'Neoclassical' Building Sells in Boston

Commercial News » Done Deals | By WPC Deals Team | May 24, 2013 2:44 PM ET

Financial company TIAA-CERF has purchased an 11-story neoclassical office building in Boston's Financial District for $110 million from Transwestern Investment Co. of Chicago.

Transwestern purchased the 291,000-square-foot midrise building for $50 million in 2006, but made "significant interior upgrades," including raising the ceilings, updating the lighting, and doubling the size of the lobby, according to the Boston Globe.

The transaction was the latest example of a "surging" commercial property market, the Globe reports. Prices have "shot up," post-recession the paper reports.

A 12-story story on Beacon Street recently sold for $34.9 million, here years after it sold for $16 million. An 11-story building sold for $52 million, compared to $10 million two years ago.

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