A joint venture announced the recent sale of the massive State Street Financial Center in Boston, Mass., for a price of $889 million. American Financial Realty Trust, which owned 70 percent of the property, and IPC US Income REIT, which owned 30 percent, sold the 1 million-square-foot, 36-story office building to an affiliate of Fortis Property Group, a Northeast-based real estate investment firm. Net proceeds to American Financial Realty Trust from the sale -- after transaction-related expenses, debt repayment and loan defeasance costs -- are approximately $200 million, which will be used primarily to repay company debt. "The completion of the State Street sale is a cornerstone event in our repositioning plan," says Harold W. Pote, chief executive officer for American Financial Realt...
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