Tishman completes purchase of 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.
"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.