Alony Hetz unit buys second Boston office building

Nathan Hetz, photo: Tamar Matsfafi

Carr, which Alony Hetz holds jointly with JP Morgan, is paying $222 million for the building in Boston's main business district.

Income-producing real estate company Alony Hetz Property and Investments Ltd. (TASE: ALHE), controlled by CEO Nathan Hetz and David Wertheim, is deepening its activity in Boston, Massachusetts. Alony Hetz reported this morning that its US unit Carr, which it holds jointly with US investment bank JP Morgan, had carried out its second major deal in the city within a month. Carr has bought an office building in Boston's main business district for $222 million.

The building, categorized as Class A, has 304,000 square feet of rented space, and is currently 96% occupied. Carr sees the building yielding NOI in the first five years after the deal closes of $12 million. Closing is expected at the end of this month, subject to certain conditions.

Three weeks ago, Carr, which up to now has operated in the Washington DC area, announced that it was entering a partnership in an office project in Boston at a total investment of $900-920 million. The project is for the construction of a 40-floor office tower, with rented space of 88,000 square meters, that will bear the name One Congress. Carr will lead the development, construction management and leasing of the tower, together with its partner, National Real Estate.

Nathan Hetz said today: "The building that Carr is buying on State Street is a high-quality building in a central position in Boston's main business district. This purchase represents the realization of part of Carr's strategic plan to penetrate and operate in the office market in Boston."

Published by Globes, Israel business news - en.globes.co.il - on October 18, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

5 Comments
View comments in rows
Update by email about comments talkback
POST
Comments
Nathan Hetz, photo: Tamar Matsfafi
Nathan Hetz, photo: Tamar Matsfafi
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018