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1200 Crown Colony Drive Update 01/25/18

North Quincy office building fully leased by State Street acquired for $43 million


Bridge Commercial Real Estate has acquired 1200 Crown Colony Drive, a seven-story, 234,668-square-foot North Quincy office building fully leased by State Street Bank, for $43 million. The sale amounts to $183 per square foot. Seller Piedmont Office Realty Trust acquired the building in 2001 for $52 million, or $221.59 per square foot, at which time the company was known as Wells Real Estate Investment Trust. 1200 Crown Colony Drive is located just off of Interstate 93 and a short walk from the MBTA Red Line, featuring amenities including a helicopter pad and a fitness center. Heritage Point, another North Quincy office building which also includes State Street as a tenant, sold for $28.35 million, or $176 per square foot, in October 2017.

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