Boston Redevelopment Authority approve 321 Harrison Avenue development

321 Harrison Avenue - Boston, Mass.

Boston, MA Nordblom Company and Rubenstein Partners, L.P. are proceeding with development plans for 321 Harrison, an eight-story, 230,000 s/f, class A office property, following a vote by the Boston Redevelopment Authority (BRA) approving the project. Affiliates of Rubenstein and Nordblom acquired the 321 Harrison Ave. development site, and the adjacent existing office building at 1000 Washington St., for $75 million in January 2015.

“We’re pleased to receive BRA approval for this exciting project,” said Ogden Hunnewell, executive vice president and partner of Nordblom. “This is an opportunity to build a great building that will continue the strong momentum we are seeing in this up-and-coming mixed use area of Boston, adding high quality space into a submarket with limited supply.”

“321 Harrison is positioned in the midst of a transforming urban neighborhood that we believe is poised for further growth,” said Deke Schultze, senior vice president of Rubenstein Partners, L.P., and director of the New England region. “We plan to create headquarters-quality corporate office space in this outstanding location and tap into the increased demand we are seeing here.”

The Rubenstein/Nordblom partnership was particularly drawn to the site’s location in an improving section of the downtown South End/Back Bay office submarket. 321 Harrison Ave. and 1000 Washington St., which together would comprise 466,000 s/f and are planned to be connected at the lobby level under the approved development plan, are centrally located near an array of amenities, including retail and dining opportunities. Ease of access is provided by entrance ramps to the Massachusetts Turnpike, Southeast Expressway and I-93 a short distance away. Logan International Airport is a seven-minute drive from the site, which is also served by the MBTA’s Silver Line and offers shuttle service to South Station.

Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern U.S.  The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in markets in the Eastern U.S. that encompass more than two-thirds of U.S. office space inventory.  Rubenstein Partners’ predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10 million s/f of office real estate assets throughout the Eastern U.S.

Nordblom Company is a real estate enterprise with a 90-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Mass. with offices in Boston, Brookline, and Raleigh, NC, Nordblom Company has $1.2 billion in assets under management.