Joint venture sells One Marina Park Drive in Boston
JLL arranges the $482M sale of one of the Seaport's premium office assets
BOSTON, Dec. 19, 2019 /PRNewswire/ -- JLL announced today that it has arranged the $482 million sale of One Marina Park Drive, a 491,573-square-foot multi-tenant office tower with coveted street-level retail space in Boston, Massachusetts.
JLL exclusively represented the seller, a joint venture of The Fallon Company and Barings, on behalf of an institutional investor. JLL also procured the buyer, an affiliate of Clarion Partners, LLC.
Designed by Elkus Manfredi, One Marina Park Drive is a stunning 18-story LEED® Gold trophy asset, perfectly positioned within Fan Pier — The Fallon Company's 3 million-square-foot mixed-use development in the heart of Boston's Seaport. Completed in 2010, the building is a towering focal point of the Boston skyline.
Today the property is 100% leased to an all-star rent roll featuring prominent tenants like Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures. As such, this investment offers the unique combination of strong cash flow, near-term upside and long-term capital appreciation.
JLL's Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About Barings
Barings is a $335+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients and customers. Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. Learn more, at barings.com.
*As of September 30, 2019
Barings Real Estate
Barings Real Estate offers a broad range of global investment opportunities across the public and private debt and equity investment markets. Barings invests in all major property sectors and offer a broad range of financing solutions to real estate borrowers. The firm also specializes in providing government and government-sponsored entity lending products through its wholly owned subsidiary, Barings Multifamily Capital. Follow Barings on LinkedIn at linkedin.com/showcase/barings-alternative-investments.
About The Fallon Company
The Fallon Company is a privately held commercial real estate owner and developer headquartered in Boston, Massachusetts, with regional offices in Charlotte and Raleigh, North Carolina. Founded by Joseph F. Fallon in 1993, The Fallon Company has developed more than $5 billion in real estate, representing more than six million square feet of property. It is proudly recognized as a leader in mixed-use urban development and one of the most active private developers on the East Coast. Fallon brings to its projects a unique focus on large-scale urban design geared toward transforming neighborhoods into cohesive, community-driven environments. For more information about The Fallon Company, visit falloncompany.com.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 37 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With $53.6 billion in total assets under management, Clarion Partners offers a broad range of both debt and equity real estate strategies across the risk/return spectrum to its more than 350 domestic and international institutional investors. More information is available at clarionpartners.com.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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Contact: Kristen Murphy, JLL Director, Public Relations
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