News: Front Section
Posted: September 23, 2016
New York Life Real Estate Investors completes acquisition of 133,353 s/f, 11-story One Bowdoin Sq.
Boston, MA New York Life Real Estate Investors completed the acquisition, on behalf of institutional investors, of One Bowdoin Sq., a 133,353 s/f, 11-story institutional quality office building. The property was 91% leased at the time of sale including 69% credit anchored by Massachusetts General Hospital and the General Services Administration (GSA) on behalf of the Social Security Administration. The property sits at the foot of Beacon Hill and benefits from close proximity to Boston City Hall, the Massachusetts State Courthouse, other state and city courthouses, federal buildings, Massachusetts General Hospital and North Station.
“One Bowdoin Square represents an excellent opportunity to invest in a quality asset in Boston’s Government Center and North Station neighborhoods,” said Steven Osborne, senior director at New York Life. “With significant capital budgeted to maintain and upgrade the property, One Bowdoin Square will be well positioned to take advantage of the increasing demand from companies seeking high quality office space in a transit oriented location within Boston.”
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $46.3 billion in assets under management as of June 30, 2016, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+). Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance.
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