Boston Global Investors Sells Boutique Office/Retail Building to a Member Company of Zurich North America (Zurich), Advised by Zurich Alternative Asset Management, LLC (ZAAM), its Alternative Investment Adviser
Newmark Knight Frank (NKF) has successfully completed the sale of 55 Seaport Boulevard in Boston, Massachusetts to Zurich for $23.5 million. Led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen, Managing Director Justin Smith, Director James Tribble and Associate Director Samantha Hallowell, NKF’s Boston Capital Markets group, in conjunction with NKF Executive Managing Directors David Martel and Jonathan Martin, oversaw the transaction of the 13,500-square-foot office/retail building on behalf of Boston Global Investors (BGI). The ZAAM team was led by Roy Rosenbaum, director of acquisitions, and Sean Bannon, managing director and head of U.S. real estate.
Completed by BGI in 2016, 55 Seaport Boulevard is 100 percent leased to BGI, a leading real estate development and consulting firm, and Capital One (NYSE: COF), one of the 10 largest banks in the United States. The property serves as BGI’s headquarters facility and Capital One’s flagship Seaport District bank and 360 Café.
“55 Seaport Boulevard represents an exceptional ‘bite-sized’ investment in one of Boston’s most active development districts,” said Pullen. “The asset also enjoys strong visibility at the gateway to the Seaport District and across the bridge from Downtown Boston.”
55 Seaport Boulevard benefits from an unmatched location within Seaport Square, a 23-acre, 6.3 million-square-foot mixed-use development and the largest master-planned project in Boston’s history. Originally approved as a joint development of BGI, Morgan Stanley and WS Development, this brand-new urban neighborhood is slated to transform the Seaport District into a 24/7 place to live, work, shop and play with a vibrant mix of world-class office and research space, residences, retail shops, restaurants, hotels and cultural institutions. One Seaport Square, a key focal point of the development comprising two residential towers with 832 luxury apartment units and 250,000 square feet of retail space highlighted by a Kerasotes Showplace Icon movie theater, Equinox fitness center and Kings bowling alley, is located directly across from 55 Seaport Boulevard.
About Boston Global Investors (BGI)
Boston Global Investors (BGI) is a leading real estate development and consulting firm headquartered in Boston. Led by John Hynes and a team of experienced real estate professionals, BGI has decades of experience developing commercial, residential and mixed-use projects from landmark towers to city-scale development. Current projects include Seaport Square, a 6.3 million square foot urban neighborhood on Boston’s waterfront, the redevelopment of United Technology Corporation’s 46-acre Rocketdyne facility within LA Warner Center in Los Angeles, as well as large-scale master planning assignments in North America and Asia. BGI and its development team, BGI Development Advisors, have also recently completed construction on One Seaport Square and Yotel Boston. Together these two projects represent over 1.2 million square feet of new development in the Seaport.
John Hynes is a co-founder with Gale International in the Songdo International Business District (Songdo IBD), a massive US $35 billion, 100 million square foot master planned city in South Korea. Prior to forming BGI, Mr. Hynes and partners developed the 1.1 million square foot State Street Financial Center tower and the 500,000 square foot 101 Arch Street tower, both located in Boston. For more information, visit www.bginvestors.com.
About Zurich Alternative Asset Management
ZAAM is the alternative investment adviser to Zurich and its affiliates that is responsible for Zurich’s hedge fund, private equity and U.S. real estate investments. ZAAM runs a national core and core-plus acquisition program out of New York which targets office, retail, industrial and multi-family assets valued between $15 million and $100 million throughout 20 major markets in the United States. ZAAM currently manages approximately $2.3 billion of commercial real estate exposure in the Unites States for its various affiliated balance sheets. For more information, please visit www.zaam.com.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.