New York Life-TIAA-CREF Group Finances Back Bay Office Sales
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500 Boylston St., Boston
BOSTON—The nearly $1.3-billion sale of two major towers—500 Boylston and 222 Berkeley streets in the Back Bay here— has closed.
The deal, first reported in August, involved the sale of the two properties totaling 1.3 million square feet of space, by the Blackstone Group LP to a joint venture of Oxford Properties Group, a wholly owned subsidiary of theOntario Municipal Employees Retirement System, and institutional investors advised by J.P. Morgan Asset Management.
The 500 Boylston St. building consists of a six-story base of retail and office space positioned below a 19-story office tower. It has approximately 715,000 square feet of rentable space. The 222 Berkeley St. building was built as the second phase of the 500 Boylston St. project. The 22-story building totals 553,321 square feet. The 500 Boylston St. traded for $755.3 million and 222 Berkeley St. for $534.5 million, according to the Boston Business Journal, which cited recent deed filings. The sale is believed to be the largest in Boston this year and among the more expensive in city history…
New York Life-TIAA-CREF Group Finances Back Bay Office Sales
