Anglo Irish Acquires Class-A Boston Office Property

Article excerpt

Anglo Irish Bank, Dublin, Ireland, announced its purchase of a premier office building located in the center of Boston's financial district at 265 Franklin Street from Boston-based Boston Properties and the Albany, New York-based New York Common Retirement Fund.

New York-based Cushman & Wakefield represented the seller on the transaction. The property was acquired by the bank for $170 million on behalf of Clarendon Properties, Dublin.

The 21-story, 349,969-square-foot office building that includes a two-level parking garage occupies a full city block bound by Franklin, High, Batterymarch and Oliver streets. The building was constructed in 1984 and renovated in 2002.

The building's $11 million renovations included an expansive new lobby, more spacious floor plans, and upgraded building systems and restrooms, according to Tony Campbell, president and chief executive officer of Anglo Irish Bank's North America operations.

"Many of our Irish private clients have global real estate portfolios and are continually seeking to diversify geographically," said Campbell. "They continue to express interest in U.S. real estate investments such as this transaction, where they see significant medium- to long-term value. …