Boston Seaport development site sells for $359m
WS Development has purchased 12.5 acres in the Boston Seaport area for approximately $359 million.
The sellers are Morgan Stanley and Boston Global Investors.
Seaport Square is the largest master-planned project in the City of Boston with approximately 6.3 million square feet of space across more than 10 blocks of mixed-use projects planned on 23 acres of land.
The 12.5-acre sale was for one of the remaining parcels.
The sellers, which paid $204 million in 2004 for all the land, have been selling pieces of the 23-acre project over the past decade. Earlier this year, Chinese investment firm Celona Capital purchased two blocks in a transaction that will be completed by the end of the year. Celona Capital intends to build approximately 850,000 square feet of residential space. As part of that project, WS Development will own approximately 150,000 square feet of retail space at the site.
Other investors include Sk