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The first major office development completed in Boston’s Seaport District following the economic downturn is up for sale by the original developer, The Fallon Co. of Boston.
Fallon Co. and its partner Barings are listing the 492,000-square-foot One Marina Park Drive office tower via JLL. The property could attract bids topping $500 million, or over $1,000 per square foot, Real Estate Alert reported.
Completed in 2010, the speculative office tower broke ground when the Seaport District was still an unproven market. Fallon Co. granted the MassChallenge incubator free rent in a strategy designed to lure additional tech tenants.
Now 100 percent leased, One Marina Park Drive has current rents that are approximately $55 per square foot, according to Real Estate Alert, which represents a significant discount to current rates. Tenants include law firm Fish & Richardson and investment firms Battery Ventures and Polaris Partners.
Barings, the real estate arm of MassMutual, is partnering with The Fallon Co. on development of a 17-story, 310,000-square-foot office building scheduled for completion in late 2021 at 10 Fan Pier Blvd. That office tower will house 1,000 MassMutual employees and a MassChallenge office. The project is located on the last commercial parcel in the 3-million-square-foot Fan Pier development.
