Starwood REIT Acquires Mixed-Use Property In Boston's 60 State Street For $614M

The mixed-use property located at 60 State Street in Boston has been sold in a transaction involving several key players. The property, which spans 911,394 square feet, was sold for a total price of $614,000,000, resulting in a price per square foot of $673. The sale was brokered by Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell, Debra Gould, and Gilbert Dailey from Newmark Knight Frank. The buyer and borrower was Starwood REIT, while the seller was J.P. Morgan and Oxford Properties Group. Metlife and Pacific Life provided the financing for the deal, with a loan amount of $421,500,000.The loan was arranged by Dustin Stolly, Jordan Roeschlaub, Nick Scribani, Chris Kramer, and David Douvadjian from Newmark Knight Frank.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $614,000,000
• Loan Amount: $421,500,000
• Square Footage: 911,394
• Price per Square Foot: $673
• Market: Boston

Notably, the building served as the corporate headquarters of the Sheraton Hotel group from 1978 until they were acquired by Starwood Hotels and Resorts in 1998.