Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $63 million in financing for 320 and 333 Summer Street, two office properties totaling 217,000 square feet in Boston’s Seaport District.
Working on behalf of the borrower, ASB Real Estate Investments, HFF placed the 10-year, 3.65 percent, fixed-rate loan with The Hartford Financial Services Group, Inc. The buildings are owned by ASB’s Allegiance Fund, a $6.8 billion, open-end core investment vehicle, in joint venture with Lincoln Property Company.
320 and 330 Summer Street are positioned directly across from each other along Summer Street just across the Fort Point Channel from South Station and Boston’s Financial District. The properties feature loft-style office space that is 97 percent leased to LogMeln, a PC data systems management firm, which is merging into a subsidiary of Citrix.
The HFF debt placement team representing the borrower was led by senior managing director Frederic Wittmann and director Brett Paulsrud.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7 billion* in gross assets under management for over 360 domestic and international institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account. For more information about the company, visitwww.asbrealestate.com.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management, and leasing worldwide. Lincoln has offices in all major markets of the US and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Access www.lpc.com for more information.
About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.comor follow HFF on Twitter @HFF.
