PROPERTY: Square Footage: 200,000 SF

PROPERTY TYPE: Office/Retail

• 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.