Cornerstone Buys Boston Office Building

Commercial News » Done Deals | By WPC Deals Team | September 6, 2013 11:45 AM ET

Cornerstone Real Estate Advisers is buying a 20-story office building in Boston for $110.8 million from Normandy Real Estate Partners.  

The Hartford, CT-based firm, a subsidiary of MassMutual Financial Group, will acquire the building at 99 Summer Street with 272,614-square-feet of top-rated office space, which is 93 percent leased, the Boston Globe reports.  

Normandy acquired the property in 2006 and later renovated the lobby and other common areas. The building exterior features an original red pyramidal roof, flame-finish granite and stepped office design, the Globe reports.  

Cornerstone has offices in the U.S., U.K., Europe and Asia. As of last December, it had $38.9 billion worth of assets managed or serviced, according to the company website.

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