A conceptual rendering of amenities planned for Boston's One Lincoln office tower. Image courtesy of Neoscape
The new owners of Boston’s One Lincoln office tower are seeking to accomplish what prior owner Fortis Property Group could not: Attract tenants to fill the void left behind by the departure of State Street Corp. and downsizing by WeWork.
DivcoWest, BDT & MSD Partners said they will take over all operational responsibilities for the troubled tower that became Boston’s symbol of the office market downturn, succeeding Boston-based Synergy as property manager.
“We thank Synergy for their leadership, vision, and commitment to quality at One Lincoln,” DivcoWest Managing Director Mark Roopenian said in a statement.
The 1 million-square-foot building’s existing debt holders submitted the only bid of $400 million at a foreclosure auction in March. They promised to breathe new life into the 19-year-old tower and complete an amenities upgrade package announced in 2022, tied to a $1-billion refinancing deal.
Those amenities include a roof terrace equipped with pickleball and basketball courts, a fitness complex and yoga studios.
A DivcoWest spokesperson said an announcement on timing of the amenity upgrades will take place later this year.
The property also will “offer an array of flexible workspaces,” according to a press release. DivcoWest did not provide further details.
The tower is anchored by HarbourVest, a financial services company that leased 250,000 square feet in 2022 and is scheduled to occupy the building later this year.
A floor plan on the property web site that shows 19 of 36 floors are available. Owners did not respond to an inquiry confirming the current availability rate.
DivcoWest has assumed all operational responsibilities for the partnership, including property management, construction and asset management. Newmark remains the leasing agent.
“Our team is excited to complete the transformation of One Lincoln into an unmatched workday experience that we believe will exceed the expectations of today’s discerning tenants,” Roopenian said in a statement.
