Mayor Walsh, State Street Corporation, and stakeholders join to celebrate the start of construction on Boston's tallest office building to be constructed in over 15 years
Jun 20, 2019, 07:08 ET
BOSTON, June 20, 2019 /PRNewswire/ -- Mayor Martin J. Walsh, Carr Properties, National Real Estate Advisors, LLC and The HYM Investment Group will break ground today on One Congress, the 600-foot tall office tower that will house the future headquarters of State Street Corporation. The building, part of the Bulfinch Crossing redevelopment, is owned through a 50-50 joint venture between Carr Properties and National Real Estate Advisors on behalf of a client; The HYM Investment Group, LLC. is the developer of the project.
Designed by world-renowned architects Pelli Clarke Pelli, One Congress will rise to 600 feet, becoming a new fixture of the Boston skyline, and providing employees that occupy the one million square feet of new class A office space with breathtaking panoramic views of the city, the Boston Harbor, Financial District and the Charles River. One Congress will offer access to world-class amenities such as a one-acre, outdoor roof garden on the eleventh floor, over 30,000 square feet of fitness, wellness, food and beverage offerings, as well as bike facilities and copious parking.
This groundbreaking event marks the ceremonial beginning of construction on the office tower portion of the Bulfinch Crossing project, which is slated to be completed by the end of 2022.
"As the future home for State Street's headquarters, One Congress will fuel economic development and pedestrian activity in Bulfinch Crossing," said Mayor Walsh. "Once complete, this transformational project will support our city, creating income-restricted housing units and contributing over $12 million in linkage funding to support additional affordable housing and workforce development programming."
Situated at the epicenter of prime transportation options—three blocks from North Station, immediate access to the Haymarket MBTA Station (located on site), with proximity to Logan Airport, and I-93 and I-90, and featuring a 99-point Walk Score—the office tower embraces transit-oriented development and a multi-modal future. Likewise, One Congress' proximity and accessibility to the Rose Kennedy Greenway and other iconic Boston neighborhoods that surround it such as the North End, Beacon Hill, and West End, provide a dynamic ground-level experience, making it one of the most sought after places to work in the city.
"We are very excited to be working alongside Carr Properties and HYM on this transformative office tower," said Jeff Kanne, President and CEO of National Real Estate Advisors. "One Congress exemplifies National's commitment to building modern, vanguard assets which generate returns for our investors, strengthen communities, and create good jobs."
"We are incredibly excited about One Congress. This is a generational opportunity to own and develop an iconic building that will contribute to the fabric of Boston for many years to come. Additionally, we are thrilled to welcome State Street as our customer and we look forward to building a tremendous long-term relationship with them" said Oliver Carr, Chief Executive Officer of Carr Properties.
In January 2019, State Street Corporation, the Boston-based Fortune 500 financial services firm, announced that it would be relocating its headquarters to One Congress, occupying 510,000 square feet of the one million square feet that the building will offer.
"State Street is honored to make history in Boston again as the anchor tenant of One Congress; a landmark building that is setting the standard for sustainable design and new ways of achieving workplace creativity and connectivity," said Ron O'Hanley, president and chief executive officer of State Street. "We are today a global company with offices in 28 countries around the world, but throughout our history we have always been headquartered in Boston. We are delighted to break ground on our new headquarters and look forward to many more years of contributing to a sustainable and inclusive future for the Commonwealth of Massachusetts and the city of Boston, our home for more than 227 years."
Bulfinch Crossing is transforming the existing Government Center garage site into one of the most vibrant developments in downtown Boston, and upon completion, 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.
"Once completed, One Congress will stand as one of the most distinctive and defining buildings built in Boston in the last two decades," said developer Thomas N. O'Brien, founding partner and managing director of The HYM Investment Group. "Demand for office space in the city has never been higher, and with our partners in One Congress, we are bringing over a million square feet of new, Class A office space onto the market to meet that demand in an accessible location where Bostonians want to live and work."
About Carr Properties
Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through the ownership, acquisition, and development of high-quality office properties in Washington, D.C. and Boston, MA. The company currently owns a portfolio of 16 commercial office properties totaling approximately 4.3 Million SF as well as a pipeline of five development projects that include: The Wilson and Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, D.C.; 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.
About National Real Estate Advisors, LLC
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 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 Carr Properties; National Real Estate Advisors, LLC; The HYM Investment Group, LLC
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