{"id":1004259896,"date":"2018-08-24T02:49:59","date_gmt":"2018-08-24T10:49:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004259896"},"modified":"2022-12-04T17:46:27","modified_gmt":"2022-12-05T01:46:27","slug":"th-real-estate-sells-stake-in-boston-tower-for-210m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/th-real-estate-sells-stake-in-boston-tower-for-210m\/","title":{"rendered":"TH Real Estate Sells Stake in Boston Tower for $210M"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"501<\/a>

501 Boylston St.<\/p><\/div>\n

TH Real Estate has pocketed $209.9 million on the sale of a minority stake in 501 Boylston St., a mixed-use office and retail asset in Boston. The real estate investment manager\u2014an affiliate of Nuveen, the investment management arm of TIAA\u2014sold a 49.9 percent interest in the 610,000-square-foot property to Norway\u2019s Norges Bank Real Estate Management.<\/p>\n

Located in the city\u2019s tony Back Bay neighborhood, 501 Boylston has been a part of TH Real Estate\u2019s portfolio since 2007, when TIAA acquired the property from Broadway Real Estate Partners for $370.5 million. The recent disposition of an interest in 501 Boylston was part of a strategy.<\/p>\n

\u201cWe\u2019ve owned the building for over a decade and have successfully executed on our original business plan for the property,\u201d<\/em> Sam Flood, regional head, New England & Midwest Investments, Americas, with TH Real Estate, told Commercial Property Executive<\/em>. \u201cWe\u2019ve co-invested with Norges in numerous cities and asset types over many years and they are an excellent partner. With strong market fundamentals in Boston, we felt the time was right to bring them in as a joint venture partner on this property and capture a nice return of capital to the real estate account.\u201d<\/em><\/p>\n

501 Boylston, developed in 1940 to serve as the headquarters of New England Mutual Life Insurance Co., features approximately 460,000 square feet of office space, in addition to roughly 140,000 square feet of retail space with an address on Newbury St. Tenants at the property include fashion retailer H&M and coworking space provider WeWork, which entered into a lease agreement for 123,500 square feet at the 10-story tower in the first quarter of 2018.<\/p>\n

TH Real Estate will hold onto more than a majority interest in 501 Boylston; the company will also continue to serve as asset manager, for which Norges will pay an ongoing fee.<\/p>\n

Still bullish on Beantown<\/strong><\/h2>\n

The Boston office market is thriving<\/a> and, as noted in a second quarter 2018 report by commercial real estate services firm CBRE | New England, \u201ccontinues to make it rain absorption.\u201d<\/em> The market posted approximately 716,000 square feet of positive absorption during the quarter, for a total of roughly 1.5 million square feet for the first half of the year. TH Real Estate remains keen on the city.<\/p>\n

\u201cWe continue to put money to work in Boston on behalf of our clients across the risk spectrum,\u201d<\/em> Flood said. \u201cIt\u2019s a dynamic market that provides a wide range of investment opportunities and risk-return profiles.\u201d<\/em><\/p>\n

Image courtesy of TH Real Estate<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The investment manager sold a 49.9 percent interest in 501 Boylston St., a 610,000-square-foot office and retail property, to Norges Bank Real Estate Management. <\/p>\n","protected":false},"author":969,"featured_media":1004259923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21783,21752,21742,10,21747],"tags":[32789,36561,37491,32870,33460,33678],"class_list":["post-1004259896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-featured","category-investment","category-mixed-use","category-latest","category-northeast","category-office","tag-cbre","tag-norges-bank-real-estate-management","tag-nuveen","tag-th-real-estate","tag-tiaa","tag-wework"],"acf":[],"yoast_head":"\nTH Real Estate Sells Stake in Boston Tower for $210M - 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\/th-real-estate-sells-stake-in-boston-tower-for-210m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TH Real Estate Sells Stake in Boston Tower for $210M\" \/>\n<meta property=\"og:description\" content=\"The investment manager sold a 49.9 percent interest in 501 Boylston St., a 610,000-square-foot office and retail property, to Norges Bank Real Estate Management.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/th-real-estate-sells-stake-in-boston-tower-for-210m\/\" \/>\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=\"2018-08-24T10:49:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T01:46:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/501-Boylston-St.-Boston.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\\\/th-real-estate-sells-stake-in-boston-tower-for-210m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/th-real-estate-sells-stake-in-boston-tower-for-210m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"TH Real Estate Sells Stake in Boston Tower for $210M\",\"datePublished\":\"2018-08-24T10:49:59+00:00\",\"dateModified\":\"2022-12-05T01:46:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/th-real-estate-sells-stake-in-boston-tower-for-210m\\\/\"},\"wordCount\":429,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/th-real-estate-sells-stake-in-boston-tower-for-210m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/08\\\/501-Boylston-St.-Boston.jpg\",\"keywords\":[\"CBRE\",\"Norges Bank Real Estate Management\",\"Nuveen\",\"TH Real Estate\",\"TIAA\",\"WeWork\"],\"articleSection\":[\"Boston\",\"Deals\",\"Featured\",\"Investment\",\"Mixed Use\",\"News\",\"Northeast\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/th-real-estate-sells-stake-in-boston-tower-for-210m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/th-real-estate-sells-stake-in-boston-tower-for-210m\\\/\",\"name\":\"TH Real Estate Sells Stake in Boston Tower for $210M - 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