{"id":1004083579,"date":"2013-09-16T06:39:23","date_gmt":"2013-09-16T14:39:23","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004083579"},"modified":"2022-12-08T17:25:11","modified_gmt":"2022-12-09T01:25:11","slug":"clarion-buys-jewel-box-boston-building-for-54m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/clarion-buys-jewel-box-boston-building-for-54m\/","title":{"rendered":"Clarion Buys ‘Jewel Box’ Boston Building for $54M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Photo:<\/a>

Photo: Warren Patterson<\/p><\/div>\n

One Liberty Square, a 13-story, 157,500-square-foot office building in Boston\u2019s financial district, has been purchased for $54.4 million by Clarion Partners, of New York, it was announced Friday by Clarion and by Cushman & Wakefield, which represented the seller, Invesco Real Estate.<\/p>\n

The building is 89.2 percent leased to tenants that include Great Hill Partners, Berman DeValerio and Boston Advisors among other law firms and financial and technology companies.<\/p>\n

Clarion\u2019s research, Gary Rufrano, a partner at Clarion Partners, said in a release, indicates that the sectors represented in One Liberty Square\u2019s tenant roster \u201care expected to be strong employment drivers as the U.S. economy continues its recovery.\u201d<\/p>\n

\u201cHistorically there has been limited new office construction in the Financial District submarket,\u201d Clarion Partners noted, \u201calthough there are currently 1,500 residential units in the area either under construction or permitted, signaling the attractiveness of the market.\u201d<\/p>\n

Clarion also noted that the current unemployment rate in the Boston MSA is 6.2 percent, well below state and national levels.<\/p>\n

The building was completed in 1926 and is essentially \u201ca B-plus building in an A location,\u201d Commercial Property Executive<\/i> was told by someone close to the transaction who wished to remain off the record.<\/p>\n

One Liberty Square, reportedly, underwent a gut rehab in 1981 and within the past half-dozen years has gotten new HVAC and a new roof, added a fitness center, and underwent elevator modernization and repairs to its curved limestone and granite fa\u00e7ade.<\/p>\n

The building is near Faneuil Hall, Post Office Square and the Rose Fitzgerald Kennedy Greenway and is walking distance from multiple bus and \u201cT\u201d line stations.<\/p>\n

One Liberty Square is one of five downtown Boston buildings known as \u201cjewel boxes.\u201d These are generally smaller and older, but have been substantially renovated and well maintained and are in good locations.<\/p>\n

Cushman & Wakefield\u2019s Capital Markets team of Robert Griffin, Edward Maher and Matthew Pullen, along with leasing specialists Dave Martel, Jim Brady and Tim Bianchi, exclusively represented the seller and procured the buyer.<\/p>\n","protected":false},"excerpt":{"rendered":"

One Liberty Square, a 13-story, 157,500-square-foot office building in Boston\u2019s financial district, has been purchased for $54 million by Clarion Partners.<\/p>\n","protected":false},"author":952,"featured_media":1004083583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,11,21742,21747],"tags":[],"class_list":["post-1004083579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-midatlantic","category-latest","category-office"],"acf":[],"yoast_head":"\nClarion Buys 'Jewel Box' Boston Building for $54M - 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\/clarion-buys-jewel-box-boston-building-for-54m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clarion Buys 'Jewel Box' Boston Building for $54M\" \/>\n<meta property=\"og:description\" content=\"One Liberty Square, a 13-story, 157,500-square-foot office building in Boston\u2019s financial district, has been purchased for $54 million by Clarion Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/clarion-buys-jewel-box-boston-building-for-54m\/\" \/>\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=\"2013-09-16T14:39:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:25:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/09\/CLARION.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"842\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Clarion Buys ‘Jewel Box’ Boston Building for $54M\",\"datePublished\":\"2013-09-16T14:39:23+00:00\",\"dateModified\":\"2022-12-09T01:25:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/\"},\"wordCount\":355,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/09\\\/CLARION.jpg\",\"articleSection\":[\"Boston\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/clarion-buys-jewel-box-boston-building-for-54m\\\/\",\"name\":\"Clarion Buys 'Jewel Box' Boston Building for $54M - 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