Japanese Developer Acquires Back Bay Property For $673M

Banker & Tradesman | By Steve Adams
January 5, 2016

The new owner of an 824,772-square-foot office complex in Boston’s Back Bay is a Japanese developer making its first overseas investment.

Mori Trust Co. is scheduled to close today on the acquisition of 10 St. James Ave. and 75 Arlington St. from Liberty Mutual, said Edward Maher, vice chairman at Newmark Grubb Knight Frank in Boston. The property includes the 10-story 75 Arlington St. and 20-story 10 St. James Ave. The price is $673 million, or $816 per square foot.

Liberty Mutual acquired the property for $481 million from Millennium Partners in January 2006. The overall occupancy rate is 93 percent.

The Boston-based insurer in August signed a lease renewal for 324,792 square feet, including the second through 10th floors at 10 St. James Ave., and the sixth floor at 75 Arlington St., according to Suffolk County Registry of Deeds filings.

Read More.