Skanska sells office tower in Boston for $455m
Skanska has signed a contract to divest its 121 Seaport office tower development in Boston to SVF Acquisitions, a joint venture between American Realty Advisors and Norges Bank Real Estate Management.
The sales price was $455 million.
The transfer of ownership of the property to SVF Acquisitions is estimated to occur in the fourth quarter of 2018.
121 Seaport is a 17-story, 400,000-square-foot, LEED Platinum certified office tower with 275 below-grade parking spaces attached to a two-story, 50,000-square-foot retail condominium. The office tower is 100 percent leased to PTC and Alexion Pharmaceuticals and is renowned for its distinctive elliptical-shape and sustainable design.
Construction of 121 Seaport began in the third quarter of 2015 and was completed in the second quarter of 2018.
Fundamentals across the region are solid and demand shows no signs of abatement — particularly in the Seaport, East Cambridge and new construction across all submarkets, according to Cushman & Wakefield’s third quarter 2018 office report. Tight conditions in Cambridge are pushing growing life science tenants into the suburbs, while large tenants with deep pockets clamor for new construction downtown. With absorption across the region at historical highs, Cushman & Wakefield expects to end 2018 on solid ground.
