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Clarion Partners nears sale of One Marina Park Drive for about $435M
The 495K SF Seaport office tower is 99% leased, and the deal values space at nearly $900 per square foot with a low-7% cap rate.
Bisnow reports that One Marina Park Drive, a 495K SF office tower in Boston's Seaport, is under contract to sell for around $435M after being listed for sale by JLL on behalf of Clarion Partners.
On BXP CEO Owen Thomas' remarks during the REIT's second-quarter earnings call, the property sale is under agreement at nearly $900 per SF, with a capitalization rate in the low-7% range, and it was used as a market comparable.
The building was constructed in 2010 as part of Fallon Cos' Fan Pier development and is described as 99% leased. Its tenant roster includes veterinary drug firm Dechra, which signed a 28K SF lease in March, and Gunderson Deter, which increased its space by 60% in 2022.
Bisnow adds that Clarion's recent Boston-area transactions include the 2023 sale of a 13-story, 157K SF office building at One Liberty Square to Synergy for $54.4M, and the following year's sale of a 21-story building at 101 Arch St. to Synergy for $78M.