s South Boston office building and nearby Channel Center garage for a combined $316.5 million.