X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A Goldman Sachs subsidiary is set to sign a $93-million deal that would give it ownership of the last 17 buildings along the Boston waterfront owned by Boston Wharf, the firm that developed the properties in the 1800s. The Archon Group has offered to buy the properties in the Fort Point Channel area which is quickly being developed as part of the city’s Seaport District. The pending sale would give Archon control of the 17 buildings and a vacant lot with approximately 1.2 million sf of space. About 80% to 85% of the space is leased.

Robert Kenney, president of Boston Wharf, says the firm is in the process of negotiating the purchase and sale of the properties and expects to close on the deal within the next few days. Boston Wharf, which once owned a portfolio of 79 buildings and more than a dozen other pieces of land, developed the properties in the 1800s after filling in the area around Fort Point Channel.

Representatives from Archon at both the company’s corporate headquarters in Irvine, TX and its Boston office did not return phone calls seeking comment. Real estate insiders, however, tell GlobeSt.com that the property is set to be sold to Archon for $93 million. Boston Wharf has been trying to find a partner to redevelop the property for several years and had negotiated with both Lehman Brothers Inc. and the Rockport Group in an effort to take ownership of the buildings.

Boston Wharf tried to sell about 55 buildings to Tishman Speyer Properties of New York City for about $400 million in 2003 but that deal fell through. Portions of the properties have since been sold for a total of $220 million.

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

Once you are an ALM digital member, you’ll receive:

  • 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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.