BOSTON - Cassidy Turley FHO today announced that UBS has selected the firm as its exclusive leasing agent for more than one million-square-feet of first-class office space at 53 State Street in the heart of Boston’s Financial District. An investor account advised by UBS Global Asset Management recently purchased the building from Brookfield Properties and is seeking to fill approximately 260,000 square-feet of available space.
“We look forward to partnering with the Cassidy Turley FHO team to implement an innovative marketing strategy and attract new tenants to 53 State Street,” said Jim Zilora of UBS. “We are very pleased with the purchase of the 53 State Street building, its prime location and outstanding roster of existing tenants.”
53 State Street is ideally located on the corner of State Street and Congress Street in Boston’s Financial District. The location provides easy access to the Fitzgerald Expressway, which leads to Logan Airport and a large network of regional highways, as well as MBTA subway lines.
The 40-story glass tower underwent renovation most recently in 1997. The building’s lobby features a seven-story glass enclosed atrium and includes shops, restaurants, and banking facilities. In addition, an underground parking garage provides 129 covered spaces for the property. In 2008, 2009 and 2010, the building was awarded an energy star label for operating efficiency and in 2010, it was awarded LEED certification at the gold level by the U.S. Green Building Council.
“We are excited to work with UBS,” said Glenn Verrette, Senior Managing Director, Principal at Cassidy Turley FHO. “53 State Street is a tremendous trophy tower in an ideal location featuring many first-class amenities. We believe that the tower will be a highly attractive location for tenants and we are confident the market will respond favorably to the property and new ownership team.”
The Cassidy Turley FHO team assigned to the 53 State Street project will be led by Verrette and John McHugh, Vice President.
With over 33 years of real estate investment advisory experience, the US real estate business of UBS Global Asset Management has approximately $17.1 billion under management on behalf of over 380 clients. A multi disciplined real estate organization with staff of approximately 168, it is headquartered in Hartford, Connecticut with regional offices in San Francisco and Dallas. In addition to its US real estate business, UBS Global Asset Management, Global Real Estate manages investments in Europe, Asia and Australia, totaling over $61 billion in real estate and real estate securities worldwide. In the US it operates through its legal entities, UBS Realty Investors LLC and UBS AgriVest LLC, registered investment advisors. www.ubs.com/realestate
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,400 professionals in more than 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $18 billion in 2010, manages 455 million square feet on behalf of private, institutional and corporate clients and supports more than 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.
Linda M. McDonough