What more can be said about the Seaport District in Boston that has not already been reported on for countless consecutive months? Not only is this neighborhood of the Boston Waterfront the most active today in terms of current and future development, but it is also thought of as being the next it location. It is here where the majority of visitors and locals alike will want to be to work, reside, and play due to all of the fantastic commercial spaces, luxury residential units, and first-rate restaurants, bars, and other leisurely attractions will all call home for years to come.
It was just yesterday when we reported about how the developers at Skanska USA Commercial Development have been tasked with the $57 Million project for a building at Harvard Business School. Now, the team has yet another impressive development planned. To begin, it is quite astonishing to realize that there is even any more land left unspoken for in the Seaport District due to the immense activity in the area as of late. Well, one more vacant plot has finally been spoken for with the parcel known as L2 having just been purchased by Skanska for $36 Million.
This one-acre parking lot stands between Boston Wharf Road and the Seaport Boulevard. Sold by MS Boston Seaport LLC, a joint venture between Morgan Stanley and John Hynes Boston Global Investors, the plans for the parcel will see a 17-story office tower that will encompass 425,000 square feet of commercial space with additional ground-floor retail space. Shawn Hurley, the Executive Vice President at Skanska, came forward to report on this closed deal and stated, This most recent purchase represents our continued interest in the Seaport District and the market dynamics that are occurring there. We are really excited about getting to work on the project.
Overall, this commitment to the Seaport District marks the third property Skanska has purchased here recently. The most recent of these this year was their payment of $33 Million to acquire a separate parcel known as L1, or 101 Seaport, from the same exact vendors. This property will also see a 17-story office tower erected, which will be 440,000 square feet for the firm known as PricewaterhouseCoopers. The third property Skanska purchased was back in 2012 with their closing of Parcel K for $18.6 Million. It is here where they will soon complete Watermark Seaport, a 350-unit, 275,000 square foot luxury residential building with an additional 25,000 square feet dedicated to ground floor retail space.
These projects are just some of the many deals Skanska is involved in throughout Greater Boston. With the Seaport District and Harvard Business School also comes their $70 Million commercial building that they have just completed at 150 Second Street in Cambridges Kendall Square. The 120,000 square foot laboratory and office building represents Skanskas first ever commercial investment in Cambridge. Clearly to them and countless other investors, it is an opportunistic time to buy and build for all forms of real estate. The deep rooted trust that these developers have in the potential of Boston is immense. They are confident of further growth and economic development for the area which will result in sustained high levels of demand to help keep tenancy up in their facilities. There ultimately is a lot to look forward to for all sectors of the Greater Boston economy and real estate industry as the progression for both seems rather unwavering today and what a beautiful thing that is.
More Information: Boston Business Journal