GE Capital Sells Boston's Independence Wharf for $106M

GE Capital Real Estate sold the Independence Wharf building in Boston’s financial district to Credit Suisse Asset Management last Friday for $106.25 million, or approximately $316 per square foot.

Built in 1927 and renovated in 2001, the 336,725-square-foot, 14-story office property is on 0.83 acres at 470 Atlantic Ave. in Suffolk County. The structure is about 92 percent leased with William Gallagher Associates Insurance Brokers Inc., Babson Capital Management LLC, Huron Consulting Group LLC and Duane Morris LLP leading the tenant roster. The average asking rent per year is close to $51 per square foot, according to CoStar Group information.

GE Capital, under the investment entity Independence Wharf LLC, acquired the building from Modern Continental Cos. in summer 2002 for $82.2 million, or about $244 per square foot.

Cushman & Wakefield of Massachusetts Inc. brokered the current deal for GE Capital. Benjamin and Debra Lacy of Lacy Ltd. advised Credit Suisse.

See CoStar COMPS #1786052 for more information.

This is Credit Suisse’s second deal in less than a week. The global investment manager purchased an 11-story office property in Washington, DC’s East End for $90.5 million. Read CoStar’s coverage of the acquisition here.