Thomson portfolio 007Waltham-based Crosspoint Assoc. has put its 428,000-square-foot portfolio of 10 office buildings in Boston’s Fort Point on the market.

Crosspoint acquired the 19th-century converted warehouse buildings on Thomson Place and Farnsworth Street in 2007 for $120.5 million in a joint venture with a private client of Anglo Irish Bank. Since then, rents in the neighborhood have skyrocketed as Fort Point attracted a thriving start-up scene including Zipcar, the second-largest tenant in the complex.

Thomson Reuters occupies eight of the 10 buildings. The complex also has 110,000 square feet available at 25 Thomson Place as of Jan. 1.

The property has received significant interest from institutional and foreign investors, said Christopher Angelone, a partner at CBRE/New England. The property is being marketed as a repositioning opportunity because of its proximity to Seaport Boulevard and the 6.3-million-square-foot Seaport Square development, which will include offices, retail, hotel space and residential towers. The Crosspoint property has potential to be redeveloped with ground-floor retail and restaurants, Angelone said.

"Thomson Place is really going to be the connection between Congress Street and Seaport Boulevard," he said. "We think it’s a very important street and probably the ultimate long-term plan is to activate the block."

Fort Point’s vacancy rate was 7.6 percent as of Sept. 30, according to Avison Young research. Average asking rents in the neighborhood in the third quarter were $41.10 for upper-tier brick-and-beam space.

Crosspoint, headed by John Hueber and James Carlin III, owns approximately 2.5 million square feet of commercial properties across New England.

Developer Selling Thomson Complex In Fort Point

by Steve Adams time to read: 1 min
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