Seaport Office Building, Once Sold For Nearly $119M, Trades For Just $52M: The Boston Deal Sheet
A large brick-and-beam office building in the Seaport has sold for less than half of its prior sales price.
An entity linked to North Colony Asset Management acquired a 251K SF office building at 10-20 Channel Center St. for $52M, according to land records. The sale is less than half its 2016 price of nearly $119M.
North Colony Asset Management acquired the property from LaSalle Investment Management.
LaSalle acquired the building in 2016 from Callahan Capital Properties. At the time, the property was well located near General Electric's proposed $200M headquarters on Necco Street. GE later canceled plans for the project and vacated the space in 2022.
It is unclear how much of the property is leased, but tenants include The Bernett Group, Medtronic and Gilbane Building Co.
North Colony Asset Management also acquired another 115K SF office building at 343 Congress St. in the Seaport. The building is home to pet company Chewy, barbecue restaurant The Smoke Shop and pizzeria Pastoral Fort Point.
SALES
Quincy-based Giri Hospitality acquired the Found Hotel Boston Common from Hawkins Way Capital for $24M, according to land records. Hawkins acquired the property in 2016 for $17.9M.
Giri owns more than 50 hotels across the Northeast.
LEASES
Camp4 Therapeutics Corp. signed a 44K SF lease at Alexandria Real Estate Equities' 100 Talcott Ave. in Watertown, according to an SEC filing. The biotech company terminated its 31K SF lease at ARE's One Kendall Square in Cambridge.
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Agape Mental Health signed a 10K SF lease at Legacy Real Estate Ventures' 600 Clark Road in Tewksbury. The Newton-based landlord owns 20 office, medical and flex properties in Massachusetts, Rhode Island and Pennsylvania. The Tewksbury property is managed by Eastport Real Estate.
R.W. Holmes' David Gilkie and Mike Ogaspian brokered the deal.
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Organogenesis Inc. extended its 160K SF headquarters lease at Draxxhall Management Corp.'s 65 and 150 Dan Road in Canton on Dec. 22, according to a Securities and Exchange Commission filing. The renewal provides a two-year renewal option for the company, which also has a 122K SF biomanufacturing facility in Smithfield, Rhode Island.
FINANCING
Walker & Dunlop arranged financing for 929 Mass, a 127-unit, two-building multifamily development in Cambridge. John M. Corcoran & Co. and partner Stars REI acquired the property for $53.6M and acquired a $37.1M fixed-rate, interest-only Fannie Mae loan.
Equity Residential was the seller. W&D's Travis D’Amato, Michael Coyne, Brendan Shields, Kevin Gleason, Maggie McFarland, Andrew Gnazzo and Mike Darling worked on the deal.
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Mill Creek Development secured $95M in financing for its $145M, 240-unit Allston apartment development at 250 Everett St., Banker & Tradesman reported. Santander Bank provided the construction loan. The project was approved by the Boston Planning & Development Agency in January 2025.
CONSTRUCTION AND DEVELOPMENT
MassDevelopment issued a request for proposals seeking development of 69.3 acres in Devens. The two sites are a 6.6-acre site at Adams Circle and a 62.7-acre site at Grant Road.
The state's financing agency is encouraging proposals that have a variety of housing, including single-family homes, townhomes, duplexes and multifamily buildings.
