BOSTON-One Seaport Square, three acres of land in the Seaport District of Boston has been sold for $72 million to a new joint development venture led by Berkshire Group. The seller, MS Boston Seaport, is a joint venture between Morgan Stanley Real Estate Investing and Boston Global Investors.
Seaport Square is the largest master-planned project in Boston with approximately 6.3 million square feet of mixed-use projects planned on 23 acres of land in total. The development will serve as the gateway to what Mayor Menino has deemed the Innovation District, a stretch of the South Bostonwaterfront devoted to innovation, collaboration, and entrepreneurship.
One Seaport Square will encompass two 22-story towers, consisting of 832 luxury apartment homes, constructed above 260,000 square feet of retail space. The residential towers will enjoy Boston skyline and harbor views and are designed with extensive amenity spaces, including expansive roof decks and a resort style pool.
Late last week, the Boston Redevelopment Authority Board voted to give One Seaport Square final approval, culminating a year-long process of design review hearings. The project is slated to break ground in April 2014 and is scheduled to be completed in 2016.
Berkshire Group, headquartered in Boston, invests in and manages multifamily and property-related operating companies for institutional investors.
BGI is the master developer of the complex, but Berkshire will take the lead on the residential portion of the project. WS Development will develop, own and manage the retail component of One Seaport Square.
“The City of Boston and the Seaport District in particular are undergoing an exciting period of growth and we could not be happier to work with BGI and WS Development to bring this landmark residential, retail and entertainment project to Boston,” says Berkshire Group senior partner Steve Wood.
Adds BGI CEO and managing partner John Hynes, “One Seaport Square will be our largest project in Boston and it is the keystone project for the Innovation District. We are fortunate to have the opportunity to continue to invest in and work with Berkshire and WS and the assembled team of consultants to bring this project to fruition.”
WS Development partner Dick Marks notes, “With our plans for its 260,000 square feet of retail space, One Seaport Square promises to be one of the most vibrant destinations in the city.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
