AEW Picks Up One Exeter Plaza for $112M

AEW Capital Management announced another acquisition this week with the purchase of One Exeter Plaza in Boston's Back Bay on behalf of AEW Core Property Trust, an open-end real estate fund, for $112 million. AEW bought the 15-story office building from Ruben Companies; Cushman & Wakefield represented the seller and procured the buyer.

"One Exeter Plaza has been a jewel in our company's portfolio since we developed the building in 1984. We are pleased that the building will continue to be owned and managed by a premier owner such as AEW," said Richard Ruben, CEO of Ruben Companies.

According to a Boston Business Journal article, the 211,351-square-foot Class A office property on Boylston Street was developed by Ruben Companies in 1984 and features 192,201 square feet of first-class office space as well as 19,150 square feet of prime retail space along one of the city’s busiest shopping districts. The property was 85% leased at the time of purchase with major tenants including Cornerstone Research, Riverside Partners, International Data Group, Wells Fargo/Wachovia, Bank of America and Morton's Restaurant.

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