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Oxford Properties and JP Morgan complete purchase of local office buildings

Oxford Properties and JP Morgan Chase & Co. said Friday that they have completed the acquisition of two office buildings in Boston and a third in Cambridge.

The Boston buildings are 225 Franklin St., a 33-story building that currently has an occupancy rate of 96 percent, and 60 State St., a 38-story building that is 82 percent leased. The Cambridge building is the 17-story One Memorial Drive.

On its own, Toronto-based Oxford said it purchased the 22-story office building at Boston’s 125 Summer St.

Oxford’s press release did not include financial details of the transaction. But a Globe story in May valued the sales agreement at $2.1 billion and identified the seller as Blackstone Group of New York.


In a statement, Oxford Properties senior vice president Andrew Trickett said: “Opportunities to acquire such a high-quality office portfolio in downtown Boston and Cambridge are extremely rare. We believe Boston has significant potential for rental growth and that the office market enjoys favorable supply/demand dynamics. By leveraging our scale and experience, Oxford was able to secure this transaction and quickly establish a substantial presence in a key US market which allows us to deliver on our strategic US regional initiative to acquire and develop significant holdings in New York, Washington D.C., and Boston.”

Chris Reidy can be reached at reidy@globe.com.