Credit Suisse Asset Management purchased the Independence Wharf building in the financial district of Boston from GE Capital Real Estate for $106.25 million according to a CoStar report. The 14-story, 330,000 square foot building on the waterfront drew 22 bids before selling to the investment bank, its second deal in less than a week after purchasing an 11-story DC building for $90.5 million. The building is currently 90% leased by several large firms, including the insurance firm William Gallagher Associates and Babson Capital Management, a subsidiary of MassMutual Financial Group.
GE Real Estate, a unit of General Electric Co., purchased the building for $82 million in 2002 according to the Wall Street Journal. The property was renovated in 2001 and 2004, creating 28,000-square-foot floor plates and 9-foot ceilings. The wharf outside the building is known as the site of the Boston Tea Party in 1773.
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