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The Massachusetts Port Authority remains bullish on the Seaport real estate market.
The agency began marketing a 1.1-acre property, dubbed Parcel H, Friday to Boston’s commercial real estate community. Parcel H is currently used for parking and is on Congress Street behind John Hancock’s former headquarters.
Like other Massport Seaport real estate, the agency is offering a long-term ground lease for the property rather than an outright sale, the Boston Globe reports.
The winning bidder will be able to develop up to 400K SF on the property, or 600K SF if it pursues an air rights development over the Silver Line path. While it is still early in the bidding process, the agency has begun to emphasize diversity and public realm improvements when it has marketed properties it owns in the neighborhood.
Boston Global Investors is part of a development team that won a bidding process for a nearby, half-acre property on Congress Street by the World Trade Center Silver Line station. BGI paid Massport $120M for a 99-year ground lease and promises a grand hall for eateries and nonprofits as well as civic spaces in the 600K SF office building.
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