Bulfinch Crossing's One Congress Welcomes State Street Corporation As Anchor Tenant
Boston-based financial services firm will occupy 510,000 square feet in new one million square foot office development
Jan 23, 2019, 12:02 ET
BOSTON, Jan. 23, 2019 /PRNewswire/ -- State Street Corporation, the Boston-based global financial services firm, announced today that it will relocate its corporate headquarters to One Congress, which is a planned one million square foot office tower located adjacent to the Boston Public Market in downtown Boston. One Congress is a planned 43-story office tower with an iconic design created by the renowned architects Pelli Clarke Pelli and CBT. The building, part of the Bulfinch Crossing redevelopment, is owned and is being developed through a 50-50 joint venture between Washington, D.C.-based National Real Estate Advisors, LLC on behalf of a client, and Carr Properties. The HYM Investment Group, based in Boston, will serve as the local developer for the project. State Street Corporation has executed a 15-year lease at One Congress for approximately 510,000 square feet; State Street will relocate its headquarters to One Congress once its current headquarters lease expires in 2023.
The One Congress office tower, with a unique glass curtain wall design, will deliver a total of one million square feet of trophy quality office to the Boston market, with a set of market leading amenities for its customers. The building will feature a one-acre, outdoor roof garden on the 11th floor, in addition to over 30,000 square feet of fitness, shared conferencing, wellness, and upscale food and beverage offerings. Market leading bike facilities and ample parking are also planned. Located only three blocks from North Station, One Congress features unparalleled transit alternatives with immediate access to the Haymarket MBTA Station (located on site), Logan Airport, and I-93 and I-90. Featuring a 99-point Walk Score, One Congress offers easy pedestrian access to the Boston Public Market, Boston's North End and the Rose Kennedy Greenway which offers an array of public parks, gardens and art offerings. In addition to the expansive amenity offerings, and unparalleled transit access, at 528-feet in height, One Congress will offer sweeping views of Boston Harbor, the Financial District, North End, West End, Back Bay, Beacon Hill, Charlestown, and the Zakim and Tobin bridges. Construction on One Congress will begin this summer and the building is planned for delivery by year-end 2022. Carr Properties will manage One Congress at project completion.
"We are delighted to welcome State Street as the anchor for One Congress and to kick off construction of this phase of Bulfinch Crossing," said Jeffrey J. Kanne, President and Chief Executive Officer of National Real Estate Advisors. "Having been a part of this redevelopment plan for almost 12 years, we could not be more excited about the transformation that is beginning to take place. Beginning construction on this portion of the project exemplifies National's commitment to transforming communities with state-of-the art, sustainable projects while creating good job opportunities for the women and men living in those communities."
One Congress is the second phase of Bulfinch Crossing, which is remaking the existing Government Center garage site (4.8 acres in total) into one of the most vibrant developments in downtown Boston. Upon completion, Bullfinch Crossing will feature over 2.9 million square feet of first class residential, office, hotel and retail offerings featuring more than 800 residential units, 200 hotel rooms, 1.15 million square feet of office space, and 82,500 square feet of new retail.
"We are thrilled to be part of One Congress and to have an iconic company like State Street choose One Congress as their new home," said Oliver Carr, Chief Executive Officer of Carr Properties. "One Congress offers a unique design and a set of amenities that will contribute to the fabric of downtown Boston. The project fits perfectly with our strategy of owning, developing and operating differentiated buildings that offer an amazing experience for our customers. We intend to take very good care of State Street as a valued customer for many years to come."
"By choosing One Congress as the new location of their corporate headquarters, State Street and its employees will be able to take full advantage of Bulfinch Crossing's central location, accessibility and proximity to Boston treasures such as the Greenway and the Boston Public Market," said developer Thomas N. O'Brien, founding partner and managing director of The HYM Investment Group. "This move brings State Street into a neighborhood that's at the center of Boston's new urban evolution."
About National Real Estate Advisors
National Real Estate Advisors is an investment manager specializing in build-to-core, developing and owning large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that can drive high tenant demand and create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
About Carr Properties
Carr Properties is a privately held real estate investment trust that owns, manages, acquires and develops high-quality office properties in Washington, D.C., and Boston, Massachusetts. The company currently owns a portfolio of 17 commercial office properties totaling approximately 4.7 million square feet, as well as, a pipeline of five development projects that include: The Wilson and The Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, DC; and One Congress in Boston, MA. Upon completion, these projects will add 2.4 million SF of trophy-quality office space to the company's portfolio. The company is continuing to expand its portfolio through strategic investments in the Washington, D.C., and Boston, MA areas and recently completed the $220 million acquisition of 200 State Street in Boston. www.carrprop.com
About The HYM Investment Group, LLC:
The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. HYM is currently leading the development of over eighteen (18) million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Bulfinch Crossing (including the one-million-square-foot office tower known as One Congress), Boston Landing, NorthPoint and Suffolk Downs.
HYM is focused on creating significant value for investors by recognizing real estate investment opportunities where others may not. Each real estate asset is treated as a unique business opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part. For more than 35 years HYM's principals have been working on real estate ventures in the Boston, New York and Washington, D.C., corridor. To learn more, please go to www.hyminvestments.com.
SOURCE National Real Estate Advisors