Rockpoint Group Buys Twin Office Towers for $327 Million

According to Suffolk County deeds, Rockpoint Group, a real estate private equity firm based out of Boston, has acquired the property at 79-101 Federal Street for $326.5 million. The two-building office complex at the Financial District site offers a combined total of 812,000 square feet of space. The building at 101 Federal Street stands 31 stories high while the building at 75 Federal Street stands 21 stories high.

Rockpoint Group purchased the property from an entity of Pearlmark Real Estate Partners, a Chicago-based firm that acquired it for $260 million back in 2007. According to property records, Rockpoint has assumed a mortgage totaling $210 million and has agreed to pay it. The buildings are currently 77-percent leased, and they are located on the same block as 160 Federal Way, which was acquired three months ago by Beacon Capital Partners for $125 million.

No plans have been officially released by Rockpoint Group just yet. You can count on Boston City Properties to keep you in the loop about new developments regarding this and other properties around the city. With more than three-quarters of the buildings leased at the moment, however, it is unlikely that the firm will make any drastic changes anytime soon.

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