Tishman Speyer has sold the Pier 4 office building in Boston’s Seaport District for $450 million.
CommonWealth Partners purchased the 372,372 s/f asset for $1,208 psf, the highest price ever achieved for a Boston office property.
Located at 200 Pier 4 Boulevard, the 13-story Pier 4 office building was designed by Elkus Manfredi Architects of Boston, completed in May 2018 and certified LEED Gold.
The tower is anchored by the Boston Consulting Group as their global headquarters and also serves as the global headquarters of Cengage Learning and Man Numeric.
It features an array of retail offerings including the soon to open Tatte, a roof terrace with living walls, fitness center, bicycle storage and three levels of parking.
In the future, office tenants’ employees and Bostonians will enjoy outdoor public spaces that include an on-site one-acre waterfront park and the Boston Harbor Walk.
Tishman Speyer is currently also developing the final phases of the landmark Pier 4 mixed use project; a nine story boutique condominium project, one acre public park, and new section of the Harbor Walk and sea steps; providing a new public space for Bostonians and visitors to the Seaport.
Located next to the Institute of Contemporary Art, the SHoP-designed landmark will offer 106 homes.
“From the beginning, the Pier 4 site presented Tishman Speyer with a unique opportunity to create Boston’s finest modern mixed-use development,” said Managing Director Jessica Hughes, who heads the firm’s Boston regional office. “We were able to assemble the finest design and construction team to create a trophy office building worthy of the world-class companies who have chosen to locate their headquarters there. We are pleased to contribute to the built environment and return public access to the waterfront at Pier 4 upon the completion of the Pier 4 Residences and park in 2019.”
“We congratulate CommonWealth Partners on this great addition to the firm’s portfolio. And we thank the City of Boston, the Commonwealth of Massachusetts, and the waterfront community for sharing our vision for this property and working with us to bring it to full realization.”