Northeast office tower commands $514 million

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Tishman Speyer on Monday announced it has acquired One Federal Street, a 1.12 million-square-foot office building in downtown Boston. The property was acquired for $514 million from Jamestown, an Atlanta-based real estate investment company. Tishman Speyer will own and manage the 38-story tower, which was 97 percent leased at the time of purchase. Blue-chip tenants include Bank of America, State Street Corp., Credit Suisse First Boston, Bear Stearns and Fidelity Investments, to be joined by international law firm Bingham McCutchen LLP in 2008. The property also features garden roof terraces and ground-floor retail space. Tishman Speyer Properties is an owners, developer and operator of first-class real estate, recognized for such well-known icons as New York City's Chrysler Building and Rockefeller Center, London's Milbank Tower and Tower Place, Frankfurt's MesseTurm, Berlin's Sony Center and Sao Paulo's North Tower. ...