Boston’s real estate market is one of the most competitive in the country, thanks to its well-educated population, strong economy, and neighboring Ivy League universities that call the city its home. Residential buildings vary between brownstones equipped with old-world charm, to high-rise complexes with cutting-edge amenities. With rents that can climb into five figures and sales that can climb into the multimillion mark, movers and shakers, take note: one of these very sought-after buildings is for sale.
Cushman & Wakefield, a global leader in real estate transactions, recently announced its exclusive partnership with Park Lane Seaport to market for sale the 465-unit building. The building, constructed in 2006, is a joint venture between The Fallon Company and Cornerstone Real Estate Advisers, and is considered a crown jewel in seaport-area residential buildings. One Park Lane, as its known to its residents (which include tenant, hot restaurant Legal Test Kitchen, and professionals that live inside its twenty-one stories, alike), features over 18,000 square-feet of retail and restaurant space and is located on nearly two acres of land between South Boston and the Financial District. The residential amenities include 24-hour Tillinger’s concierge service, two rooftop terraces, a 4,000 square-foot state-of-the-art fitness club, community lounge, valet service, and garage parking, among other exclusive benefits.
Rumors have swirled that the building’s mortgage is worth over $110 million, and with rents rising throughout the city, a so-called “feeding frenzy” has been speculated, with the possibility of the sale surpassing $150 million or more.
Savvy investors, let the games begin.
Cushman & Wakefield’s Boston headquarters is located at 115 Summer Street, Boston, 617.345.0400