Investment Services
CaseStudyImage

100 Cambridge Street

100 Cambridge Street, Boston, Mass.
$279.8 million

Introduction

We successfully executed the transfer of an office tower and parking garage in a leasehold interest transaction that showcased our full-service capabilities.

The challenge

The Investment Services team worked with downtown leasing professionals in addition to our mortgage group, which assisted in debt placements with New York Life. Coordination and collaboration allowed us to address all the needs of the client, who wanted to sell the asset in order to provide liquidity to the state but also faced an impending change in administration at the end of year. 

The seller awarded us the exclusive right to sell the asset late in the third quarter of 2014 and mandated that it be under contract by year’s end.

The services

We moved quickly to carry out a creative marketing plan that included contacting the international investor community, providing tours and access to preliminary due diligence material, and designing a competitive process for calls for offer.

The results

Despite the fact that the property was a leasehold and subject to a ground lease with the Commonwealth of Massachusetts, we quickly closed the deal once a buyer was identified through skillful negotiation with the seller and involvement from potential lenders. The final purchase and sale agreement with modified ground and master lease was executed on New Year’s Eve.

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