Carr Properties, National Real Estate Advisors and the HYM Investment Group Break Ground on One Congress
Mayor Martin J. Walsh, Carr Properties, National Real Estate Advisors and The HYM Investment Group broke ground today on One Congress, the 600-foot tall office tower that will house the future headquarters of State Street Corporation. The building, part of the Bulfinch Crossing redevelopment, is owned through a 50-50 joint venture between Carr Properties and National Real Estate Advisors on behalf of a client; The HYM Investment Group, LLC. is the developer of the project.
Designed by world-renowned architects Pelli Clarke Pelli, One Congress will rise to 600 feet, becoming a new fixture of the Boston skyline, and providing employees that occupy the one million square feet of new class A office space with breathtaking panoramic views of the city, the Boston Harbor, Financial District, and the Charles River. One Congress will offer access to world-class amenities such as a one-acre, outdoor roof garden on the eleventh floor, over 30,000 square feet of fitness, wellness, food and beverage offerings, as well as bike facilities and copious parking.
This groundbreaking event marks the ceremonial beginning of construction on the office tower portion of the Bulfinch Crossing project, which is slated to be completed by the end of 2022.
"As the future home for State Street's headquarters, One Congress will fuel economic development and pedestrian activity in Bulfinch Crossing," said Mayor Walsh. "Once complete, this transformational project will support our city, creating income-restricted housing units and contributing over $12 million in linkage funding to support additional affordable housing and workforce development programming."
Situated at the epicenter of prime transportation options—three blocks from North Station, immediate access to the Haymarket MBTA Station (located on site), with proximity to Logan Airport, and I-93 and I-90, and featuring a 99-point Walk Score—the office tower embraces transit-oriented development and a multi-modal future. Likewise, One Congress'proximity and accessibility to the Rose Kennedy Greenway and other iconic Boston neighborhoods that surround it such as the North End, Beacon Hill, and West End, provide a dynamic ground-level experience, making it one of the most sought after places to work in the city.
"We are very excited to be working alongside Carr Properties and HYM on this transformative office tower," said Jeff Kanne, President, and CEO of National Real Estate Advisors. "One Congress exemplifies National's commitment to building modern, vanguard assets which generate returns for our investors, strengthen communities, and create good jobs."
"We are incredibly excited about One Congress. This is a generational opportunity to own and develop an iconic building that will contribute to the fabric of Boston for many years to come. Additionally, we are thrilled to welcome State Street as our customer and we look forward to building a tremendous long-term relationship with them" said Oliver Carr, Chief Executive Officer of Carr Properties.
In January 2019, State Street Corporation, the Boston-based Fortune 500 financial services firm, announced that it would be relocating its headquarters to One Congress, occupying 510,000 square feet of the one million square feet that the building will offer.
"State Street is honored to make history in Boston again as the anchor tenant of One Congress; a landmark building that is setting the standard for sustainable design and new ways of achieving workplace creativity and connectivity," said Ron O'Hanley, president and chief executive officer of State Street. "We are today a global company with offices in 28 countries around the world, but throughout our history, we have always been headquartered in Boston. We are delighted to break ground on our new headquarters and look forward to many more years of contributing to a sustainable and inclusive future for the Commonwealth of Massachusetts and the city of Boston, our home for more than 227 years."
Bulfinch Crossing is transforming the existing Government Center garage site into one of the most vibrant developments in downtown Boston, and upon completion, will feature over 2.9 million square feet of first-class residential, office, hotel and retail offerings featuring more than 800 residential units, 200 hotel rooms, 1.15 million square feet of office space, and 82,500 square feet of new retail.
"Once completed, One Congress will stand as one of the most distinctive and defining buildings built in Boston in the last two decades," said developer Thomas N. O'Brien, founding partner and managing director of The HYM Investment Group. "Demand for office space in the city has never been higher, and with our partners in One Congress, we are bringing over a million square feet of new, Class A office space onto the market to meet that demand in an accessible location where Bostonians want to live and work."
Next Section of Government Center Garage Demo Moves Forward to Make Way for One Congress
As the residential tower at Bulfinch Crossing continues to rise, demolition of the helix on the other side of the garage is wrapping up to make way for the next phase of this massive development project, One Congress. One Congress will feature 1 million square feet of Class A office space, a large portion of which will be the new home to State Street, who announced in January that they will be moving their global headquarters here in 2023.
