Key facts
- Clarion Partners is under contract to sell the One Marina Park Drive office building in Boston's Seaport.
- The sale price is approximately $435 million, or nearly $900 per square foot.
- The building is 99% leased.
- Clarion Partners acquired the property in 2019 for $482 million.
- BXP CEO Owen Thomas discussed the deal's financial details as a market comparable.
Clarion Partners is set to sell its 18-story office building at One Marina Park Drive in Boston's Seaport for approximately $435 million, according to information discussed by BXP CEO Owen Thomas. The sale, which equates to nearly $900 per square foot, reflects a capitalization rate in the low-7% range. JLL listed the 495,000-square-foot property on behalf of Clarion Partners, and the listing now indicates the building is under contract.
The property, constructed in 2010 by The Fallon Cos. and Barings, is 99% leased. Recent leasing activity includes a 28,000-square-foot lease signed by veterinary drug firm Dechra in March, and an expansion by Gunderson Deter, which increased its space by 60% in 2022. Clarion Partners acquired the building in 2019 for $482 million.
This transaction represents another significant sale in the Boston market for Clarion Partners, which has divested two other office buildings in the city since the pandemic. In 2023, the firm sold a building at One Liberty Square for $54.4 million, and in 2024, sold another at 101 Arch St. for $78 million, both to Synergy.