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One Congress at Bulfinch Crossing courtesy HYM Investment Group
One Congress, the 1 million-square-foot tower that will house State Street Corp.’s new headquarters, broke ground this morning. The tower was designed to create a distinctive new landmark on the Boston skyline while catering to the latest trends in office design.
It’s the largest office building to break ground in Boston since One Lincoln St. in 2000, reflecting the steady recovery of the downtown office market over the past decade. Visitors crowded into a tent for a ceremonial groundbreaking held at the site Thursday as construction crews continued to work on another piece of the Bulfinch Crossing development, a 46-story apartment and condo tower.
A 1-acre roof garden on the 11th floor is One Congress’ signature outdoor amenity, offering views of the North End and Boston Harbor and linking to future phases of the 2.9 million-square-foot development. The elliptical shape – unusual for an office building – enables One Congress to maximize those views while fitting into a crowded street grid, said Mark Shoemaker, principal-in-charge of One Congress for Pelli Clarke Pelli architects.
“It serves to create an iconic shape on the skyline,” Shoemaker said. “Even though we’re not the tallest building in town, there won’t really be any high rises around us, maybe forever. We have a unique perspective.”
State Street leased 510,000 square feet on the lower levels of the building in January, enabling developer HYM Investment Group of Boston to move ahead with construction. Through brokerage CBRE/New England, HYM is marketing space on the upper floors to multiple tenants. Completion is scheduled for Jan. 1, 2023, when State Street will move from One Lincoln St. Winchester-based John Moriarty & Assoc. is the general contractor.
State Street CEO Ronald O’Hanley said the tower, which targets LEED Gold certification, reflects State Street’s commitment to offsetting climate change “one building at a time.”
A 1-acre roof garden on the 11th floor is One Congress’ signature outdoor amenity, offering views of the North End and Boston Harbor and linking to future phases of the 2.9 million-square-foot development. Image courtesy of Peli Clarke Peli.
National Real Estate Advisors and Carr Properties, both of Washington, D.C., are HYM’s financial partners. Carr Properties joined the team last fall and made its second Boston real estate investment in November with the acquisition of 200 State St.
Carr Properties is a privately-held REIT backed by capital from Israeli real estate investors AlonyHetz and an open-ended fund at JP Morgan.
The firm has short-term plans to invest several hundred million dollars in office and mixed-use properties acquisitions in Washington, D.C., Boston and potentially one other Southern U.S. market, said CEO Oliver Carr.
“I’ve had my eye on getting back here for a long time; it’s all about the local economy,” said Carr, a graduate of the MIT Center for Real Estate.
Part of the Bulfinch Crossing redevelopment of the 4.8-acre Government Center garage property, One Congress will rise from space carved out of the northwest corner of the garage property, including recently demolished exit ramps.
The $900 million tower’s facade will be built with three separate curtain walls on different sides, including a “sail” that rises more than 30 feet above the top floor to conceal rooftop mechanical equipment. The varying materials – including all-glass and ones with metal elements – create an impression of different colors and textures depending upon the viewer’s perspective, Shoemaker said.
“We wanted to do that to provide some interest in the tower as well as diminishing its mass,” he said. “It makes it soar a little bit and be more striking.”
