BOSTON, MA - May 7, 2014 - HFF announced today that it has closed the sale of the Vertex Pharmaceuticals Incorporated global headquarters, a two-building, state-of-the-art property on Boston`s Fan Pier.
HFF marketed the asset exclusively on behalf of the seller, The Fallon Company and an institutional investor advised by Cornerstone Real Estate Advisers LLC. Senior Housing Property Trust ("SNH") purchased the property for $1.125 billion.
Completed in December 2013, the Vertex Pharmaceuticals headquarters consists of two 16-story towers with office/research space, ground floor retail space and a 740-space garage. Vertex has leased the office/lab component of the property in its entirety through 2029. The property is located at 50 Northern Avenue and 11 Fan Pier Boulevard directly on the waterfront on Boston`s Fan Pier in the growing Seaport District of Boston.
The HFF investment sales team representing the seller was led by executive managing director John Fowler, senior managing director Coleman Benedict and director Ben Sayles.
According to Benedict, "It was a thrill to work on this seminal transaction. SNH purchased two world-class buildings in one of the hottest submarkets in the country. This transaction is a true validation to the exceptional impact that Fallon and Cornerstone have made on the city of Boston through the development of Fan Pier, which is one of the premier mixed-use developments in the country."
The Fallon Company LLC (www.falloncompany.com) is one of Boston`s premier real estate investment and development companies. Founded in 1993, The Fallon Company LLC has been involved in a portfolio of notable projects that continue to define the Boston Skyline. In addition to Fan Pier, Fallon has been an owner and developer of several other projects on the waterfront including The Westin Boston Waterfront Hotel, Park Lane Seaport Apartments and the Renaissance Boston Waterfront Hotel.
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, please visit www.cornerstoneadvisers.com.
Senior Housing Properties Trust is a real estate investment trust, or REIT, which owns independent and assisted living communities, medical office buildings, nursing homes and wellness centers throughout the United States. SNH is headquartered in Newton, Massachusetts.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
HFF Executive Managing Director
HFF Senior Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via GlobeNewswire