{"id":1004132281,"date":"2015-11-24T08:28:17","date_gmt":"2015-11-24T16:28:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004132281"},"modified":"2022-12-07T03:25:50","modified_gmt":"2022-12-07T11:25:50","slug":"1-3b-financing-for-biggest-office-deal-in-beantown","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/1-3b-financing-for-biggest-office-deal-in-beantown\/","title":{"rendered":"$1.3B Financing for Biggest Office Deal in Beantown"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004132283\" style=\"width: 235px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/222-Berkeley.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004132283\" data-attachment-id=\"1004132283\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/1-3b-financing-for-biggest-office-deal-in-beantown\/222-berkeley\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/222-Berkeley.jpg\" data-orig-size=\"768,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;4&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;CYBERSHOT&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1083431828&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;7.1&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0068965517241379&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"222 Berkeley\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;222 Berkeley St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/222-Berkeley.jpg?w=768\" class=\"size-medium wp-image-1004132283\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/222-Berkeley.jpg\" alt=\"222 Berkeley St.\" width=\"225\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/222-Berkeley.jpg 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/222-Berkeley.jpg?resize=225,300 225w\" sizes=\"auto, (max-width: 225px) 100vw, 225px\" \/><\/a><p id=\"caption-attachment-1004132283\" class=\"wp-caption-text\">222 Berkeley St.<\/p><\/div>\n<p>New York Life Real Estate Investors has given more than a helping hand to a joint venture between Oxford Properties Group and a group of institutional investors advised by J.P. Morgan Asset Management. The debt and equity investment company teamed with TIAA-CREF Global Real Estate to provide the joint venture with $648 million in financing for the $1.3 billion acquisition of 500 Boylston and 222 Berkeley Streets, two interconnected office towers totaling 1.3 million square feet in Boston\u2019s coveted Back Bay area.<\/p>\n<p>With a purchase price equating to a cool $1,000 per square-foot, Oxford and J.P. Morgan\u2019s acquisition of the property from Blackstone Group L.P. marks, as noted in a third quarter report by commercial real estate services firm Cushman &amp; Wakefield, \u201cthe highest price per square-foot ever paid for a Boston building.\u201d<\/p>\n<p>Developed by Hines, 500 Boylston and 222 Berkeley first opened their doors in 1988 and 1991, respectively. A 707,000-square-foot building, the 25-story 500 Boylston was designed by architects Philip Johnson and John Burgee and includes more than 65,000 square feet of exclusive retail space. Its companion tower, the 500,000-square-foot, 22-story 222 Berkeley, was designed by Robert A.M. Stern Architects and features 45,000 square feet of retail. The two structures share a 1,000-space parking facility.<\/p>\n<div id=\"attachment_1004132284\" style=\"width: 310px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004132284\" data-attachment-id=\"1004132284\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/1-3b-financing-for-biggest-office-deal-in-beantown\/500-boylston\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg\" data-orig-size=\"2000,1333\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;5.6&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;031615 Boston, MA- 500 Boylston is planning on adding on five additional stories Monday, March 16, 2015. Herald Photo By Jacob Belcher&quot;,&quot;created_timestamp&quot;:&quot;1426532724&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;250&quot;,&quot;shutter_speed&quot;:&quot;0.004&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"500 Boylston\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;031615 Boston, MA- 500 Boylston is planning on adding on five additional stories Monday, March 16, 2015. Herald Photo By Jacob Belcher&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg?w=1024\" class=\"wp-image-1004132284 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg 2000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg?resize=1024,682 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/11\/500-Boylston.jpg?resize=1536,1024 1536w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004132284\" class=\"wp-caption-text\">500 Boylston St.<\/p><\/div>\n<p>Eastdil Secured, acting on behalf of the buyers, orchestrated the 7-year loan from New York Life and TIAA-CREF. The lenders had their reasons for parting with nearly a quarter-billion dollars. \u201cThe properties\u2019 street presence combined with their flexible floor plates, panoramic views, floor to ceiling windows and high level of finishes makes them two of the most desirable office buildings in Boston,\u201d Eric Becher, senior director at New York Life Real Estate Investors,\u201d said in a prepares statement. \u201cThe loan represents a continuation of our long-term relationship with these teams of premier real estate owners and co-lenders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York Life Real Estate Investors is giving a helping hand in a joint venture between Oxford Properties Group and a group of institutional investors advised by J.P. Morgan Asset Management. <\/p>\n","protected":false},"author":969,"featured_media":1004132284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21781,21743,21808,21825,21752,21742,10],"tags":[],"class_list":["post-1004132281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-corporate-real-estate","category-deals","category-featured","category-finance","category-mixed-use","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$1.3B Financing for Biggest Office Deal in Beantown - 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\/1-3b-financing-for-biggest-office-deal-in-beantown\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$1.3B Financing for Biggest Office Deal in Beantown\" \/>\n<meta property=\"og:description\" content=\"New York Life Real Estate Investors is giving a helping hand in a joint venture between Oxford Properties Group and a group of institutional investors advised by J.P. 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Herald Photo By Jacob Belcher\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/1-3b-financing-for-biggest-office-deal-in-beantown\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"$1.3B Financing for Biggest Office Deal in Beantown\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"$1.3B Financing for Biggest Office Deal in Beantown - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/1-3b-financing-for-biggest-office-deal-in-beantown\/","og_locale":"en_US","og_type":"article","og_title":"$1.3B Financing for Biggest Office Deal in Beantown","og_description":"New York Life Real Estate Investors is giving a helping hand in a joint venture between Oxford Properties Group and a group of institutional investors advised by J.P. 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