A shiny office tower in Boston's Seaport appears on track to sell, marking another significant trade in the city for Clarion Partners.
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JLL listed the 495K SF office building at One Marina Park Drive for sale three months ago on behalf of owner Clarion Partners, and the brokerage's listing now says the property is under contract.
BXP CEO Owen Thomas discussed the deal on the REIT's second-quarter earnings call Wednesday morning. Although BXP wasn't involved in the deal, he mentioned several financial details while using it as an example of a comparable property sale in the market.
Thomas said the property is under agreement to sell for around $435M, equating to nearly $900 per SF and a capitalization rate in the low-7% range.
Clarion and JLL didn’t respond to Bisnow’s requests for comment on Thomas' remarks.
The property was constructed in 2010 by The Fallon Cos. and Barings, marking Fallon’s first office building in its 3.3M SF Fan Pier development.
The joint venture sold the property to Clarion in 2019 for $482M.
The property is 99% leased, according to JLL's listing. It has a diverse tenant mix that includes veterinary drug firm Dechra, which signed a 28K SF lease in March.
The property secured 11 leases in 2022, including Fish & Richardson, Akebia and Compass Group. Gunderson Deter also increased its space at the office building by 60% in 2022, expanding from 38K SF to 62K SF.
JLL’s investment sales team, including Executive Managing Directors Coleman Benedict and Riaz Cassum, is listed on the firm's marketing flyer.
Since the pandemic, Clarion Partners has offloaded two Boston office buildings.
In 2023, the firm sold a 13-story, 157K SF office building at One Liberty Square to Synergy for $54.4M. A year later, Clarion sold another 21-story building at 101 Arch St. to Synergy for $78M.
New York-based Clarion Partners has a 22-property real estate footprint in the Boston area representing roughly $4B in investment.
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