One Congress, designed by Pelli Clarke Pelli Architects, will offer unrivaled views and unparalleled visibility across the Boston skyline. A focus on hospitality will also be paramount at One Congress with tenant amenities including a fitness center, grand three-story lobby, and one-acre landscaped terrace.
Facade Install Begins for Residential Tower at Bulfinch Crossing
Facade install has started for the residential tower at Bulfinch Crossing. The elegant and unique "pin-striped" design for the tower was created by CBT Architects.
The 45 story tower will include 486 luxury homes, 368 rental apartments, and 55 condominiums. Resident amenities will include a rooftop garden, sky lounge, a terrace with panoramic city views along with a fitness center and yoga studio.
The first units at Bulfinch Crossing are expected to welcome residents in Spring 2020.
State Street Announces New Boston Flagship Headquarters
State Street Corporation (NYSE: STT) announced today that in 2023, its new global headquarters in Boston will be One Congress Tower. To be located at Bulfinch Crossing – a major redevelopment project in downtown Boston which will create six new high-rise and mid-rise buildings – One Congress will break ground in the summer of 2019.
Designed by Pelli Clarke Pelli Architects, One Congress will have many attractive design and infrastructure features and will enable State Street to lower overall operating and occupancy costs and offer employees a working environment that will foster increased collaboration and productivity. As with State Street’s Channel Center offices, the building will be LEED (Leadership in Energy and Environmental Design) Gold® certified – an independent standard that verifies sustainable building design.
“State Street has called Boston home for 226 years, and today’s announcement reinforces our continued commitment to this thriving and distinctive city,” said Ron O’Hanley, president and chief executive officer of State Street. “The workforce of the future is pushing us to rethink how and where we operate. Employees in today’s highly digitized world need space to collaborate and access state-of-the-art technology that supports flexible working and connectivity to support our clients. We have seen great success with our Channel Center building in the Seaport that was designed for this purpose, and we are confident that One Congress will deliver an equally productive and successful environment.”
State Street’s building at One Channel Center in Boston’s Seaport, opened in 2014, is not impacted by this relocation with a long-term lease until 2030.
Permit Pulled for Additional Demo of Government Center Garage
As construction continues on the residential tower at Bulfinch Crossing a new permit has been issued for further demolition of the garage. This next phase will demo an 8-story parking ramp and also 2 floors of office space that sit on top of the garage.
When all phases of Bulfinch Crossing are complete the project will total 2.9-million-square-foot of mixed-use space spread over six buildings. All the buildings will be situated around a dynamic public plaza that will connect the Bulfinch Triangle neighborhood, the Rose Fitzgerald Kennedy Greenway and Congress Street.
Construction on the first phase, the residential tower is set to be complete in spring 2020.
Plumbing Permit Issued for Residential Tower at Bulfinch Crossing
A plumbing permit has been issued for the Residential Tower at Bulfinch Crossing. The 45 story tower will feature 423 unit residential units ( a mix of apartments and condos). Luxury resident amenities will include a 9th-floor outdoor pool deck, 32nd-floor sky lounge, and top floor roof deck. First units at the project are set to be available in spring 2020.
Framing Begins for Residential Tower at Bulfinch Crossing
Framing has started for the 480-foot Residential Tower at Bulfinch Crossing. This first phase of the development will feature 368 rental apartments and 55 condominiums. The luxury building will offer resident amenities including a rooftop lounge and gardens. The first units are expected to be available in Spring 2020.The second phase of the project a 1-million-square-foot Class A office building known as One Congress is expected to be complete in 2023.
Interior Core Climbing for Residential Tower at Bulfinch Crossing
Foundation work is wrapping up on the upcoming 423 unit residential tower at Bulfinch Crossing. The core of the structure is rising for what will consist of 368 apartment units and 55 for-sale condominiums on the top eleven floors. Amenities at this luxury building will include a state-of-the-art fitness facility, 9th-floor outdoor pool and pool deck, 32nd-floor sky lounge with sky terrace, 45th-floor roof deck, chef demonstration kitchen & dining room, children’s playroom, golf simulator, resident lounge/game room and dog spa. Representatives at HYM confirmed the building is on track for delivery of first units in spring 2020 with condo units to follow in early fall of that year.
