Real Estate
Home›Real Estate›Industry›Oxford Properties buys Boston office tower for $435M
Oxford Properties buys Boston office tower for $435M
The 497,000 SF Seaport office building is 99% leased and includes an adjacent parking garage in separate transactions.
Oxford Properties is expanding its U.S. office portfolio with the purchase of One Marina Park Drive in Boston’s Seaport for $435 million, marking its first core office asset deal in nearly a decade, according to Bisnow and company disclosures. The 18-story property totals 497,000 square feet and came with an adjacent parking garage that was acquired in separate deals, with deed records dated Aug. 18 and a Wednesday press release cited in the coverage. Clarion Partners sold the tower, having bought it in 2019 for $482 million. Bisnow reports the building was constructed in 2010 by The Fallon Cos. and Barings, with JLL brokering the transaction. The tower is 99% leased across venture capital, legal and financial services tenants, including Dechra’s March lease for 28,000 square feet. Oxford said it continues to see opportunities to invest in premier office assets in gateway cities that are well located and positioned to benefit from a focus on quality, and the acquisition is expected to support further activity. The company also noted it owns about 3.2 million square feet of office space in Boston and is working with Pappas Enterprises on a 1.5 million square foot Seaport redevelopment of the Reserved Channel.