Nan Fung Pays $210M For Two Financial Center In Boston
A Hong Kong-based lab developer is bolstering its Boston portfolio, paying $210M for a Chinatown office building.
Nan Fung Life Sciences Real Estate bought the 210K SF Two Financial Center at 60 South St. from Lincoln Property Co. and ASB Real Estate Investments last week, according to Suffolk County land records. The building is home to a 121K SF KPMG office; its landlord recently spent millions on an amenity upgrade including a 4K SF rooftop deck, according to architecture firm Arrowstreet.
The deal was first reported by BLDUP. Representatives for the firms in the transaction didn't respond to requests for comment Monday.
LPC and ASB built the $110M Two Financial Center in 2009, after a five-year drought of new office supply, and the property includes a 200-plus car garage. The office building sits across from the 46-story One Financial Center and South Station. The $210M price represents one of the year’s largest investment sales in Boston, although it was dwarfed by last week's record-setting $825M Cambridge office tower deal.
Hong Kong-firm Nan Fung last year purchased two Boston commercial properties after opening a local office in late 2019. The company bought the five-story, 111K SF One Winthrop Square in downtown Boston last March for $75M from MAPFRE Insurance. One month earlier, it purchased the 153K SF lab and office 51 Sleeper St. in the Seaport for $115M.
ASB, a Washington, D.C.-based private investor, has been cashing in on the region’s hot life sciences market. It sold an office and lab building at 91 Hartwell Avenue in Lexington, co-owned by LPC, for $38M in July to a joint venture of North River Co. and Leerink Development. The 121K SF asset includes entitlements for 100K SF of additional life sciences development.