Oxford Properties Acquires Boston Seaport Tower for $435M in Largest Office Deal in Five Years — Jones Lang LaSalle Incorporated

Event summary

Oxford Properties acquired One Marina Park Drive in Boston's Seaport District for $435 million, the largest pure-play office sale in Boston in the last five years.
The 494,938-square-foot office tower is 99% leased and benefits from LEED Gold and WiredScore Platinum certifications.
JLL led the sales efforts, highlighting strong institutional interest in supply-constrained, top-performing office markets.
The Seaport District ranks as a top-three nationally performing office micro-market with 98% Tier 1 occupancy.
The transaction underscores renewed investor confidence in Boston's innovation-driven office market.

The big picture

The $435 million sale of One Marina Park Drive signals a strategic shift in institutional capital towards irreplaceable, high-performing office assets in supply-constrained markets. This transaction, the largest office deal in Boston in five years, reflects growing confidence in the Seaport District's long-term value, driven by its strong occupancy rates, limited new construction, and proximity to key amenities and transportation hubs. The deal underscores a broader trend of investors prioritizing assets with durable cash flow and significant rent growth potential in top-tier urban markets.

What we're watching

Institutional Appetite: How sustained institutional interest in trophy assets will affect pricing and competition in supply-constrained markets.
Rent Growth Potential: Whether the 22% Tier 1 rent growth since 2019 in the Seaport District can be maintained amid economic uncertainties.
Market Dynamics: The pace at which new speculative supply could emerge in Boston's Seaport District, given the 48% rent gap required to justify construction.