Press Release December 17, 2018

Skanska Sells 100 Percent Leased 121 Seaport Office Property

The Real Estate Transaction Services team advised Skanska USA Commercial Development on the completion of its sale of 121 Seaport, a 17-story, 400,000-square-foot, LEED® Platinum office tower that sits atop two stories of 50,000 square-feet of world-class retail. The building’s divestment completes Skanska’s development, construction, leasing and sale of the most sustainable block in Boston comprised of 101 Seaport, 121 Seaport, Harbor Way and Watermark Seaport.

Skanska sold the property to a joint venture between American Realty Advisors and Norges Bank Real Estate Management for a purchase price of $455 million. This sale comes one year after Skanska achieved the 100-percent leased milestone by signing headquarters leases with PTC and Alexion Pharmaceuticals in September 2017, with Goodwin’s Real Estate Leasing team advising Skanska.

121 Seaport is situated in the heart of Boston’s booming Seaport District, across from District Hall and Seaport Square Green. Its three-story lobby faces Boston Harbor and opens onto Harbor Way, an expansive 70-foot-wide pedestrian retail promenade located between 101 and 121 Seaport with 20,000 square feet of tree-lined open space and retail, and an AR-enabled interactive walking museum recounting the Seaport’s history.

Skanska USA is one of the largest, most financially sound development and construction companies in the U.S., serving a broad range of clients including those in transportation, power, industrial, water/wastewater, healthcare, education, sports, data centers, government, aviation and commercial.

The Goodwin team was led by partner Alex Randall and associate Reade Everett, with support from associates Jennifer Schultz, counsels Robert Fitzgerald and Nathan Brodeur.

For additional details on the acquisition, please read the press release.