Financial District Office Building Sells For $23.7M: The Boston Deal Sheet
A joint venture that acquired a Downtown Crossing office building last year has picked up another in the Financial District.
Hudson Assembly, a joint venture between Evan Papanastasiou and Noam Ron, backed by capital partner Time Equities, acquired 230 Congress St. for $23.7M from Denver-based Northwood Investors, Banker & Tradesman first reported.
Northwood acquired the 151K SF office, retail and telecommunications building in 2015 for $77M. Eleven years later, it sold it for 69% less.
The Financial District building's tenants include Lunette Optic and Kwench Juice Cafe.
Hudson Assembly said it plans a "targeted leasing and capital improvement program" that will include renovations to the lobby and exterior.
"This building has been a quiet cornerstone of the Financial District for nearly a century, and we see a significant runway ahead for it," Ron said in a statement.
The 12-story art deco property was designed by architect Ralph T. Walker and was built in 1931. It is within walking distance of the Rose Kennedy Greenway and South Station.
In March 2025, Hudson Assembly acquired 401 Washington St. in Downtown Crossing for $13M and later secured Uniqlo as its ground-floor retail tenant.
SALES
North Colony Asset Management acquired a 100K SF Fort Point office building at 250 Summer St. for $37M from Morgan Stanley, according to public records. Morgan Stanley bought the property for $62M in 2017, representing an almost 50% discount. Tenants in the building include law firm Morrison Mahoney, Ci Design, CV Properties and biopharmaceutical company CureVac.
LEASES
Radiopharmaceutical company AdvanCell signed a long-term, 128K SF lease at IQHQ's 1 Corporate Drive in Andover. The lease takes up the full building on the campus, leaving 137K SF of availability at neighboring building 4 Corporate Drive. The Innovation Park advanced manufacturing and lab campus totals 340K SF.
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Sky Nutro, a Southbridge-based gummy and supplement manufacturer, plans to lease a 93K SF facility at 5-7 Industrial Road in Milford, maintaining 20 jobs and creating 120 new jobs. The manufacturer received $1.8M in state incentives to establish the new headquarters and keep it from moving to Connecticut. The company occupies a 22K SF facility in Southbridge.
CONSTRUCTION AND DEVELOPMENT
Mission Main Tenant Task Force and WinnDevelopment filed a letter of intent on June 17 to build a 103K SF, 110-unit "deeply affordable" senior housing development in Mission Hill. The project at 69 McGreevey Way would be called Ward Street Senior Housing. The project would be for seniors 62 and older, and rents wouldn’t exceed 30% of the area median income.
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The city of Lowell approved New North Canal LLC's $40M, 160-unit redevelopment at 281 and 463 Moody St. in downtown Lowell on June 12. The developer plans to tear down 14 buildings containing 116 units to build a two-building, 160-unit project and a parking garage.
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Callahan Construction Managers, SV+Partners and Tremont Asset Management celebrated the groundbreaking of 259 Lenox St. in Norwood. The five-story, 145-unit apartment community was permitted under the MBTA Communities Act.
The project received a $44.5M construction loan from Beacon Bank and is being built to Passive House standards. Amenities at the project include a great room, golf simulator, coworking spaces and a gaming area.
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Metal parts manufacturer VulcanForms has committed to building a $1.3B factory in Devens. The company already occupies two facilities in the state, including its 100K SF facility at 39 Jackson Road in Devens. The new plant is expected to create more than 1,000 jobs.
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Boston Dynamics announced plans to expand to a second property in Waltham and invest roughly $100M in the city. The robotics manufacturer plans to develop a 322K SF facility at 1601 Trapelo Road in Waltham. The company already has a facility at 200 Smith St. The state's economic development council approved a $25M tax credit to support the project.
