Business

Tishman completes purchase of One Channel Center

BOSTON, MA - 6/10/2014: Opening of new State Street Channel Center Building in the innovation district 1 Iron Street. (David L Ryan/Globe Staff Photo) SECTION: BUSINESS TOPIC 11statestreet(1)

David L. Ryan/Globe Staff/File

State Street’s building at One Channel Center.

Tishman Speyer, a New York real estate firm, completed its purchase of One Channel Center and the adjacent parking garage for $316.5 million.

The 501,000-square-foot building, which is fully occupied by State Street Corp., was developed in 2012 by a partnership of CV Properties LLC and Ares Management LP, for $225 million. Tishman, which also is building two buildings on Pier 4, said it is continuing to look for new opportunities in Boston.

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“The Boston office market is currently very strong and we believe it will be strong over the long term,” said chief executive Rob Speyer. “This is a signature office building that is well-situated in what is a vibrant mixed-use neighborhood with a great future.”

An arm of Tishman paid $264.5 million for the building and $52 million for its 965-space garage, according to deeds filed in Suffolk County. Last month, city officials agreed to extend $9.7 million in tax breaks awarded to State Street when they moved into the building, consolidating several offices downtown.

Tim Logan can be reached at tim.logan@globe.com. Follow him on Twitter at @bytimlogan.
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