Crosspoint Associates/Anglo Irish Bank Joint Venture Acquires 10-Building Portfolio for $120.5 Million in Boston’s Seaport District

BOSTON--(BUSINESS WIRE)--Crosspoint Associates, Inc., in partnership with Anglo Irish Bank, today announced that it has purchased a 10-building portfolio in Boston’s Seaport District from international real estate company HDG Mansur for $120.5 million. Anglo Irish Bank provided $87,000,000 in acquisition financing to the joint venture between one of the Bank’s Irish-based private clients and Crosspoint. CB Richard Ellis’ Capital Markets Team represented the seller and procured the buyer in the transaction.

“Crosspoint is a longstanding client of the bank, and we have been their preferred lender on 11 other acquisitions over the past five years”

The Thomson portfolio is comprised of 10 brick and beam buildings: 11-15 Farnsworth Street, 12-14 Thomson Place, 22-24 Thomson Place, 26-28 Thomson Place, 19-33 Thomson Place, 30-34 Thomson Place, 35 Thomson Place, 36-40 Thomson Place, 42-56 Thomson Place and 49-51 Farnsworth Street. The 380,950-square-foot portfolio was originally constructed by the Boston Wharf Company in the early 1900s and was fully rehabilitated and renovated in the mid-1990s through 2000. Currently, the portfolio is entirely leased by Thomson Financial, Inc.

“We are excited to have acquired a first-class asset set amidst a flurry of development in Boston’s most dynamic and growing neighborhood,” said John W. Hueber, president of Crosspoint. “We have been fortunate to partner with Anglo Irish Bank and together look forward to being a part of this developing area well into the future.”

“Crosspoint is a longstanding client of the bank, and we have been their preferred lender on 11 other acquisitions over the past five years,” said Tony Campbell, president and CEO of Anglo Irish Bank Group – North America. “We are confident Crosspoint will be a strong local partner for this exciting transaction and believe this acquisition will be an excellent addition to our client's globally diverse real estate portfolio.”

“This was a highly competitive process,” notes Bill Moylan, executive vice president/partner and head of CB Richard Ellis’ Capital Markets Team. “It’s clear that investors are buying into the vision of what the Seaport will look like in terms of its present and future potential.”

The portfolio is situated on 2.5 acres of land and is just steps from the MBTA’s Silver Line. The property further enjoys exceptional on-site amenities, including a fitness center and full-service cafeteria. Additionally, nearby amenities include the Moakley Federal Courthouse, the World Trade Center, the Boston Convention and Exhibition Center, world-class hotels and restaurants.

About Anglo Irish Bank

Anglo Irish Bank is Ireland’s third largest bank and the fourth largest company listed on the Irish Stock Exchange. The Bank operates in three core areas - business lending, treasury and wealth management. The Bank’s long established reputation is built on successful long-term relationships, service quality and certainty of deal execution, a business model which has been the foundation for their sustained market leading performance.

In North America, the group has representative offices in Boston, New York and Chicago offering a variety of financing options in the acquisition, construction or refinancing of all types of commercial real estate.

For more information about Anglo Irish Bank, visit the company’s Web site at www.angloirishbank.com.

About Crosspoint Associates, Inc.

Established in 1984, Crosspoint Associates, Inc. specializes in the ownership, management and development of commercial and industrial properties. Since 1990, the company has focused on the development of supermarket-anchored retail properties, community shopping centers, mixed-use properties, office properties and industrial properties throughout New England. Crosspoint provides real estate investment opportunities and development and management services to various real estate ventures. Based in Natick, Massachusetts, Crosspoint has over 2,000,000 square feet of real estate currently under management.

Property photo available upon request.