7-9 Channel Center
Bostons Seaport District is
rapidly transforming itself from a previously vacant area defined
by deserted warehouses, piers and parking lots to one that will
soon forever be one if not the busiest location to be in within the
Hub. The latest news comes to us from the firm known as Berkeley
Investments, who not long ago paid $9 Million for the properties at
7-9 Channel Center. While this is not news about a new soaring
tower soon to be erected like the majority of the real estate
headlines here, Berkeley Investments instead is looking to turn one
of the buildings into office space from its current rundown
state.
Right around the corner during this coming spring
season, construction is set to begin on the rehabilitation of the 9
Channel Center location specifically. Upon completion, a gorgeous
7-story office and retail building will total 77,000 square feet,
with the buildings brick and beam architecture being fully
restored. Updated building systems are going to be implemented
throughout, so much so that the facility will look and feel as
though it is of new construction. There is also going to be an
additional 4,000 square feet of brand new space dedicated to
street-level that will be built. A new atrium lobby, retail
storefronts, and a new roof deck will complete the buildings new
floor plates of 10,000 square feet.
Young Park, the President and Principal at Berkeley
Investments, shared that, The new economy tenants are looking for
functionality, design and style in the space and thats not always
achieved in the older products. Our target market are companies
that are beyond their startup phase, have been funded and are
looking for spaces that would attract the kind of knowledge workers
that they need.
The other property purchased last year by Berkeley
Investments, 7 Channel Center, has plans for 118 studio, one
bedroom, and two bedroom apartments to be configured. Until
construction of this building begins, Berkeley Investments must
first wait for the Boston Redevelopment Authoritys approval, which
is expected to take up to one-year.
Berkeley Investments is like many large corporations who have
taken to the commercial market as a sound investment for long-term
growth in the real estate industry. Not long ago they also
purchased a staggering twelve other properties that total over
700,000 square feet, including two parking garages, and four
undeveloped parcels of land in the Seaport District; all
for $97 Million. Furthermore, in way back in 2003, Berkeley also
purchased 343 Congress Street for $26.8 Million. Ultimately, there
really is no slowing the real estate markets progression in Boston,
especially regarding the large deals being achieved in and around
Bostons thriving Seaport
District.
More Information: Boston Business
Journal