Overview
- Oxford Properties completed the purchase of One Marina Park Drive for $435 million, according to Aug. 18 deed records and the company’s press release.
- The transaction covered an 18-story office tower of about 497,000 square feet and the adjacent parking garage in separate deals, with Clarion Partners as the seller that had paid $482 million for the asset in 2019.
- The building is roughly 99% leased to tenants in venture capital, legal and financial services, and veterinary drug firm Dechra signed a 28,000-square-foot lease in March that strengthened the income profile.
- Oxford said this is its first core office acquisition in nearly a decade and described the property as an example of the premium, well-amenitized assets it plans to target in gateway cities.
- The buy expands Oxford’s Boston holdings to about 3.2 million square feet and links to the firm’s work with Pappas Enterprises on a proposed 1.5 million-square-foot Seaport redevelopment that could change nearby waterfront uses.