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$194M Acquires Park Lane Seaport

BOSTON-JP Morgan purchased the 465-unit apartment property from a joint venture of Fallon Co. and Cornerstone Real Estate Advisors.

By Ryan Clark | Updated on December 10, 2010

BOSTON-The 465-unit Park Lane Seaport is being sold by the joint venture of owners Fallon Co. and Cornerstone Real Estate Advisers, LLC to JP Morgan Asset Management. The institutional investors are procuring the apartment property for $193.8 million. Simon Butler of Cushman & Wakefield, who represented the seller, tells GlobeSt.com that there was “very aggressive bidding” for the property. A source unaffiliated with the deal says the property traded at a 4.9 cap.

One Park Ln. sits on a little over 1.81 acres near the city’s waterfront close to Fan Pier, which is owned by the seller Fallon Co. Fallon developed the L-shaped property in 2006, which alternately tops out at 21-stories and 13-stories. There is an additional 18,000 square feet of retail/restaurant space, which includes Legal Test Kitchen, Salvatore’s and J.Pace & Sons, among others in the 100%-leased space.

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