Trans National Seeking Partner for New $900M Tower
The capital markets and the Boston office market are ready for a dramatic and tall addition to the skyline, a new $900M tower being proposed by Trans National Properties founder Steve Belkin, says HFF executive managing director John Fowler.
It will happen, says John, who’s seeking a development partner for the project planned as offices, a hotel, retail, and perhaps condos. In two weeks, John expects to “narrow” down partnership candidates and pick one. But will the project succeed? The devil’s in the details and the timing; whether Steve can expeditiously pull together all of the deal’s moving parts. The site (72k SF at ground level) on Federal Street in Winthrop Square has great transit access, is highly walkable to the rest of the city and sits in a secluded and charming nook of the Financial District.
Steve is also in active negotiations with prospective anchor tenants, John says. While Steve failed to launch this project pre-recession, factors are now more favorable. It will be helpful to have a partner, to do mixed-use (post-recession, Millennials have revived downtown’s cache). Rents are on the rise and there’s increasing demand for space from Cambridge-based tech firms. Permitting for the complex was designed by Renzo Piano and CBT is likely to require six to 12 months.