Tishman buys Boston office for $316m

Tishman Speyer has bought 1 Channel Center in Boston for $316.5 million from Ares Management and CV Properties, which developed the asset.

The 11-story office totals 501,650 square feet. It is 100 percent leased to State Street Corp. and includes street retail and a 967-space garage.

The sales price is at leastone-third more than its developers spent to build the office, which invested $225 million.

Tishman has approximately 3.16 million feet of space in Massachusetts. The firm is currently developing a mixed-use property on Pier 4.

Recently, Metzler Real Estate and Union Investment Real Estate purchased 160 N. Washington St. for $150 million and the office building located nearby at 99 Summer St. was purchased by