German fund manager makes move in US

GLL Real Estate Partners, the Munich-based real estate fund manager, is close to acquiring an office building in Boston’s financial district from Broadway Partners. Broadway bought the property last year.

GLL Real Estate Partners is close to acquiring the 200 State Street office building located in Boston’s financial district. The 302,771-square-foot building is being sold by New York-based Broadway Partners, according to media reports. GLL declined to comment on the deal. Broadway Partners was unavailable for comment.

The 16-story 200 State Street property was acquired by real estate investment firm Broadway Partners last year. The building’s major tenants include Wellington Capital Management, Parthenon Group and Eaton Vance.

Munich-based GLL Real Estate Partners was formed in 2000 by three senior executives of German real estate bank HypoVereinsbank in a joint venture with Lend Lease Corporation and Italian insurance company Assicurazioni Generali. Lend Lease sold its stake in the firm in 2006 and the group is now majority owned by its management team, with the balance remaining with Generali.

GLL currently has more than €3 billion ($4.6 billion) in funds under management with investments across Western Europe, Central Eastern Europe and the US.