WASHINGTON–Carr Properties announced that it has acquired a 75 percent ownership interest in One Congress, the one-million-square-foot trophy office project in downtown Boston, MA located at 1 Congress Street.
Carr Properties first invested in the project in a 50-50 joint venture with National Real Estate Advisors, LLC in May 2018 with the Boston-based The HYM Investment Group serving as the local developer for the project.
“We are very pleased to have increased our ownership in One Congress. We continue to believe that One Congress will be an exceptional addition to the fabric of downtown Boston, and we feel very fortunate to be in partnership with such high-quality firms as National Real Estate Advisors and The HYM Investment Group,” said Oliver Carr, Chief Executive Officer of Carr Properties.
“HYM is proud of our partnership with Carr Properties, and we are honored to be their local development team for this project,” said Thomas N. O’Brien, founding partner and managing director of The HYM Investment Group. “When completed, the One Congress office tower will be a transformative landmark on Boston’s skyline and offer a million square feet of office space for Boston companies with unparalleled amenities, views and location.”
One Congress is a 600-foot tall office tower designed by world-renowned architects Pelli Clarke Pelli. The Class-A office building will not only transform the Boston skyline, but will also offer customers world-class amenities including over 30,000 square feet of fitness, wellness, and upscale food and beverage offerings; bike facilities; a one-acre rooftop garden on the eleventh floor; and abundant parking. Amenities also include magnificent panoramic views of the city, the Boston Harbor, the Financial District, and the Charles River.
One Congress is a transit-oriented development featuring an impressive 99-point Walkability Score. It is located three blocks from North Station, with on-site access to the Haymarket MBTA Station, and is close to Logan Airport, I-93, and I-90. Its easy access to transportation, and its prime location close to the Rose Kennedy Greenway and other iconic Boston neighborhoods such as the North End, Beacon Hill, and West End, make it one of the most sought-after places to work in the city.
Construction on the office tower portion of the Bulfinch Crossing project is slated to be completed by the end of 2022. This will be Carr Properties second building in Boston after their recent acquisition of 200 State Street.
Carr Properties is a privately held real estate investment trust that owns, manages, acquires, and develops high-quality office properties in Washington, D.C. and Boston, MA. The company currently owns a portfolio of 15 commercial office properties totaling approximately 4.0 million square feet, as well as, a pipeline of five development projects that include: The Wilson and The Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, D.C.; and One Congress in Boston, MA. Upon completion, these projects will add 2.4 million SF of trophy-quality office space to the company’s portfolio. The company is continuing to expand its portfolio through strategic investments in the Washington, D.C. and Boston, MA areas.
National Real Estate Advisors is an investment manager specializing in build-to-core, developing and owning large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that can drive high tenant demand and create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis.
The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. HYM is currently leading the development of over nineteen (19) million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Bulfinch Crossing (including the one-million-square-foot office tower known as One Congress) and Suffolk Downs.
HYM is focused on creating significant value for investors by recognizing real estate investment opportunities where others may not. Each real estate asset is treated as a unique business opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part. For more than 35 years HYM’s principals have been working on real estate ventures in the Boston, New York and Washington, D.C., corridor.