Carr Increases Stake in Boston Office Tower

BOSTON—Carr Properties has increased its ownership interest in the One Congress office tower currently under construction here to 75%.

Washington, DC-based Carr Properties first invested in the project in a 50-50 joint venture in May 2018 with National Real Estate Advisors, LLC. Boston-based The HYM Investment Group is serving as the local developer for the 1-million-square-foot office tower.

No financial terms of the transaction were disclosed.

“We are very pleased to have increased our ownership in One Congress. We continue to believe that One Congress will be an exceptional addition to the fabric of Downtown Boston, and we feel very fortunate to be in partnership with such high-quality firms as National Real Estate Advisors and The HYM Investment Group,” says Oliver Carr, CEO of Carr Properties.

One Congress will be a 600-foot tall office tower designed by world-renowned architects Pelli Clarke Pelli. The Class-A office building’s amenities include more than 30,000 square feet of fitness, wellness, and upscale food and beverage offerings; bike facilities; a one-acre rooftop garden on the 11th floor; and abundant parking.

“HYM is proud of our partnership with Carr Properties, and we are honored to be their local development team for this project,” said Thomas N. O’Brien, founding partner and managing director of The HYM Investment Group. “When completed, the One Congress office tower will be a transformative landmark on Boston’s skyline and offer a million square feet of office space for Boston companies with unparalleled amenities, views and location.”

One Congress is located three blocks from North Station, with on-site access to the Haymarket MBTA Station, and is near Logan Airport, I-93, and I-90. It also has access to the Rose Kennedy Greenway and other Boston neighborhoods such as the North End, Beacon Hill, and West End.

Construction on the office tower portion of the Bulfinch Crossing project began in late June and is slated to be completed by the end of 2022.

In January, the building ownership announced that State Street had signed a lease for approximately 510,000-square feet at the One Congress tower and will be the anchor tenant at the property.

Upon completion, One Congress will be Carr Properties second building in Boston after its recent acquisition of 200 State St.