The Exchange Place skyscraper in Boston has been sold for $845m (€743.5m) to Massachusetts Pension Reserves Investment Management Board (Mass PRIM) Allianz Real Estate, and Beacon Capital Partners.

In December 2011, UBS Realty Investors bought the 53 State Street office tower in Boston’s financial district from Brookfield Office Properties for $610m. Media reports this year indicated that UBS was planning to sell the 40-storey tower.

IPE Real Assets understands that the $71.7bn Mass PRIM pension fund will own a 49% in the 1.24m square-foot asset. The breakdown of Allianz and Beacon’s ownership stake is currenlty unknown.

The asset, which comprises an entire city block, is 93% leased. The building is home to firms like Hill Holliday, Nixon Peabody, Acquia, The Boston Globe, Morgan Stanley and more than 30 other tenants.

Deborah Goldberg, the chair of the PRIM board, said: “53 State Street is a high quality acquisition and another example of PRIM’s strategy of investing in excellent properties with potential for long-term gain.

“Our partnership with Beacon and Allianz continues our collaboration with exceptional partners and we are pleased to be working with them as we move forward.”

Michael G Trotsky, an executive director and CIO of Mass PRIM, said: “Our real estate portfolio includes some of the top office buildings in the US, and this investment is consistent with our overall strategy to generate strong returns from Class A properties.”

Christoph Donner, The CEO of Allianz Real Estate of America, said: “Allianz recognises this acquisition is a unique opportunity to expand into Boston and to continue to diversify our investors’ portfolio.

“This new joint venture enables us to deepen our relationship with Beacon, and to engage with our new partner, Mass PRIM.”

Fred Seigel, the president and COO of Beacon Capital Partners, said: “We are pleased to further our relationship with two great partners, Mass PRIM and Allianz, in connection with the ownership and management of such a prominent Boston office building.”

Jon Peterson contributed to this story.