News

Carr Properties Makes Towering Boston Debut At One Congress

The Washington, D.C.-based developer that just finished Fannie Mae’s headquarters is expanding north with a planned trophy office tower in Boston.

Carr Properties is partnering with National Real Estate Advisors in acquiring One Congress, the planned 1M SF, 43-story office tower at HYM Investment Group’s Bulfinch Crossing mixed-use development in downtown Boston. HYM will develop the tower, and the Carr-NREA JV will own it, the Washington Business Journal reports.

One Congress will be the only property in Carr’s portfolio outside Greater Washington. The company has developed millions of square feet of trophy office properties in recent years in D.C., Maryland and Virginia.

"[The Boston] market's on fire,” Carr Properties founder and CEO Oliver Carr III said at a Bisnow event in D.C. Wednesday. "We’re trying to go where our competition isn’t.”

The financial terms of the deal are unclear, as Carr is thought to have bought into the tower from NREA, which was already tied to One Congress, the Real Reporter reports. Details of Carr’s, NREA’s or HYM’s ownership stakes remain uncertain. HYM and NREA were already partners in developing the 2.9M SF Bulfinch Crossing, which is expected to include hotel, residential, retail and office components upon completion.

Construction at One Congress is expected to begin in summer 2019.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Boston Newsletters
Related Stories

Interest Rate Hike Douses Outlook For Atlanta Developers

Chicago Office Deals Feature More Scrutiny, Added Tenant Protections

Tishman Speyer Retakes Chrysler Building, Plans $235M Renovation

Activist Investor Buys Stake In Empire State Building Owner

San Francisco Office Market Climbs, Fueling Demand For Large Blocks, Luxury Space

How UK Investment Giant L&G Plans To Grow Its U.S. Multifamily Holdings

Cambridge Residential Tower Secures $522M Loan: The Boston Deal Sheet

Affinius Relinquishes Big Office Building Next To Capital One Arena

One Thomas Circle, The Elevated Workplace For The Way D.C. Works

Hedge Fund Breaks NYC Record With $375-Per-SF Office Lease

Renewals Dominate In Years-Low Office Leasing Quarter

Healey Nominates New Opportunity Zones, Targeting Sites Of Major Projects