BOSTON– JLL announced that it has arranged the $482 million sale of One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston.
JLL exclusively represented the seller, a joint venture of The Fallon Company and Barings, on behalf of an institutional investor. JLL also procured the buyer, an affiliate of Clarion Partners, LLC.
Designed by Elkus Manfredi, One Marina Park Drive is a stunning 18-story LEED® Gold trophy asset, perfectly positioned within Fan Pier — The Fallon Company’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% leased to an all-star rent roll featuring prominent tenants like 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.
JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.