Fallon Co. JV to Develop 516 KSF Office Building in Boston’s Seaport District
- Apr 08, 2014
Fan Pier, the $3 billion, 3 million-square-foot mixed-use development in Boston’s Seaport District, gets a boost with $204 million in construction financing for its latest tower, the 516,000-square-foot building at 100 Northern Ave. Fan Pier’s developers, a joint venture of The Fallon Co. and MassMutual Financial Group as advised by Cornerstone Real Estate Advisers, relied on the assistance of commercial real estate and capital markets services provider HFF to secure the financing, which was ultimately provided by RBS Citizens.
HFF fielded a number of expressions of interest from lenders, primarily commercial banks, eager to provide construction financing for the 17-story 100 Northern. The attraction was threefold: sponsorship, location and tenancy.
“The opportunity combines the development expertise of the Fallon Co. with the real estate investment expertise of Cornerstone Real Estate Advisors,” Anthony Cutone, managing director with HFF, told Commercial Property Executive. “[As for location] Boston is a global financial hub and a true gateway city, and Fan Pier is unmatched in its waterfront location, proximity to the CBD, sweeping skyline views, and transportation access.”
Finally, there’s nothing like a big name with a claim on big space to catch the attention of the lending community. The 100 Northern building will count Goodwin Procter L.L.P. as its lead tenant. The international law firm will make its home in 380,000 square feet of space at the glass tower, which will also feature 18,000 square feet of prime ground-level retail space.
Ground broke on the HOK-designed office destination in March, marking the commencement of the fourth commercial structure on Fan Pier. When all is said and done, Fan Pier, one of the largest privately-funded development sites in the country, will feature eight premier commercial and residential high-rises–including the 14-story Twenty Two Liberty luxury condominium building that broke ground last fall–on 21 acres across nine city blocks.
Construction of 100 Northern is on track to reach completion in spring 2016.