Starwood Capital Group’s $614 Million Acquisition Of 60 State Street, Boston

Ropes & Gray advised Starwood Real Estate Income Trust, an affiliate of Starwood Capital Group, in the transaction.

Starwood executed the acquisition of 60 State Street, a Class A 38-story office/retail tower in downtown Boston from a joint venture of JP Morgan and Oxford Properties. The transaction was valued at approximately $614 million.

The 38-story tower, located in the heart of Downtown Boston, comprises 911,394 square feet of office and retail space and a 240-space parking garage.

As a result of the transaction, Starwood Capital acquired the existing ground tenant with a long-term leasehold interest in the property. Ropes & Gray also handled the property management agreement whereby Carr Properties agreed to manage the property.

Starwood Capital Group is a leading global private investment firm that invests in and manages diversified portfolios across real estate asset classes.

The Ropes & Gray team was led by real estate partner Walter McCabe (Picture), and included real estate associates Michael Allen, James Lobo, Katherine Hyland and Jordan Bryant, and corporate associates Caitlin O’Neill and Anne Loeb (all of Boston).

Involved fees earner: Michael Allen – Ropes & Gray; Jordan Bryant – Ropes & Gray; Katherine Hyland – Ropes & Gray; James Lobo – Ropes & Gray; Anne Loeb – Ropes & Gray; Walter McCabe – Ropes & Gray; Caitlin O’Neill – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Starwood Real Estate Income Trust;

Author: Ambrogio Visconti