Skanska Sells Newly-Constructed Office Tower
Newmark Knight Frank (NKF) has successfully completed the $455.0 million all cash sale of 121 Seaport in the thriving Seaport District of Boston, Massachusetts to a joint venture between American Realty Advisors and Norges Bank Real Estate Management. On behalf of Skanska, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director James Tribble of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the newly-constructed, 17-story, 400,342-square-foot office tower.
Completed by Skanska in 2018, 121 Seaport’s state-of-the-art construction is showcased by its distinctive elliptical design, angled glass façade and striking three-story lobby. The LEED Platinum-certified asset is 100 percent leased as the global corporate headquarters of two tenants: Innovative software firm PTC (NASDAQ: PTC) and biopharmaceutical company Alexion Pharmaceuticals (NASDAQ: ALXN). Its modern on-site amenities include three outdoor terraces, a three-level, below-grade parking garage, a tenant-only fitness center and 24/7 concierge service.
“121 Seaport’s condensed core facilitates virtually column-free office space with elevated 10’ ceiling heights and floor-to-ceiling glass, resulting in stunning panoramic views and some of the most efficient floor plates in Boston,” said Maher. “The asset also enjoys an irreplaceable location in the Seaport District, Boston’s newest core Class A destination, with a commanding street presence.”
121 Seaport is one of Skanska’s three developments on Seaport Boulevard in Boston. Skanska also developed 101 Seaport, which the company sold in 2016, and Watermark Seaport, which the company sold in 2017.
121 Seaport is strategically situated along Harbor Way, a 70’ wide park within Seaport Square, which comprises 7.6 million square feet of recently completed and upcoming mixed-use development. A unique, masterplanned neighborhood, the surrounding Seaport District benefits from activation by a synergistic mix of trendy shopping, dining and entertainment options, luxury residential communities and blue-chip corporate users.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
