Boston, MA JLL has arranged the $482 million sale of One Marina Park Dr., a 491,573 s/f multi-tenant office tower with street-level retail space.
JLL exclusively represented the seller, a joint venture of The Fallon Company and Barings, on behalf of an institutional investor. JLL also procured the buyer, an affiliate of Clarion Partners, LLC.
Designed by Elkus Manfredi, One Marina Park Dr. is an18-story LEED Gold asset, located within Fan Pier – The Fallon Company’s 3 million s/f mixed-use development in the Seaport. Completed in 2010, the building is a focal point of the city’s skyline.
Today the property is 100% leased to tenants including Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures. As such, this investment offers the unique combination of strong cash flow, near-term upside and long-term capital appreciation.
JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles.