Investors Warranty of America, an affiliate of AEGON USA Realty Advisors, has sold Two Liberty Square in Boston for $17.56 million to Urdang, a real estate investment specialist for BNY Mellon Investment Management. A joint venture of AEW Capital Management and Neelon Properties paid $23 million for the property in July 2007 after obtaining a $15 million loan from Transamerica Financial Life Co., a subsidiary of Aegon. Aegon took the property back in December 2010, the site reports. Jones Lang LaSalle listed the property for sale in September on behalf of Aegon USA Realty Advisors and handled the sale, according to a Boston Business Journal article.
"As expected, Two Liberty Square attracted significant investor interest from local operators to pension fund advisors and a wide range of institutional capital," said Frank Petz, a managing director at Jones Lang LaSalle, in a statement. "Boston has become a favorite market for foreign investors looking to invest in well-located, quality real estate."
The 11-story, 64,357-square-foot jewel office building was originally built in 1913 and was substantially renovated in 1996 and 1997. The building was 81% leased at the time of sale to nine tenants. Two Liberty Square has signed 40,406 square feet of new leases in the past 16 months. Located off Post Office Square on the corner of Milk and Kilby St, Two Liberty Square is within a 5 minute walk to all major T stops.
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