TIAA-CREF has closed on the $225 million acquisition of six office buildings in Boston’s Fort Point neighborhood.

Clarion Partners acquired the parcels containing 407,458 square feet of office and retail space in 2012 for $129.3 million. They 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 in August. The portfolio also includes 263 Summer St., 34-38 Farnsworth St., 374 Congress St. and 332-336 Congress St.

HFF represented the seller. The sales price is $552 per square foot.

Institutional investors have won recent bidding wars for the increasingly valuable commercial real estate in Fort Point, where former warehouses have been converted into brick-and-beam offices in demand by tech companies and ground-floor storefronts have filled up with a popular restaurant scene.

Dallas-based Invesco paid $183.5 million last spring for a 10-building, 428,000-square-foot office portfolio including the Thomson Reuters offices on Thomson Place.

TIAA-CREF Adds To Boston Portfolio With $225M Acquisition

by Banker & Tradesman time to read: 1 min
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