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Clarion Partners under contract to sell Boston Seaport office tower
The 99% leased One Marina Park Drive building is under agreement to sell for about $435 million, or nearly $900 per square foot.
An 18-story office tower in Boston's Seaport, One Marina Park Drive, is under contract to be sold, marking another major transaction for Clarion Partners, according to Bisnow. JLL listed the 495,000-square-foot property for sale about three months ago on behalf of the owner, and the listing now shows the asset is under contract. Bisnow says BXP CEO Owen Thomas referenced the deal on the REIT's second-quarter earnings call as a comparable sale in the market. Thomas said the property is under agreement to sell for around $435 million, which Bisnow reports works out to nearly $900 per square foot and a capitalization rate in the low-7% range. The office building was constructed in 2010 as part of the Fan Pier development, and Bisnow notes it is 99% leased. The tenant roster includes Dechra, which signed a 28,000-square-foot lease in March, and Gunderson Deter, which expanded its space by 60% in 2022 from 38,000 square feet to 62,000 square feet. Bisnow also points to other 2022 leasing activity, including 11 leases during the year, and it cites Clarion's prior Boston area office sales to Synergy in 2023 and 2024.