Fortis Property Group is leading the “Northeast-based private real estate investment group” that has agreed to acquire the 1 million-square-foot State Street Financial Center at 1 Lincoln Street in Boston for more than $880 million, or $880 per square foot, according to sources familiar with the sale.

The Brooklyn, NY-based Fortis and a group of other New York investors are expected to close on the 36-story office tower from a joint venture led by American Financial Realty Trust (NYSE:AFR) and an affiliate of IPC US Income REIT by the end of this year or early 2007.

Fortis apparently set its sights on Boston following several high-profile Dallas deals where it agreed to pay about $280 million for the three-building, 1.4 million-square-foot office complex known as Galleria Office Towers in Dallas.

Earlier in the year, Fortis teamed with Trimarchi Management, also from New York, on the nearly $100 million acquisition of two other Dallas office properties, Harwood Center and Saint Paul Place. It also invested in the $282.5 million purchase of JPMorgan International Plaza in Dallas.

The addition of State Street Financial Center will build out Fortis’ portfolio considerably. The privately held firm headed by CEO Jonathan Landau is controlled by the Kestenbaum family. Joel Kestenbaum is the son of Louis Kestenbaum. Fortis manages some 3 million square feet in commercial properties and about 454 residential units.

The group of investors joining Fortis in the Boston deal could not be learned. American Financial announced the pending sale last week, but did not identify the buyer.

American Financial, a Jenkintown, PA, REIT decided to formally shop the 36-story tower in the last couple of months. The company is pruning its portfolio and repositioning itself. The REIT paid $705.4 million or $688.84 per square foot in February 2004 to acquire the property. Later that year, it sold a 30% stake to an affiliate of Canadian REIT IPC US Real Estate Investment Trust, for $60.3 million.

The building is fully leased with triple A credit tenant State Street Corp. occupying most of the building under a lease that runs until 2023. State Street also leases the property’s 900-space garage on a 20-year triple-net lease.

I am Kay from moneytalk.sg
Will it be alright if we can do a link exchange ? Thanks :)

Regards,
Kay

I’m emailing you in regards to an email I sent to you last month about a partnership, have you had a chance to think about it?

If you have any questions or would more information, please advise me and we can go from there.

Kind Regards,
Andrew Knight

If you want to publish some articles about economy on my blog, send them to me and i will publish them. You can add link to your blog under the article and i will publish it.

Well let me know on info@sayeconomy.com . I would really like a link exchange.
Thank you in advance for your reply.

Cheers
Matt