Joint venture sells Boston office tower for $482m
A joint venture of The Fallon Company and Barings, on behalf of an institutional investor, has sold One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston.
An affiliate of Clarion Partners paid $482 million for the 18-story trophy asset.
It is located near Fan Pier — The Fallon Co.’s 3 million-square-foot mixed-use development in the heart of Boston’s Seaport. Completed in 2010, the building is a towering focal point of the Boston skyline.
Today the property is 100 percent leased to an all-star rent roll featuring prominent tenants such as 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.