Munich-based fund management group GLL Real Estate Partners has acquired a 16-storey office tower in the financial district of Boston on behalf of European institutional investors for $167 mln (EUR 118 mln). The vendor of the property at 200 State Street was Broadway Partners, a private real estate investment and management firm based in New York.
Munich-based fund management group GLL Real Estate Partners has acquired a 16-storey office tower in the financial district of Boston on behalf of European institutional investors for $167 mln (EUR 118 mln). The vendor of the property at 200 State Street was Broadway Partners, a private real estate investment and management firm based in New York.
GLL was founded in 2000 by three senior executives of Germany's HypoVereinsbank in a joint venture with Lend Lease Corporation and Italian insurance giant Assicurazioni Generali. Lend Lease divested its interest in GLL in 2006 and the group is now majority owned by its management team. The balance remains with Generali.
GLL's fmanages more than EUR 3 bn with investments across Western Europe, Central Eastern Europe and the US. Investors with the group include pension funds, insurance companies and sovereign entities.
