Commonwealth Ventures has secured $75 million in new investment capital to support the revitalization of 185 Franklin St. in downtown Boston’s Financial District.
The funding was secured on behalf of Commonwealth Venture’s investment consortium, a partnership comprised of Bentall Kennedy (US) LP and a major pension system represented by the real estate advisory firm. The developer also launched a new brand identity for the building, which will become 50 Post Office Square after the substantial renovation work is completed, according to a statement.
"This investment in the revitalization of a beautiful and historically significant building in the heart of Post Office Square is a testament to the benefits of doing business in Boston, the strength of our commercial real estate sector, and the confidence of private sector investors and businesses in all that we have to offer," said Boston Mayor Thomas M. Menino.
Commonwealth Ventures and Bentall Kennedy initially purchased the building in October 2008. The development team worked closely with the Boston Redevelopment Authority to secure approval for its plan in summer 2010. The redevelopment plans call for extensive renovations to the building’s lobby, common areas and commercial space, including the construction of a dramatic new public entrance on High Street and a redesigned entrance on Franklin Street; the addition of 21,000 square feet of retail space; 110 new underground parking spaces; and the complete rehabilitation of the public plaza facing Post Office Square Park.
"We are very excited to begin polishing this historic gem of a building, and we are grateful for the support of our investment partners," said Richard Galvin, founder and president of Commonwealth Ventures. "With its unparalleled location adjacent to Post Office Square Park, and its exclusive place as the sole Class-A historic redevelopment project ongoing in the Financial District, 50 Post Office Square is destined to be one of downtown Boston’s premier office addresses."
Construction for the project is scheduled to begin in March 2011; a marketing suite will open in spring 2011 and the project is scheduled for completion in early 2012. FHO Partners, a commercial real estate brokerage firm, is the building’s exclusive leasing agent.
