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JV sells Boston building to Clarion Partners affiliate for $482M

A joint venture between The Fallon Co. LLC and Barings LLC sold the One Marina Park Drive office tower in Boston to an affiliate of Clarion Partners LLC for $482 million.

Completed in 2010, the 18-story office property in the Seaport district spans 491,573 square feet with street-level retail space. The LEED gold-certified building is fully let to tenants such as Fish & Richardson, Enel X, Intarcia Therapeutics, Gunderson Dettmer, Battery Ventures and Polaris Ventures.

The sellers started looking for bidders in September with an expected sale price of approximately $500 million.

JLL arranged the transaction.