BOSTON, MA – HFF announced it has arranged a $170 million
construction loan for One Channel Center
(top left photo), a 500,000-square-foot office building currently under
development by AREA Property Partners and Commonwealth Ventures in Boston’s
Seaport District.
The
HFF team led by managing director Anthony
Cutone (middle right photo) and director Porter Terry worked on behalf of AREA and
Commonwealth to secure the construction loan.
The property will feature an 11-story, Class A office
building leased in its entirety to State Street Corporation, and an adjacent
960-space parking garage.
The project broke ground this past summer and is slated for
delivery in early 2014. One Channel Center
is situated within the larger Channel Center project, a two million-square-foot
mixed-use development area featuring office, residential and retail uses.
“One Channel Center is an exciting and appropriate
culmination of its investors’ vision and dedication to establishing Channel
Center as a vibrant commercial and residential neighborhood,” said Cutone. “Combining top-notch sponsorship, a central
urban location and premier tenancy, the project epitomizes successful urban
development.”
Commonwealth Ventures, LLC
(www.commonwealthventures.com) is a premier real estate investment and
development company operating in Boston, Rhode Island and Connecticut.
Founded in 2003 by Richard
A. Galvin, Commonwealth Ventures acquired Channel Center in 2007 and has
guided the transformation of the property, overseeing the
development/re-development of nearly one million square feet since
acquisition.
Commonwealth
Ventures is also in the midst of the re-development of 50 Post Office Square in
Boston’s Financial District.
For a complete copy
of the company’s news release, please contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
.
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