Credit: Boston Globe
Office buildings are trading at records levels and the influx of capital into Boston shows no sign of letting up. 1 Lincoln Street which is home to State Street is offering a new twist, you can own a piece.
From the Boston Globe:
[The] venture led by Fortis Property Group of New York, which bought the 1.1-million-square-foot tower for just under $900 million in 2006, would sell a 48.88 percent interest in the building through a real estate investment trust called ETRE REIT, according to documents that were filed with the Securities and Exchange Commission.
In the documents, ETRE said the State Street tower, built in 2003 and fully occupied by State Street Corp., is currently valued at $1.1 billion.
The move to hold a public stock offering for the building is the idea of ETRE Financial LLC, founded three years ago with the purpose of “facilitating the public listing of individual real estate assets to improve access, liquidity, and transparency in commercial real estate,” according to its website.