Seaport District for $36 Million
What more can be said about the Seaport District in
Boston that has not already been reported on for countless
consecutive months? Not only is this neighborhood of the Boston Waterfront the
most active today in terms of current and future development, but
it is also thought of as being the next it location. It is here
where the majority of visitors and locals alike will want to be to
work, reside, and play due to all of the fantastic commercial
spaces, luxury residential units, and first-rate restaurants, bars,
and other leisurely attractions will all call home for years to
come.
It was just yesterday when we reported about how the
developers at Skanska USA Commercial Development have been tasked
with the $57 Million project for a building at Harvard Business
School. Now, the team has yet another impressive development
planned. To begin, it is quite astonishing to realize that there is
even any more land left unspoken for in the Seaport District due
to the immense activity in the area as of late. Well, one more
vacant plot has finally been spoken for with the parcel known as L2
having just been purchased by Skanska for $36 Million.
This one-acre parking lot stands between Boston Wharf
Road and the Seaport Boulevard. Sold by MS Boston Seaport LLC, a
joint venture between Morgan Stanley and John Hynes Boston Global
Investors, the plans for the parcel will see a 17-story office
tower that will encompass 425,000 square feet of commercial space
with additional ground-floor retail space. Shawn Hurley, the
Executive Vice President at Skanska, came forward to report on this
closed deal and stated, This most recent purchase represents our
continued interest in the Seaport District and
the market dynamics that are occurring there. We are really excited
about getting to work on the project.
Overall, this commitment to the Seaport District
marks the third property Skanska has purchased here recently. The
most recent of these this year was their payment of $33 Million to
acquire a separate parcel known as L1, or 101 Seaport, from the
same exact vendors. This property will also see a 17-story office
tower erected, which will be 440,000 square feet for the firm known
as PricewaterhouseCoopers. The third property Skanska purchased was
back in 2012 with their closing of Parcel K for $18.6 Million. It
is here where they will soon complete Watermark Seaport, a
350-unit, 275,000 square foot luxury residential building with an
additional 25,000 square feet dedicated to ground floor retail
space.
These projects are just some of the many deals Skanska is
involved in throughout Greater Boston. With the Seaport District and
Harvard Business School also comes their $70 Million commercial
building that they have just completed at 150 Second Street in
Cambridges Kendall Square. The 120,000 square foot laboratory and
office building represents Skanskas first ever commercial
investment in Cambridge. Clearly to them and countless other
investors, it is an opportunistic time to buy and build for all
forms of real estate. The deep rooted trust that these developers
have in the potential of Boston is immense. They are confident of
further growth and economic development for the area which will
result in sustained high levels of demand to help keep tenancy up
in their facilities. There ultimately is a lot to look forward to
for all sectors of the Greater Boston economy and real estate
industry as the progression for both seems rather unwavering today
and what a beautiful thing that is.
More Information: Boston Business
Journal