Bostons Seaport District is rapidly transforming itself from a previously vacant area defined by deserted warehouses, piers and parking lots to one that will soon forever be one if not the busiest location to be in within the Hub. The latest news comes to us from the firm known as Berkeley Investments, who not long ago paid $9 Million for the properties at 7-9 Channel Center. While this is not news about a new soaring tower soon to be erected like the majority of the real estate headlines here, Berkeley Investments instead is looking to turn one of the buildings into office space from its current rundown state.
Right around the corner during this coming spring season, construction is set to begin on the rehabilitation of the 9 Channel Center location specifically. Upon completion, a gorgeous 7-story office and retail building will total 77,000 square feet, with the buildings brick and beam architecture being fully restored. Updated building systems are going to be implemented throughout, so much so that the facility will look and feel as though it is of new construction. There is also going to be an additional 4,000 square feet of brand new space dedicated to street-level that will be built. A new atrium lobby, retail storefronts, and a new roof deck will complete the buildings new floor plates of 10,000 square feet.
Young Park, the President and Principal at Berkeley Investments, shared that, The new economy tenants are looking for functionality, design and style in the space and thats not always achieved in the older products. Our target market are companies that are beyond their startup phase, have been funded and are looking for spaces that would attract the kind of knowledge workers that they need.
The other property purchased last year by Berkeley Investments, 7 Channel Center, has plans for 118 studio, one bedroom, and two bedroom apartments to be configured. Until construction of this building begins, Berkeley Investments must first wait for the Boston Redevelopment Authoritys approval, which is expected to take up to one-year.
Berkeley Investments is like many large corporations who have taken to the commercial market as a sound investment for long-term growth in the real estate industry. Not long ago they also purchased a staggering twelve other properties that total over 700,000 square feet, including two parking garages, and four undeveloped parcels of land in the Seaport District; all for $97 Million. Furthermore, in way back in 2003, Berkeley also purchased 343 Congress Street for $26.8 Million. Ultimately, there really is no slowing the real estate markets progression in Boston, especially regarding the large deals being achieved in and around Bostons thriving Seaport District.
More Information: Boston Business Journal