Proprietor Fortis Property Group has accomplished a $1 billion-plus refinancing of One Lincoln, a 36-floor, 1.1-million-square-foot Class A workplace tower in Boston.
The refinancing proceeds reportedly will go towards repaying present debt and offering greater than $200 million in capital upgrades geared towards wellness and life-style facilities, in addition to future leasing prices.
As well as, One Lincoln has gained a brand new anchor tenant, HarbourVest Companions, a number one world personal markets agency. The Boston-based personal fairness firm has signed a long-term lease for greater than 250,000 sq. ft of workplace house throughout 11 flooring.
Joel Kestenbaum, president of Fortis Property Group, mentioned in a ready assertion that the lease deal was “practically a yr within the making.”
HarbourVest will transfer its Boston headquarters and all of its greater than 650 Boston-based staff to One Lincoln, the place it can substitute State Road Corp. because the constructing’s title tenant. HarbourVest expects to maneuver into the constructing in 2025.
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Accomplished in 2003, One Lincoln options greater than 1.1 million sq. ft of workplace house and 900 parking areas. Following this refinance, it will likely be present process main capital enhancements together with a whole renovation of the foyer, meals providers and amenity middle, in addition to reconfigured floorplates.
A various set of facilities will embrace an array of eating choices, together with an artisanal market, biergarten, al fresco seating and eating house. Well being and wellness areas will encompass a rooftop tennis courtroom and basketball courts, a boxing ring, health middle, and 1/8-mile out of doors strolling path. The constructing may also characteristic versatile areas with stadium seating that can be utilized for exhibitions, talking occasions or personal gatherings.
Large buildings, massive leases
At the start of 2019, State Road Corp. signed a lease for its new headquarters, 510,000 sq. ft at One Congress, a 1 million-square-foot workplace tower then beneath growth as a part of Boston’s six-building Bulfinch Crossing venture. The 15-year lease is ready to start out in 2023, when State Road’s lease at One Lincoln expires.
Boston’s workplace market is bedeviled at present by massive workplace conversions within the suburbs, which contributed to adverse metro-wide absorption of practically 1 million sq. ft, in response to a second-quarter report from JLL. Thankfully, the CBD is extra steady, with optimistic absorption for the third consecutive quarter.
