BOSTON—Senior Housing Property Trust of Newton, MA has closed on the $1.125-billion acquisition of the two-building Vertex Pharmaceuticals global headquarters property at Boston's Fan Pier.
The closing on the property at 50 Northern Ave. and 11 Fan Pier Blvd. was reported by HFF, which marketed the property on behalf of the seller, the Fallon Company, and an institutional investor advised by Cornerstone Real Estate Advisers LLC.
The complex, which was completed in December of last year, features two 16-story twin towers with office/research space, ground floor retail space and a 740-space garage. Vertex has leased the office/lab component of the property through 2029.
The HFF investment sales team representing the seller was led by executive managing director John Fowler, senior managing director Coleman Benedict and director Ben Sayles.
“It was a thrill to work on this seminal transaction,” Benedict says. “SNH purchased two world-class buildings in one of the hottest submarkets in the country. This transaction is a true validation to the exceptional impact that Fallon and Cornerstone have made on the city of Boston through the development of Fan Pier, which is one of the premier mixed-use developments in the country.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
