Done Deals: Joint venture sells One Marina Park Drive in Boston

Monday, December 30, 2019

Joint venture sells One Marina Park Drive in Boston

One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston, MA

BOSTON, MA – JLL announced it has arranged the $482 million sale of One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston, Massachusetts.

Kerry Hawkins

JLL exclusively represented the seller, a joint venture of The Fallon Company and Barings, on behalf of an institutional investor. JLL also procured the buyer, an affiliate of Clarion Partners, LLC.

Designed by Elkus Manfredi, One Marina Park Drive is a stunning 18-story LEED® Gold trophy asset, perfectly positioned within Fan Pier — The Fallon Company’s three million-square-foot mixed-use development in the heart of Boston’s Seaport. Completed in 2010, the building is a towering focal point of the Boston skyline.

Coleman Benedict

Today the property is 100% leased to an all-star rent roll featuring prominent tenants like Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures.

As such, this investment offers the unique combination of strong cash flow, near-term upside and long-term capital appreciation.

JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

Matthew Sherry

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About Barings:

Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients and customers.

Ben Sayles

Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets.

A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.

*As of September 30, 2019

Barings Real Estate:

Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity investment markets.

David P. Manfredi

Barings invests in all major property sectors and offer a broad range of financing solutions to real estate borrowers.

The firm also specializes in providing government and government-sponsored entity lending products through its wholly owned subsidiary, Barings Multifamily Capital.

Contact:

Kristen Murphy,
JLL Director, Public Relations

Phone: +1 617 848 1572