BOSTON-- On behalf of JAMESTOWN as advised by ING Clarion Partners, Cushman & Wakefield of Massachusetts, Inc. announced the $514 million sale OF ONE FEDERAL in Boston. 

Cushman & Wakefield’s Capital Markets Group of Robert E. Griffin, Jr., Edward C. Maher, Jr. and Marci Griffith Loeber exclusively represented the seller and procured the buyer -- Tishman Speyer -- in the transaction. 

Soaring 38 stories above historic Boston, ONE FEDERAL is a prominent Class A office tower situated squarely in the very heart of one of the world’s financial capitals and one of the United States’ true gateway cities. The landmark trophy-quality building was initially completed in 1976 as the headquarters for Shawmut Bank and thoroughly renovated and modernized in the mid-1990’s and upgraded further from 2004-2006. The property occupies an entire 1.3-acre city block bounded by Federal, Franklin, Devonshire and Milk Streets and -- at 1,120,577 square feet -- is one of the city’s largest buildings.

The tower, truly a centerpiece of the Boston skyline, enjoys an outstanding tenant roster dominated by several internationally recognized corporations. At present, ONE FEDERAL is 99% leased and boasts the strongest credit rent roll in the city, highlighted by six tenants -- Bank of America, State Street Corporation, Credit Suisse First Boston, Bear Stearns and Fidelity Investments (to be largely replaced in 2008 by the international law firm Bingham McCutchen LLP) -- which together represent more than 82% of the tower’s rentable area and form the nucleus of its financial stability. 

“ONE FEDERAL is a one-of-a-kind asset, and as a result, our investment in the property has paid off handsomely for our investors,” said Jeffrey Ackemann, a Managing Director at Jamestown.

“The hard fact is that assets of ONE FEDERAL’s trophy-quality rarely trade in Boston. In fact, in its 30-year existence, this is only the third time that ONE FEDERAL has changed hands,” said Ed Maher, Executive Director at Cushman & Wakefield.  “ONE FEDERAL’s defining characteristic is its proven resiliency.  In both strong market conditions and weak, the building has historically displayed an innate ability to maintain a market-leading occupancy level which has averaged 98% over the past ten years.”

Located in the absolute core of Boston’s most prestigious office submarket, the award-winning tower offers tenants first-class finishes, cutting-edge technological and building system infrastructure, a wide range of unique amenities -- from the vaunted Harvard Club on the building’s top floor and twin mid-rise garden roof terraces to a 240-space below-grade parking garage and a host of ground floor retail services -- and, of course, its spectacular views.

Jamestown is a real estate investment and management company that acquires, manages and sells real estate in the United States. Founded in 1983, Jamestown has headquarters in Atlanta and Cologne, Germany. Jamestown operates under the leadership of Christoph Kahl, principal and founder of Jamestown and its U.S. operations are headed by managing directors Jeff Ackemann, Matt Bronfman and Lee Wright.