The development consisted of a 200,000-square-foot office/retail space, 350 parking spaces and a 5.5 acre park at an in-fill location directly adjacent to Boston’s Longwood Medical Area (LMA), the region’s world-renowned hospital, medical research and education hub.
The project was conceived by the community and had significant community and city support. New Boston created an innovative public/private joint venture with our partners NDC Development Associates and Mission Hill Nghd. Housing Services (MHNHS), a community development company, without which the project at its current location would not have occurred.
The development broke ground in December 2001 with all office space pre-leased to Partners Healthcare, the largest healthcare provider in New England. The project was completed on time and on budget in June of 2003. At sale, it was 98% occupied and generated in excess of 25% current cash returns to investors. Additional tenants include Walgreens, Stop & Shop, and TGI Fridays, creating a significant community retail destination. The property was recognized as 2004 Building Owners and Managers Association (BOMA) Project of the Year in Massachusetts.
The project has helped bring needed economic development to Mission Hill, creating a gateway project for the community and offering significant public space and an urban park.
After constructing the property for $48.5M ($243 PSF), NBF successfully sold the asset in 3/2010 for $96.8M, or $484 PSF, taking advantage of high investor demand for core assets.