Tishman Speyer, one of the world’s leading developers, owners, operators and asset managers of first-class real estate, has completed the sale of the Pier 4 trophy office building in Boston’s booming Seaport District. The 372,372-square-foot asset was sold to CommonWealth Partners for $450 million. The $1,208 per square foot pricing is the highest ever achieved for a Boston office property.
Located at 200 Pier 4 Boulevard, near Northern Avenue, the 13-story Pier 4 office building was designed by Elkus Manfredi Architects of Boston, completed in May 2018and has achieved LEED Gold certification. The asset is anchored by the Boston Consulting Group as their global headquarters and also serves as the global headquarters of Cengage Learning and Man Numeric. It features breathtaking harbor views and includes an array of retail offerings including the soon to open Tatte, an expansive roof terrace with living walls, a state-of-the art fitness center, bicycle storage and three levels of parking. In the future, office tenants’ employees and Bostonians will enjoy outdoor public spaces that include an on-site one-acre waterfront park and the Boston Harbor Walk.
Tishman Speyer is currently also developing the final phases of the landmark Pier 4 mixed use project; a nine story boutique condominium project, one acre public park, and new section of the Harbor Walk and sea steps; providing a new public space for Bostonians and visitors to the Seaport. Poised next to the Institute of Contemporary Art, this SHoP designed landmark will offer 106 homes with magnificent harbor views and a truly timeless and modern design.
The property stands on the site of the legendary Anthony’s Pier 4 waterfront restaurant, which for several decades was one of Boston’s most beloved destinations before closing in 2013.
“From the beginning, the Pier 4 site presented Tishman Speyer with a unique opportunity to create Boston’s finest modern mixed-use development,” said Managing Director Jessica Hughes, who heads the firm’s Boston regional office. “We were able to assemble the finest design and construction team to create a trophy office building worthy of the world-class companies who have chosen to locate their headquarters there. We are pleased to contribute to the built environment and return public access to the waterfront at Pier 4 upon the completion of the Pier 4 Residences and park in 2019.”
“We congratulate CommonWealth Partners on this great addition to the firm’s portfolio. And we thank the City of Boston, the Commonwealth of Massachusetts, and the very dedicated waterfront community for sharing our vision for this property and working with us to bring that vision to full realization.”
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and fund manager of first-class real estate around the world. In Boston, Tishman Speyer operates a premier office portfolio including 125 High Street, One Federal Street, One Channel Center, and Pier 4. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 29 key global markets for industry-leading tenants. The firm has acquired, developed and operated a portfolio of over 165 million square feet with a total value of approximately US $83 billion spread over 401 assets. Signature assets include New York City's Rockefeller Center and Chrysler Center, São Paulo's Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Brasília, Frankfurt, Gurgaon, Hyderabad, Los Angeles, Madrid, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office property portfolios in Berlin, Chicago and London.
