BOSTON—Senior Housing Property Trust of Newton,MA has closed on the $1.125-billion acquisition of the two-buildingVertex Pharmaceuticals global headquartersproperty at Boston's Fan Pier.

|

The closing on the property at 50 Northern Ave. and 11 Fan PierBlvd. was reported by HFF, which marketed theproperty on behalf of the seller, the FallonCompany, and an institutional investor advised byCornerstone Real Estate Advisers LLC.

|

The complex, which was completed in December of last year,features two 16-story twin towers with office/research space,ground floor retail space and a 740-space garage. Vertex has leasedthe office/lab component of the property through 2029.

|

The HFF investment sales team representing the seller was led byexecutive managing director John Fowler, seniormanaging director Coleman Benedict and directorBen Sayles.

|

“It was a thrill to work on this seminal transaction,” Benedictsays. “SNH purchased two world-class buildings in one of thehottest submarkets in the country. This transaction is a truevalidation to the exceptional impact that Fallon and Cornerstonehave made on the city of Boston through the development of FanPier, which is one of the premier mixed-use developments in thecountry.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.