The property, located in Quincy is currently leased to Arbella with a remaining term of 14 years. The purchase price was about $26 million, W.P. Carey said in a press release.
The 132,000-square-foot facility has served as Arbella’s corporate headquarters since 1996 and is located on a 5.8 acre site in an office park whose other tenants include the Boston Marriott Quincy hotel, a medical office building, and a daycare center.
In a statement, W.P. Carey managing director and co-head of global investments Jason Fox said: ‘‘This acquisition represented the opportunity to invest in an attractive real estate asset leased to a credit rated tenant on a long term basis. With an A- rating from A. M. Best and a BBBpi credit rating from Standard & Poor’s, Arbella has a solid financial profile. Combined with the building’s convenient location, easy accessibility, and upscale amenities, the investment is consistent with our strategy of generating stable cash flow and long term value for our stockholders.’’
Established in 1988, Arbella is a regional property and casualty insurance company that reports more than $600 million in revenue.