BOSTON: The Changing Financial and Seaport Districts
One of the biggest game changers in Boston is the $630M Millennium Tower, the tallest residential high-rise building being built in the city. In September, we snapped Millennium Partners' Kathleen MacNeil directing construction of the project, which replaces the cavernous hole left in Downtown Crossing after Vornado and Gale International abandoned its project at the former Filene's site in '08. The hole had been a reminder of the tanked economy, but now the Financial District is experiencing a resurgence.
The Seaport District is attracting lots of capital, including TIAA-CREF's recent purchase of the 150k SF 51 Sleeper St for $60.2M—at $400/SF, it beats the previous high by 30%. The building is adjacent to the $3.5B, 6.3M SF Seaport Square being developed by Morgan Stanley and Boston Global Investors, while early-mover projects are being completed, including the $900M, 1.1M SF Vertex Pharmaceuticals HQ that'll bring nearly 2,000 new workers to the neighborhood.