Clarion Partners LLC acting on behalf of a separate account client of the firm acquired a six-building office portfolio in the Fort Point section of Boston for $129.3 million.
The properties are turn-of-the-century “brick and beam” buildings located in Boston’s Seaport District, approximately a five-minute walk from Boston’s South Station. The Fort Point portfolio, with a total of 407,458 sq. ft. of office space, is 96 percent occupied.
Clarion bought the portfolio from purchased the group of six buildings from a joint venture between Angelo, Gordon & Co. and National Development.
This is Clarion’s second major investment in the Seaport District, the first being a 200 unit multi-family development project currently under construction in partnership with Cresset Group at 411 D Street.
“This acquisition provides our client’s portfolio with a significant position in Boston’s fastest growing submarket,” Gary Rufrano, a senior vice president at Clarion Partners said in a statement. “The portfolio is well-leased to a diverse tenant base and we believe there is significant opportunity to add value to the portfolio by capturing the growth in the Seaport and by bringing rents up to market levels.”
HFF represented the seller in the transaction. The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.
“These buildings have great bones and really lend themselves to today’s tenants, which require open spaces, abundant infrastructure and collaborative work environments,” Benedict said in a statement. “The Fort Point office submarket is one of the most dynamic in the country. With a long list of tenants searching for a limited amount of available space, it is sure to continue to be so for years to come.”