The Rockefeller Group and Mitsubishi Estate New York Acquire 28 State Street Boston

Joint venture of Rockefeller Group U.S. Premier Office Fund LP and Mitsubishi Estate New York acquire Class-A Financial District tower from Blackstone

Boston, April 2, 2014 – The Rockefeller Group today announced that a joint venture of Rockefeller Group Investment Management Corp. and Mitsubishi Estate New York has closed on the acquisition of 28 State Street in Boston from Blackstone.

The downtown office property represents the fourth joint venture acquisition by Rockefeller Group Investment Management, the investment management subsidiary of The Rockefeller Group, on behalf of Rockefeller Group U.S. Premier Office Fund LP, the company’s core-plus office fund. Mitsubishi Estate New York has been the fund’s joint-venture partner on each acquisition.

Designed by Emery Roth & Sons and built in 1968, 28 State Street was completely renovated in the late 1990s. Significant enhancements were made to the building’s infrastructure and systems, lobby and outdoor spaces, among other improvements, leveraging the building’s design and location to position 28 State Street long-term as one of Boston’s premier buildings. Blackstone acquired the property in 2007.

“Boston has been a target market of ours since the launch of the Rockefeller Group U.S. Premier Office Fund and 28 State Street is a strong addition to our portfolio,” said Atsushi Nakajima, President and Chief Executive Officer of The Rockefeller Group.

“We’re very pleased to add an asset of 28 State Street’s quality and potential to the fund,” said Dennis Irvin, President and Chief Executive Officer of Rockefeller Group Investment Management. “This is a high quality, well located asset managed to the highest standards by Blackstone, and it’s an excellent fit for us as we continue to diversify our investments in core and core-plus properties in gateway markets.”

According to Tetsuya Masuda, Executive Vice President of Mitsubishi Estate New York, “We have been focused on expanding our investments in major U.S. markets and we are pleased with the opportunity to invest in Boston, a diversified market where we see strong long-term stability and potential for appreciation. Our co-investment strategy with RGIM continues to be very effective.”

With the acquisition of 28 State St., Rockefeller Group Investment Management and Mitsubishi Estate New York have acquired approximately 1.9 million square feet of premier U.S. office space. Between 2011 and 2013, the companies acquired 1100 First Street and 1101 K Street in Washington, D.C., and 50 Beale Street in San Francisco.

About The Rockefeller Group

The Rockefeller Group is a leading global real estate owner, developer and investment manager. For more than eight decades the company has engaged in some of America’s most significant and recognizable real estate endeavors, beginning with the development of one of the world’s finest urban mixed-use complexes, Rockefeller Center in Midtown Manhattan. Since inception, The Rockefeller Group has developed approximately 40 million square feet of commercial property, including more than 5 million square feet since 2008. Today, the company owns, manages and invests in a diversified portfolio of office and industrial assets in key U.S. urban and select suburban markets, as well as in Europe through the firm’s October 2010 strategic investment in the London-based real estate fund manager Europa Capital. The Rockefeller Group is wholly owned by Mitsubishi Estate Co., Ltd., a world leader in real estate development, ownership and investment management. More information is available at

About Mitsubishi Estate New York

Mitsubishi Estate New York (MENY) is the U.S. investment arm of Mitsubishi Estate Co. Ltd., a comprehensive global real estate developer and investor whose consolidated businesses include building leasing, residential development and sales, and architecture, as well as real estate brokerage and hotels. Since its establishment in 1972, MENY has invested in numerous real estate projects including the 777 Tower building in Los Angeles and the PacWest Center in Portland. In 2008, MENY purchased the premier office building One North Central in Phoenix.

[Editor’s note: this press release has been updated to include reference to co-investment equity for joint venture acquisitions.]


Media Inquiries:

Dwayne Doherty The Rockefeller Group

Tel: (212) 282-2130