Clarion Partners Acquires Seaport District Office Tower for $482M
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.
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.