BOSTON — HFF has arranged a $170 million construction loan for One Channel Center, a 500,000-square-foot office building in Boston's Seaport District.
The project, developed by a joint venture of AREA Property Partners and Commonwealth Ventures, will feature an 11-story office building and 10-level parking garage that can accommodate 950 vehicles. The project broke ground this past summer and is slated for delivery in early 2014.
One Channel Center is located in the neighborhood that Mayor Thomas Menino has rebranded as the “Innovation District.” The project is also situated within the larger Channel Center, a 2 million-square-foot mixed-use development area featuring office, residential and retail space.
When complete, the new building will be fully occupied by State Street Corp., a financial services company headquartered in Boston.
Anthony Cutone and Porter Terry led the HFF team that worked on behalf of AREA and Commonwealth to secure the construction loan.
“One Channel Center is an exciting and appropriate culmination of its investors' vision and dedication to establishing Channel Center as a vibrant commercial and residential neighborhood,” says Cutone.
“Combining top-notch sponsorship, a central urban location and premier tenancy, the project epitomizes successful urban development.”
— Liz Burlingame