Boston— JLL Capital Markets announced that it has arranged a $650 million refinancing package for One Congress, Boston’s newest trophy office tower, on behalf of co-developers Carr Properties and National Real Estate Advisors.
The refinancing was secured as a single-asset, single-borrower (SASB) loan, led by Wells Fargo and Bank of America. The 43-story, 1,008,000-square-foot office tower, completed in 2023, stands as a landmark within the Bulfinch Crossing redevelopment and was fully pre-leased a full year before completion.
Designed by the acclaimed architecture firm Pelli Clarke & Partners, One Congress offers column-free floor plates, panoramic views of the Charles River, downtown Boston, and Boston Harbor, and a robust amenity suite that includes a rooftop terrace, full-floor amenity center, 7,000-square-foot fitness facility, and a dramatic triple-height lobby with a coffee bar.
“Securing SASB financing for assets, particularly office in the current environment, can be challenging,” said Riaz Cassum, Executive Managing Director at JLL. “SASB lenders typically look for top quality assets with reputable borrowers, both of which One Congress had. The Carr and National partnership delivered an office asset that has redefined the trophy office landscape in Boston. We are honored to have played a role in this significant financing and are excited to watch the continued evolution of Bulfinch Crossing.”
Located on the 4.8-acre site of the former Government Center Garage, Bulfinch Crossing links several key Boston neighborhoods including the Financial District, West End, North End, and Beacon Hill. One Congress offers direct access to MBTA Orange and Green lines, is within walking distance to both North and South Stations, and is easily accessible via I-93, the Mass Pike, and Logan International Airport.
The JLL Capital Markets Debt Advisory team leading the transaction included Executive Managing Directors Riaz Cassum and Coleman Benedict, Senior Managing Director Jim Meisel, Director Mike Shepard, CFA, and Associate Hugh Doherty.
