One Marina Park Drive is an 18-story office building totaling nearly 492,000 square feet.
BOSTON—New York City-based Clarion Partners has made a big splash in the Seaport District here with the $482-million purchase of the One Marina Park Drive office building here.
Clarion acquired the 18-story, 491,573-square-foot office tower from a joint venture of The Fallon Company and Barings, on behalf of an institutional investor. Commercial brokerage firm JLL represented the seller and also procured the buyer in the deal.
The property is 100% leased. Its tenant roster includes: Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures.
JLL's Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles. The property also features covered street-retail space.
JLL states that the purchase offers Clarion strong cash flow, near-term upside and long-term capital appreciation.
Completed in 2010, One Marina Park Drive is certified LEED® Gold that is positioned within Fan Pier—The Fallon Company's 3 million-square-foot mixed-use development in the heart of Boston's Seaport District.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
