WASHINGTON--(BUSINESS WIRE)--Today, Carr Properties announced the acquisition of 200 State Street, a 304,000 square foot Class A office building located in the heart of downtown Boston. This is Carr Properties’ second investment in Boston and follows its recent announcement of joining together with National Real Estate Advisors and HYM Investment Group to own and develop One Congress, a one million square foot trophy office tower located in downtown Boston. Carr Properties’ expansion into the Boston market is a purposeful move to grow its foothold in the dynamic, innovation-based Boston economy.
200 State Street is a 16-story, LEED Gold office building located on the Greenway adjacent to Faneuil Hall Marketplace. Constructed in 1985, the structure is well-suited for a variety of tenant layouts with structural columns concentrated at its perimeter allowing for column-free interior; 9-foot finished ceiling heights and flexible floorplates averaging 20,000 square feet. The building offers unobstructed views of Boston harbor and has tremendous access to public transit. Carr Properties’ plans to renovate the building to deliver the hospitality experience consistent with the Carr Properties’ brand.
Commenting on the acquisition, Carr Properties’ CEO, Oliver Carr stated, “We are very excited to have closed on the acquisition of 200 State Street and look forward to continuing to grow our portfolio in Boston as a long-term oriented owner. The building’s quality and exceptional views are entirely consistent with the balance of our portfolio.”
About Carr Properties
Carr Properties is a privately held real estate investment trust that owns, manages, acquires and develops high-quality office properties in Washington, D.C. and Boston, Massachusetts. The company currently owns a portfolio of 18 commercial office properties totaling approximately 4.8 million square feet, as well as, a pipeline of five development projects that include: The Wilson and The Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, DC; and One Congress in Boston, MA. Upon completion, these projects will add 2.4 million SF of trophy-quality office space to the company’s portfolio. The company is continuing to expand its portfolio through strategic investments in the Washington, D.C., and Boston, Massachusetts areas.
