Office in Boston’s Channel Center Gets $170M Construction Loan
- Sep 24, 2012
A $170 million construction loan for One Channel Center, an 11-story, 500,000-square-foot Class A office building in Boston’s Channel Center mixed-use project, has been secured by Holliday Fenoglio Fowler LP, the company announced late last week. Details regarding the loan were not disclosed.
The funding was arranged on behalf of the building’s developers, AREA Property Partners (formerly known as Apollo Real Estate Advisors), of New York, and Commonwealth Ventures L.L.C., of South Boston. The HFF team was led by managing director Anthony Cutone and director Porter Terry.
The building is 100 percent leased to State Street Corp. and is paired with an adjacent 960-space parking garage. The project broke ground this past summer and is scheduled for delivery in early 2014.
The larger Channel Center project is a 2 million-square-foot MXD area featuring office, residential and retail uses in Boston’s Seaport District. The area consists of about 100 acres lying south of Summer Street, east of Fort Point Channel and west of the Boston Convention & Exhibition Center.
Other components, according to Commonwealth Ventures, include:
- 5 Channel Center: Permits in place for more than 206,000 square feet of renovated and new residential development.
- 10 and 20 Channel Center: Currently being restored into 250,000 square feet of brick-and-beam office/retail space.
- 15 Channel Center: Restored as 89 live/work artist studios, two office/retail units and one performance theater.
- 25/35 Channel Center: New and restored condominium buildings with 120 residential units, three retail units and underground parking.
Elsewhere in Boston, in the city’s Financial District, Commonwealth Ventures is, with Bentall Kennedy, redeveloping 50 Post Office Square.