 |
| John Fowler |
BOSTON, MA - HFF announced it has closed the sale of the
Vertex Pharmaceuticals Incorporated global headquarters, a two-building,
state-of-the-art property on Boston’s Fan Pier.
HFF
marketed the asset exclusively on behalf of the seller, The Fallon Company and
an institutional investor advised by Cornerstone Real Estate Advisers LLC. Senior Housing Property Trust (“SNH”)
purchased the property for $1.125 billion.
Completed in December 2013, the Vertex Pharmaceuticals
headquarters consists of two 16-story towers with office/research space, ground
floor retail space and a 740-space garage.
Vertex has leased the office/lab component of the property
in its entirety through 2029. The
property is located at 50 Northern Avenue and 11 Fan Pier Boulevard directly on
the waterfront on Boston’s Fan Pier in the growing Seaport District of Boston.
 |
| Coleman Benedict |
The
HFF investment sales team representing the seller was led by executive managing
director John Fowler, senior managing director Coleman Benedict
and director Ben Sayles.
According to Benedict, “It was a thrill to work on this seminal
transaction. SNH purchased two
world-class buildings in one of the hottest submarkets in the country.
"This transaction is a true validation to the
exceptional impact that Fallon and Cornerstone have made on the city of Boston
through the development of Fan Pier, which is one of the premier mixed-use
developments in the country.”
The Fallon Company LLC (www.falloncompany.com)
is one of Boston’s premier real estate investment and development
companies.
Founded in 1993, The Fallon Company LLC has been involved in
a portfolio of notable projects that continue to define the Boston
Skyline.
In addition to Fan Pier, Fallon has been an owner and
developer of several other projects on the waterfront including The Westin
Boston Waterfront Hotel, Park Lane Seaport Apartments and the Renaissance
Boston Waterfront Hotel.
 |
| Ben Sayles |
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate
offices in the U.S., UK,
Europe, and Asia, is one of the largest global real estate
investment managers. It provides core
and value-added investment and advisory services, including a comprehensive
suite of private and public real estate debt, equity and securities expertise
and services, to institutional and other qualified investors around the globe.
Cornerstone is a member of the MassMutual Financial Group. For more information, please visit www.cornerstoneadvisers.com.
Senior Housing Properties Trust is a real estate investment
trust, or REIT, which owns independent and assisted living communities, medical
office buildings, nursing homes and wellness centers throughout the United
States. SNH is headquartered in Newton,
Massachusetts.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 |
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