One Marina Park Drive, a 494,938-square-foot Class A office tower in Boston’s Seaport District, has been sold for $435 million.
The 18-story building was constructed in 2010 as the anchor commercial asset of The Fallon Company’s $4 billion Fan Pier development and carries LEED Gold and WiredScore Platinum certifications. It is 99% leased with tenants that include MassMutual, Polaris Ventures, Barnes & Thornburg, and LG Corporation.
JLL (NYSE: JLL) represented the seller, Clarion Partners, in the sale of the asset to Oxford Properties. The transaction is the largest pure-play office sale in Boston in the last five years.
“We continue to see compelling opportunities to invest in premier office assets in gateway cities that are well-located, well-amenitized, and positioned to benefit from the increasing focus on quality,” said Ankit Bhatt, head of US Investments at Oxford Properties. “One Marina Park Drive exemplifies that opportunity. It combines a premier waterfront location, a diverse occupier ecosystem, and exceptional connectivity within one of Boston’s most desirable office districts. From a return perspective, its strong income profile and high-quality tenancy provide a solid foundation for long-term performance and support the attractive risk-adjusted returns we continually seek on behalf of our stakeholders.”
Photo courtesy Oxford Properties
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