Fort Point Office Building Trades For $48M
A brick-and-beam office building in Boston's Fort Port neighborhood anchored by a major tech tenant has traded hands.
Cambridge-based North Colony Asset Management acquired a 115K SF office building at 343 Congress St. for roughly $48M, according to public records.
The five-story office building is anchored by e-commerce retailer Chewy as well as barbecue restaurant The Smoke Shop and pizzeria Pastoral.
North Colony acquired the asset from BGO, which had acquired the building for $40M a decade prior.
“North Colony has been patiently awaiting the right entry point to begin investing in top-notch downtown office assets,” North Colony Asset Management partner Brian Antonellis said in a statement.
The investment is the first for North Colony's Fund 9. The company raised the vehicle in 2024 to target high-quality opportunities in Greater Boston.
“Its institutional floor plates, central location in the heart of the Seaport’s Fort Point District and quality finishes—highlighted by Chewy’s tenancy—made it the perfect fit for our growing, vertically integrated platform,” Antonellis said of the building.
Chewy opened a 50K SF headquarters in the building in 2017, later expanding its lease to 75K SF to accommodate its 800 local employees. Other tenants include Silicon Labs, which signed a 26K SF lease at the building in 2014, taking up the entire fourth floor.
BGO acquired the property as part of a $205M portfolio acquisition from Berkeley Investments in 2015. Berkeley had acquired 343 Congress St. in 2003 and converted the garage on the property into Class-A office space.
North Colony owns 14 properties across Greater Boston, including apartment buildings, industrial assets, offices and a shopping plaza. The company also owns properties in Rhode Island, Vermont and New York.
Newmark's Robert Griffin Jr., Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, William Sleeper and Grady Zink represented the seller.
Pullen said in a statement that the building's brick-and-beam structure appeals to creative office users and helped the property draw “exceptional investor interest.”
