An office tower that attracted one of the first tech industry clusters in Boston’s Seaport District has been sold to an affiliate of Clarion Partners for $482 million.
The Fallon Co. of Boston, developer of the 3 million-square-foot Fan Pier property, broke ground on the 491,573-square-foot One Marina Park Drive offices during the economic downturn and offered free rent to tech incubator MassChallenge when it opened in 2010, as former Boston Mayor Thomas Menino promoted the emerging neighborhood as Boston’s “Innovation District.”
The property is now 100 percent leased to legal, tech, life science and financial companies including Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures.
Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles of JLL Boston’s capital markets team represented the Fallon Co. and its partner Barings and procured the buyer.
The latest phase of the Fan Pier development includes a 310,000-square-foot office building scheduled to open in late 2021 for tenants MassMutual and MassChallenge’s fintech incubator.