Electrical Permit Issued For Bulfinch Crossing DevelopmentAn electrical permit has been issued for 100 Sudbury Street, the west parcel of the project that will include a 45-story, 480-foot-tall luxury residential apartment building. This is the first structure built and will feature 368 apartments and 55 condominiums for a total of 423 residences. The building will replace the existing government center garage. with a total construction gross of 610 000 square-feet. The structure will consist of concrete core columns and post tension slabs. The exterior envelope will consist of glass and metal panel curtain-wall with a TPO membrane roof.All of the future buildings will be organized around a dynamic public plaza that will connect the Bulfinch Triangle neighborhood, the Rose Fitzgerald Kennedy Greenway and Congress Street.
Building permits have been filed for 100 Sudbury street, the west parcel of the project that will include a 45-story, 480-foot-tall luxury residential apartment building. This will be the first structure built and will feature 368 apartments and 55 condominiums for a total of 423 residences. The structure will replace the existing government center garage. with a total construction gross of 610 000 square feet. The structure will consist of concrete core columns and post tension slabs. The exterior envelope will consist of glass and metal panel curtain-wall with a TPO membrane roof.All of the future buildings will be organized around a dynamic public plaza that will connect the Bulfinch Triangle neighborhood, the Rose Fitzgerald Kennedy Greenway and Congress Street.
Phase I of Suffolk Downs redevelopment moves forward, bringing 520,000 square feet of office space to East BostonLive: 1.4 acres of open space, 2,500 square foot community space in building/plazaWork: 2,500 office jobs, 400 construction jobsConnect: 100 low-emission parking spaces, 19-dock bikeshare stationSize: 520,000 square feetSuffolk Downs Phase I represents a 1,092,655 square-foot portion of the larger 4,756,315 square foot parcel known as Suffolk Downs. Phase I includes 520,000 square feet of office space, in two approximately 260,000 square foot buildings, with supporting corporate space on the ground floor. Both buildings will be approximately 124 feet tall, and will include terraced outdoor spaces with a landscaped, open-air walkway between the two buildings. The two buildings will share approximately 500 parking spaces. Approximately 12 acres of existing open space will remain as-is, and approximately 1.4 acres of new open space will be developed, including pedestrian access to the adjacent Suffolk Downs MBTA Blue Line station.The buildings will be designed with energy conservation measures to achieve an Energy Use Intensity (EUI) of 44 compared to 59 for conventional buildings, resulting in an approximate 24 percent energy usage savings and an approximate 22 percent reduction in stationary source greenhouse gas emissions. The project will integrate the stormwater management system into the open space network, to address potential increases in storm intensity due to anticipated climate change, in accordance with recent Boston Water and Sewer Commission guidance.The project will include approximately 2,500 square feet of community space for use by the East Boston community, as well as a historical display commemorating the history of Suffolk Downs.To increase safety at the vehicular entrance to the site, the site entrance at Route 1A and Tomasello Drive (a private onsite drive) will be improved to physically deter illegal left turns from the site onto Route 1A headed southbound, through construction of a barrier/extension of the existing Route 1A median, in partnership with MassDOT.The project will result in a payment of nearly $3.5M in linkage funds for the Neighborhood Housing Trust, and nearly $700,000 for the Neighborhood Jobs Trust, to create affordable housing and workforce development opportunities.
$250 million construction loan secured for Bulfinch Crossing Phase I residential tower
The HYM Investment Group and National Real Estate Advisors have secured $250 million in construction financing for 100 Sudbury Street, an under-construction 46-story residential tower that is the first phase of Downtown Boston’s $2 billion, 2.9-million-square-foot Bulfinch Crossing development. The 15-year loan was arranged by Holliday Fenoglio Fowler, L.P. (HFF) through Pacific Life Insurance Company and will allow the 480-foot-tall tower, which will feature 368 apartments and 55 condominiums, to rise. The loan follows a $180 million short-term, floating-rate loan secured for the Government Center Garage property, which Bulfinch Crossing will replace, last summer. The $180 million loan was provided through Oxford Properties Group and arranged by HFF.
Demolition of the garage section located at 100 Sudbury Street, which the tower will replace, was recently completed. Work on the tower’s foundation is now underway. The tower will feature amenities including an outdoor pool, three roof decks, a fitness center and yoga studio, a clubroom, a children’s playroom, a golf simulator room, a full chef’s kitchen and an outdoor dog run and dog spa. The tower is expected to open in 2020.