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Article Excerpt
American Financial Realty Trust , a real estate investment trust focused on acquiring and leasing properties occupied by financial institutions, today completed the previously announced acquisition of State Street Financial Center, a newly developed, 1.05 million square foot premier office building in Boston, Massachusetts, which is 100% leased by State Street Corporation. The acquisition, at a purchase price of $705.4 million, was completed in just over two weeks after the Company signed a contract to acquire the property.
The Company also announced that, after extensive negotiations with State Street Corporation, the two companies have signed a broad lease amendment for the property and have agreed to terms for a new lease on the property's 900- space parking garage. The parties executed the lease amendment today and will execute the new parking garage lease upon completion of legal documentation in early March.
Pursuant to the amended office building lease, State Street will pay minimum annual rent of approximately $63.9 million, commencing immediately and continuing through the expiration of the lease in September 2023. Additionally, State Street will pay all operating expenses...
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