Clarion Partners has agreed to sell its six-building, 407,458-square-foot office portfolio in Boston’s Fort Point to TIAA-CREF for $225 million, less than four years after acquiring the brick-and-beam portfolio for $129.3 million.

The properties include the 94,314-square-foot 33-41 Farnsworth St., where General Electric has leased four floors for a temporary headquarters beginning in June as it relocates its headquarters from Fairfield, Connecticut. The portfolio also includes include the 24,378-square-foot 34 Farnsworth St., the 93,824-square-foot 44 Farnsworth St., the 34,412-square-foot 332 Congress St., the 96,236-square-foot 374 Congress St. and the 64,204-square-foot 263 Summer St.

The deal is expected to close in April, according to a source familiar with the transaction. The acquisition was first reported by Commercial Real Estate Direct. The sales price works out to $552 per square foot.

The property was already 96 percent leased at the time of Clarion’s acquisition. The big windfall reflects spiking rents for the 4.4 million square-foot class B office market in the Seaport, which averaged below $30 per square foot as recently as 2013. By the end of 2015, rents were approaching $44 per foot, according to Cushman & Wakefield market research.

TIAA-CREF has been active in acquisitions in downtown Boston and Fort Point, buying the 150,363-square-foot 51 Sleeper St. for $60.2 million, or $400 per foot, in late 2013 in what was then a record-setting price for the emerging neighborhood. It made its first acquisition in pricey Cambridge last summer, buying a 70 percent stake in Alexandria Real Estate Equities’ 225 Binney St. for $190.1 million.

General Electric leased 60,430 square feet for a temporary headquarters at 33-41 Farnsworth St. beginning in June as it relocates from Fairfield, Connecticut. Venture-backed hiring software startup Workable recently leased 10,130 square feet in the same building as it expands out of the WeWork co-working space at 51 Melcher St.

Fort Point Office Portfolio Under Agreement For $225M

by Steve Adams time to read: 1 min
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