News: Front Section
Posted: January 4, 2019
Skanska sells 17-story 400,342 s/f 121 Seaport for $455 million - sale arranged by Maher, Pullen and Tribble of NKF
Boston, MA Newmark Knight Frank (NKF) has completed the $455 million all cash sale of 121 Seaport in the Seaport District, to a joint venture between American Realty Advisors and Norges Bank Real Estate Management. On behalf of Skanska, vice chairman Edward Maher, executive managing director Matthew Pullen and managing director James Tribble of NKF’s Boston Capital Markets team oversaw the transaction of the newly-constructed, 17-story, 400,342 s/f office tower.
Completed by Skanska in 2018, 121 Seaport’s construction is showcased by its distinctive elliptical design, angled glass façade and three-story lobby. The LEED Platinum-certified asset is 100% leased as the global corporate headquarters of two tenants: Innovative software firm PTC and biopharmaceutical company Alexion Pharmaceuticals. Its modern on-site amenities include three outdoor terraces, a three-level, below-grade parking garage, a tenant-only fitness center and 24/7 concierge service.
“121 Seaport’s condensed core facilitates virtually column-free office space with elevated 10’ ceiling heights and floor-to-ceiling glass, resulting in stunning panoramic views and some of the most efficient floor plates in Boston,” said Maher. “The asset also enjoys an irreplaceable location in the Seaport District, Boston’s newest core class A destination, with a commanding street presence.”
121 Seaport is one of Skanska’s three developments on Seaport Blvd. in the city. Skanska also developed 101 Seaport, which the company sold in 2016, and Watermark Seaport, which the company sold in 2017.
121 Seaport is located along Harbor Way, a 70’ wide park within Seaport Sq., which comprises 7.6 million s/f of recently completed and upcoming mixed-use development. A master planned neighborhood, the surrounding Seaport District benefits from activation by a synergistic mix of shopping, dining and entertainment options, residential communities and blue-chip corporate users.
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