{"id":1004032336,"date":"2011-09-14T05:49:21","date_gmt":"2011-09-14T13:49:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004032336"},"modified":"2022-12-08T14:39:41","modified_gmt":"2022-12-08T22:39:41","slug":"tiaa-cref-buys-bostons-33-arch-st-from-area-capital","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-bostons-33-arch-st-from-area-capital\/","title":{"rendered":"TIAA-CREF Buys Boston’s 33 Arch St. from AREA Capital"},"content":{"rendered":"

September 14, 2011<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n

\"\"<\/a>

Courtesy Wikipedia user Sfoskett<\/p><\/div><\/p>\n

\u201cWhile Boston\u2019s CBD still has yet to recover all the jobs lost in this past recession, an impressive numbers of tenants continued to transact this past quarter.\u201d That\u2019s how a recent Jones Lang LaSalle report characterizes Boston\u2019s Financial District. There has been and will be plenty of action, and the recent sale of 33 Arch St. keeps the trend going. The 33-story, Class A office tower was just moved off the books of AREA Property Partners its partner, Ivanhoé Cambridge, and into the rolls of TIAA-CREF, an institutional financial-services firm. <\/p>\n

\u201c33 Arch St. is an outstanding asset,\u201d Philip J. McAndrews, head of global real estate transactions and joint ventures for TIAA-CREF, said. \u201cBoston is an enduring market, and 33 Arch St. enhances our Boston office portfolio and highlights our commitment to actively engage in targeted, gateway cities.\u201d <\/p>\n

The building experienced a surge in leasing activity in the last year, with 85,000 square feet of new leases to increase the occupancy rate from 80 percent to 90 percent since 2010. In addition, 33 Arch St. holds LEED Gold certification.<\/p>\n

\u201cThere is a dearth of high quality trophy assets in the Boston market, so demand for 33 Arch Street was especially strong by tenants and investors alike,\u201d Steven Wolf, head of portfolio management and U.S. value enhancement funds with AREA, said. \u201cWe continue to own assets in Boston and look favorably on doing other transactions in this city that will allow us an opportunity to create value through comprehensive capital improvement and hands-on asset management as we did at 33 Arch St.\u201d<\/p>\n

While the purchase price was not disclosed, Class A asking rents in the Financial District reached $49.11 per square foot gross for the second quarter of 2011, according to JLL. And, just last month, two 14-story medical-office buildings on the Tufts University campus downtown were purchased by ProMed Properties for $112 million<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

The 33-story, Class A office tower at Boston’s 33 Arch St. in the Financial District just moved off the books of AREA Property Partners and its partner, Ivanhoé Cambridge, and into the rolls of TIAA-CREF. <\/p>\n","protected":false},"author":1201,"featured_media":1004032337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21742,10,21747],"tags":[],"class_list":["post-1004032336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nTIAA-CREF Buys Boston's 33 Arch St. from AREA Capital - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-bostons-33-arch-st-from-area-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TIAA-CREF Buys Boston's 33 Arch St. from AREA Capital\" \/>\n<meta property=\"og:description\" content=\"The 33-story, Class A office tower at Boston's 33 Arch St. in the Financial District just moved off the books of AREA Property Partners and its partner, Ivanhoé Cambridge, and into the rolls of TIAA-CREF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-bostons-33-arch-st-from-area-capital\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-09-14T13:49:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T22:39:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/09\/091411-33-Arch-Street-Boston-wikipedia-user-Sfoskett.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"660\" \/>\n\t<meta property=\"og:image:height\" content=\"529\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-bostons-33-arch-st-from-area-capital\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/tiaa-cref-buys-bostons-33-arch-st-from-area-capital\/\",\"name\":\"TIAA-CREF Buys Boston's 33 Arch St. from AREA Capital - 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