Toronto-based investment giant Oxford Properties is making a new push into the U.S. office market, buying a big building in Boston that represents its first such deal in years.
:no_upscale():quality(75))
Oxford acquired the 18-story building at One Marina Park Drive in the Seaport for $435M, according to Aug. 18 deed records and a press release the company issued Wednesday.
The owner acquired the 497K SF office tower and its adjacent parking garage in separate deals.
The seller was Clarion Partners, which acquired the property in 2019 for $482M. The building was constructed in 2010 by The Fallon Cos. and Barings.
Clarion didn't respond to Bisnow's request for comment.
JLL's Coleman Benedict, Riaz Cassum, Scott Carpenter and Pat Shields brokered the deal, which Bisnow first reported was under contract last month.
The office tower is 99% leased to several tenants in the venture capital, legal and financial services sectors. In March, veterinary drug firm Dechra signed a 28K SF lease at the property.
The deal represents Oxford's first “core office asset” purchase in nearly a decade, and the company's release signaled it may have more coming.
“We continue to see compelling opportunities to invest in premier office assets in gateway cities that are well-located, well-amenitized, and positioned to benefit from the increasing focus on quality,” Oxford Properties Head of U.S. Investments Ankit Bhatt said in a statement. “One Marina Park Drive exemplifies that opportunity.”
The company owns roughly 3.2M SF of office space in Boston's Seaport, Back Bay and downtown neighborhoods.
Other notable office buildings in Oxford's portfolio include 125 Summer St. in the Financial District and 222 Berkeley St. and 500 Boylston St. in the Back Bay. The company is also working with Pappas Enterprises on a 1.5M SF redevelopment of the Reserved Channel in the Seaport.
Clarion Partners has sold off two other Boston office buildings since the pandemic.
The firm sold a 13-story, 157K SF office building at One Liberty Square in 2023 for $54.4M and another 21-story building at 101 Arch St. in 2024 for $78M, both to Synergy.
