Tishman Deleverages Boston Tower

BOSTON-Tishman Speyer Properties said Monday that the 1.1-million-square-foot One Federal St. office property in downtown Boston, which it co-owns in a partnership, has been deleveraged, with a portion of its secondary debt being retired at a discount. A spokesman for Tishman Speyer tells GlobeSt.com the amount of debt and the discount were not disclosed.

Published reports earlier this year said that the debt was a $49-million senior mezzanine loan which was being sold by TIAA-CREF. The largest loan on the property is a $262-million interest-only balloon loan through LB-UBS Commercial Mortgage Trust, 2006-C4. Tishman Speyer and its partners, Lehman Brothers and Henley US Holdings One LLC, an affiliate of Abu Dhabi Investment Authority, had bought the 38-story property from German pension fund Jamestown for a reported $514 million in 2006.