HFF, a provider of commercial real estate and capital markets services, said Thursday it has finalized a long-term $59 million ground lease of 177 Huntington Ave. on the Christian Science Plaza in Boston.
In the transaction, HFF said it exclusively represented The First Church of Christ, Scientist, and the trustees of Church Realty Trust and procured the ground lessee, an affiliate of Beacon Capital Partners. Beacon Capital is a Boston-based real estate investment firm.
177 Huntington Ave. is a 26-story office tower with nearly 200,000 square feet of space. The building was completed in 1972 to house the church’s administration departments. The church occupied the building until 2008, when it moved its headquarters into the renovated Christian Science Publishing House Building, also on the plaza, HFF said.
The transaction is part of the church’s Plaza Revitalization Project. One goal of the project is to increase the church’s real estate revenues so that a greater portion of church resources can go toward its healing mission. As part of this goal, HFF said is also seeking developers for two sites on Belvidere and Dalton streets.