10 St. James Avenue & 75 Arlington Street Update 01/05/17
Japanese investor acquires 825,000 square foot Back Bay office property for $673 million
Tokyo, Japan-based real estate developer and investor Mori Trust has closed on the acquisition of the 825,000 square foot Back Bay office property at 10 St. James Avenue & 75 Arlington Street for $673 million, or approximately $816 per square foot, as recorded in the Suffolk County Registry of Deeds. Seller Liberty Mutual Insurance acquired the property 11 years ago in January 2006 for $481.5 million, or approximately $584 per square foot. 10 St. James Avenue & 75 Arlington Street is Mori’s first United States acquisition. Mori is reportedly looking to expand its’ East Coast portfolio, also eyeing major cities such as New York and Washington, D.C., and has devoted a budget of $100 to $200 billion yen (about $863 million to $1.731 billion) to the effort.