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| 121 Seaport Office Tower, Boston, MA |
Boston, MA – American Realty Advisors (“ARA”), an institutional
fund manager with more than $9.3 billion in assets under management, has
entered into a joint-venture partnership with an affiliate of Norges Bank Real
Estate Management (“Norges Bank”) to acquire 121 Seaport, a Class A office
property located in the highly desirable Seaport submarket of Boston, MA.
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| Robert Griffin |
“Partnering
with Norges Bank to acquire an asset of this caliber in a key urban market will
allow us to drive increased cash-flow and returns for both Norges Bank
stakeholders and ARA investors,” says Austin Maddux, Executive Vice
President, Deputy Portfolio Manager at American Realty Advisors.
“121 Seaport is a
top-tier office asset with long-term leases in an irreplaceable location, which
we view as a generational investment and the foundation for our new
relationship and future joint efforts with Norges Bank.”
The newly-constructed 17-story tower features 400,342 SF of
rentable space, one-of-a-kind elliptical architecture with a distinctive angled
glass façade, a three-story lobby with floor-to-ceiling windows, and abundant
building amenities.
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| Edward Maher |
“This
investment is well-aligned with our core strategy to target modern, sustainable
office properties that are highly sought after by tenants and positioned to
perform over time," explains David Willett, Senior Director,
Investment Group at ARA.
"Its flexible
layout with a column-free design and highly sustainable attributes contribute
to an 85% efficiency factor that enables companies to maximize their workspace
and expand their employee base.”
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| Austin Maddux |
Strategically positioned along Harbor Way within Seaport Square, 121 Seaport is surrounded by 7.6 million square feet and 23 acres of mixed-use development, including Amazon’s brand-new flagship office, which is set to be completed in 2021, and will accommodate over 2,000 employees.
One block from 121 Seaport is the $650 million One Seaport
Square complex featuring over 800 apartment units with ample shopping, dining,
and entertainment options.
The Seaport Common is also a unique component to the
property. Located directly between 121 Seaport and the Boston Harbor
waterfront, Seaport Common is an urban green space and community gathering
place, which regularly hosts farmer’s markets, fitness classes, and local art
and entertainment events. The space also facilitates panoramic views of the
harbor.
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| David Willett |
Surrounded by over 70 colleges and universities in the area,
the city has a highly educated workforce retaining over 40% of graduates. 121
Seaport also offers convenient access to Downtown Boston and the Logan
International Airport through the Silver Line subway, just steps from the
property.
“Boston,
and specifically the Seaport, is thriving and makes for a desirable investment
market due to its strong concentration of med, ed, tech, and financial services
industries. The region’s unemployment rate is consistently below the national
average and has driven office rents to experience a 25% increase in the last
five years followed by declining vacancy rates for Class A office space” adds
Willett.
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| Matthew Pullen |
Contact:
Lisa James for American Realty Advisors
Brower Group
(949) 955-7940
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