Carr Properties acquires joint venture interest of One Congress from National Real Estate Advisors to develop landmark office tower at Bulfinch Crossing
Boston – National Real Estate Advisors, LLC (“National”) is pleased to announce that Carr Properties (“Carr”) has entered into a joint venture on the One Congress office development project in downtown Boston. Carr joins National and its Boston-based development partner, The HYM Investment Group, LLC (“HYM”), in developing the planned 43-story, one-million-square-foot office tower.
One Congress is part of Bulfinch Crossing, the 4.8-acre, 2.9-million-square-foot redevelopment of the Government Center Garage that will transform the above-grade parking garage into an iconic mixed-use district in the heart of downtown Boston. The project’s central location ensures easy access to public transit and a wealth of restaurants, shopping and neighborhood amenities. The venture anticipates commencing construction of One Congress in the summer of 2019.
Jeffrey Kanne, President and CEO of National, said: “We are pleased to be able to partner with the Carr team on One Congress as they are known for their distinguished track record of superior quality developments. This redevelopment exemplifies National’s commitment and dedication to enhance cities, create jobs, and generate returns for our investors in modern, vanguard assets.”
Tom O’Brien, Managing Director of The HYM Investment Group, also spoke to the impact this project will have on Boston’s Bulfinch Triangle Historic District. “We are excited to continue the redevelopment of this project, which is already well underway with the ongoing construction of the 480-foot tall, 45-story apartment tower. Bulfinch Crossing will transform an underutilized parking garage into a residential, office, retail and hotel masterplan, bringing significant growth and vibrancy to this neighborhood.”
Carr Properties Founder and CEO, Oliver T. Carr, III said, “We are excited and honored to be able to join with National and HYM in this signature office development for the city of Boston. One Congress is a transformational development that will offer a best-in-class environment combining tremendous quality workspace and in-building amenities.”
About Bulfinch Crossing
Spanning two city blocks at the geographic center of Boston’s urban evolution, Bulfinch Crossing is a 2.9-million-square-foot mixed-use development. Situated atop two MBTA subway lines, a short walk from the City’s main transportation hubs, and a mere five-minute drive from Logan Airport, Bulfinch Crossing sets a new standard for transit-oriented development.
Bulfinch Crossing will be anchored by One Congress, a one-million-square-foot office tower that will rise more than 500 feet, providing unrivaled views of Boston. The iconic design by the internationally renowned firm Pelli Clarke Pelli Architects will also offer unparalleled visibility for large corporate users.
The first phase 46-story, 480-foot tall residential tower at 100 Sudbury is well underway and will include 368 rental units and 55 condominium units. The residential tower will offer unmatched 360-degree views along with a top-of-the-line amenity package.
In total, the project will include 812 residential units, 196 hotel rooms, 1.15 million square feet of office space and 85,000 square feet of new retail that will activate the area and complement the established surrounding neighborhoods. The project will create a one-acre rooftop amenity on the west parcel and a 1+ acre urban, public plaza on the east parcel. At completion of the overall redevelopment, the remaining portions of the existing garage will contain approximately 1,100 parking spaces, providing parking for both public use as well as on-site uses. The construction of this development project will provide more than 1,200 construction jobs. For more information, please visit www.bulfinchcrossing.com.