Deep-pocketed investors snapped up two buildings near future corporate headquarters, both in the red-hot Seaport District. Related Beal acquired the 286k SF 27 Drydock Ave for $146.5M, while LaSalle Investment Management acquired the 251k SF 10-20 Channel Center St for $118.6M.
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The R&D property 27 Drydock has the distinction of being next to the future HQ of Reebok International Ltd, while 10-20 Channel is less than a half mile from the future HQ of General Electric.
Related Beal financed its acquisition of 27 Drydock through Related Real Estate Fund II, a fund of Related Fund Management. As part of the deal, Related Beal is assuming a long-term ground lease from the City of Boston’s Economic Development and Industrial Corp, the Boston Business Journal reports.
Tenants at 27 Drydock include the Dana-Farber Cancer Institute, and the renovation by Jamestown creating more lab space in the building has attracted a number of bioscience startups: 908 Devices, Emulate Inc, Gingko Bioworks, Cambrian Innovation and ORIG3N.
Separately, Chicago-based LaSalle, an independent subsidiary of JLL, bought 10-20 Channel Center from Callahan Capital Properties, the private equity firm of Canadian pension fund Ivanhoé Cambridge. Callahan Capital acquired the property only 17 months ago for $100M, the Boston Business Journal reported.
"As one of the few fully renovated brick-and-beam Seaport properties, [10-20 Channel] is well-positioned to continue attracting strong demand from prospective tenants," said LaSalle Investment Management managing director of acquisitions David Schreiber, also noting that the building is "within the immediate path of continued densification."
