DLA Piper represented Universal-Investment-Gesellschaft mbH, on behalf of the BVK-US-Value-Immobilienfonds, a Frankfurt, Germany-based investment fund, in the acquisition of Tower Point @ A Street, a 157,000-square foot office and retail property in the Upper Seaport District of Boston.
This was the first US investment for the BVK fund. The fund was advised by Northwood Investors.
Tower Point is nearly fully leased, with tenants including Rethink Robotics, NPR, Healthways, Zerto and Owner IQ. The property is near Innovation Point, General Electric's future headquarters.
The DLA Piper team that represented the purchaser included Thanos Matthai and Geoff Howell in Boston; John Cusack, Bob LeDuc and Rich Ashley in Chicago; and Fred Klein in Washington, DC.
DLA Piper's Real Estate group represents several prominent German investors who have been actively acquiring US real estate assets. The Real Estate team advises on US real estate and inbound tax law, and often works with its counterparts in Germany.