Fortis Property Group Closes $1B Refinance for Boston Office Asset

BOSTON, MA – National real estate developer Fortis Property Group has closed a more than $1 billion refinancing of One Lincoln, a class A office building in Boston’s Financial district. The loan proceeds will be used to repay existing debt and provide more than $200 million in capital upgrades geared toward wellness and lifestyle amenities and future leasing costs.

Fortis Property Group has additionally secured Boston-based, global private equity firm HarbourVest Partners as the building’s new anchor tenant. HarbourVest Partners has signed a more than 250,000-square-foot, long-term office lease at the property that encompasses 11 floors.

As a part of the lease agreement, HarbourVest Partners will replace State Street Corp. as the building’s namesake. The private equity firm plans to move its Boston headquarters and its more than 650 Boston-based employees into the building in 2025.

“HarbourVest has been headquartered in Boston since our founding 40 years ago, and we are excited to continue growing our presence locally in this dynamic city,” says John Toomey, managing director at HarbourVest Partners. “One Lincoln is an iconic building that will help create a best-in-class workplace experience for our team.”

“One Lincoln’s milestones would never have been possible without the commitment and assistance of Mayor Wu’s office, as well as Boston City Council president Ed Flynn, to revitalize Downtown Boston and support Chinatown nonprofits,” states Jonathan Landau, CEO of Fortis Property Group.

One Lincoln comprises more than 1.1 million square feet of office space and 900 parking spaces. Built in 2003, the trophy office tower is currently undergoing major capital improvements, including renovations to the lobby, food services and amenity center, the reconfiguration of floorplates and the addition of  various indoor and outdoor amenities.

Upon the improvements, One Lincoln will offer an array of dining experiences, including an artisanal market, biergarten, al fresco seating and dining space, and health and wellness spaces, including rooftop tennis and basketball courts, a boxing ring, a state-of-the-art fitness center and 1/8-mile outdoor walking trail. The building will also feature flexible spaces with stadium seating to be used for exhibitions, speaking events or private gatherings.

“On behalf of Mayor Michelle Wu, I wish to express my congratulations and appreciation to the teams at HarbourVest Partners and Fortis Property Group on this significant effort to ensure that a local institution will both stay and grow in one of the most vital areas of our city,” says Segun Idowu, Boston’s chief of economic opportunity and inclusion. “By moving to One Lincoln, HarbourVest Partners is leading the way in reimagining the future of work, advancing the city’s priority to revitalize our Downtown, and making a long term investment that will ensure the vibrancy of our local small businesses and our residents for years to come.”

“We are reimagining the post-Covid office environment and One Lincoln signifies the beginning of a new era for workplaces in Boston,” states Landau. “It has been a pleasure getting to know and working together with the HarbourVest team on this transaction. We both recognized the tremendous demand for luxury office space that is amenitized with unparalleled wellness and lifestyle driven experiences in today’s office environment.”

“This is an important moment for our firm and all of our partners, and we couldn’t be prouder to see this deal come to fruition after nearly a year in the making,” says Joel Kestenbaum, president of Fortis Property Group.