Boston Office Building Sold for $57M

Hines Global REIT agreed to purchase an office building in Canton, MA just outside of Boston for $57 million, or $308 per square foot, according to a CoStar report. Inland American Real Estate Trust sold the property at 250 Royall Street after it originally traded hands in 2009 when Inland Western sold it to Inland Communications Inc. for $62.63 million. Hines Global expects to fund the acquisition using proceeds from its current public offering.

250 Royall Street covers 185,171 square feet of rentable space that is currently 100% leased to Computershare Limited, a lease that expires in May 2019. Hines Global expects the closing of this acquisition to occur in the third quarter of 2011, subject to completing a number of closing conditions.

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