Shorenstein Acquires Boston’s Center Plaza

Boston, MA – January 9, 2013 – Shorenstein Properties LLC has acquired Center Plaza, a transit-oriented mixed-use property totaling 717,128 square feet in the heart of Boston. Terms of the transaction were not disclosed.

Developed by Beacon Capital in phases in the late 1960s and early 1970s, the property consists of three nine-story buildings consisting of 620,000 s.f. of office, 77,000 s.f. of retail, 19,000 s.f. of storage space, and a 575-car garage.

“This is an excellent property to own in a market with strong appeal to a wide range of tenants, including those looking for creative, open floor environments in urban settings close to transit and amenities. We believe this property is well positioned to benefit from our ability to add value over time through hands-on management and leasing expertise,” said Douglas Shorenstein, Chairman and CEO, Shorenstein Properties LLC.

Center Plaza sits at the entrance to the city’s affluent Beacon Hill neighborhood and across Cambridge Street from Boston’s City Hall. The buildings are adjacent to the MBTA’s Government Center station, which serves as a connection point for the rapid transit system’s Red and Green lines. Proximity to this station puts tenants of Center Plaza within a 10-minute commute of the Back Bay, Cambridge and the Seaport District and 15 minutes from Logan International Airport.

Shorenstein completed the acquisition of Center Plaza on behalf of its tenth fund, Shorenstein Realty Investors Ten, L.P., which it formed in 2010 with $1.233 billion of committed capital. This is Shorenstein’s fourth acquisition in the Boston market since embarking on its fund format in the early 1990s and its second area acquisition for Fund Ten.

About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a private real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored ten closed-end investment funds with total equity commitments of $6.7 billion, of which Shorenstein committed $573.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 53.5 million square feet in transactions with a gross investment value in excess of $12.1 billion.

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