The Fallon Co., Barings Sell Boston Seaport Office Tower for $482M
BOSTON — A joint venture between The Fallon Co. and Barings LLC has sold One Marina Park Drive, a 491,573-square-foot, multi-tenant office tower in the Boston Seaport district. An affiliate of Clarion Partners LLC acquired the property for $482 million.
The 18-story One Marina Park Drive is the tallest building situated within Fan Pier, Fallon’s 3 million-square-foot mixed-use development in the Seaport. Fan Pier comprises six buildings with 2.6 million square feet of commercial space and 229 residential units.
The ground floor of One Marina Park Drive features 19,000 square feet of retail and dining, including the Strega Waterfront Italian restaurant, the Empire Asian restaurant and the SailTime Boston sailing club. A host of other retail and entertainment attractions are located within walking distance, including the Fan Pier Park, Boston Children’s Museum, the Equinox Seaport fitness center and Trillium Brewing Co.
At the time of sale, One Marina Park Drive was fully leased to tenants including law firms Fish & Richardson and Gunderson Dettmer; energy tech companies Enel X and Battery Ventures; Intarcia Therapeutics; and healthcare and tech investment firm Polaris Ventures.
The Fallon Co. was the original developer of the One Marina Park Drive, which was designed by Elkus Manfredi and completed in spring 2010. The project is LEED Gold certified.
Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles of JLL represented The Fallon Co. and Barings in the transaction.
Boston’s Seaport is one of the most active development areas in the country, emerging from the Great Recession as a hotbed for new office buildings. Located just across Fort Point Channel from the city’s downtown area, with easy access to highways and public transportation, the neighborhood is also home to the Boston Convention and Exhibition Center.
— By Alex Patton