Image courtesy of SGA and DREAM Collaborative
Boston-based Marcus Partners plans to invest another $2 billion in real estate projects after closing its newest fund with $650 million from investors.
The commercial developer focuses on projects in Boston, New York and Washington, D.C. Its new Marcus Capital Partners Fund IV launched in March and originally set a $500 million target and $550 million hard cap.
The firm typically has a 65 percent maximum leverage on its portfolio, giving the value-add fund a potential $2-billion investment capacity, Chief Operating Office Patrick Sousa said in a statement.
The firm’s notable local projects include The Foundry at Drydock in Boston’s Raymond L. Flynn Marine Park, a 262,000-square-foot office-lab project which is leased to Ginkgo Bioworks.
Most recently, the firm was among three project teams which submitted proposals to redevelop parcel U at 7 Channel St. in the marine park. The Boston Planning and Development Agency is seeking commercial projects to replace a former seafood processing facility.
Marcus Partners and Boston-based RISE Together propose a 181,000-square-foot life science building and classroom space for the BioBuilder workforce training program and BioBus marine ecology educational program.
