Fortis Property Group, LLC is a private real estate investment, operating, management and development company headquartered in Brooklyn, NY.
Since 2005, Fortis has acquired and/or developed in excess of $3 billion of commercial real estate (over 8 million square feet) throughout the United States.
The company focuses primarily on Class A office and multi-family (rental and condo) residential properties, with one-off investments in other asset classes such as retail and industrial.
Jun 14, 2019
Dock Square Garage Addition Approved
The ten-level addition to the existing Dock Square garage has been approved by the BPDA. The addition will include 195 residential units along with private open space at the center of the 9th floor. While the project will reduce the current 698 publicly available garage parking spaces to 682 spaces, the redesign includes new valet services and mechanical lifts. In addition, the brick façade of the existing garage will be re-clad along its entire perimeter to create a warm-colored building base that fits into the context of the neighborhood. Once construction begins it is expected to last around 24 months.
Feb 06, 2019
WeWork Announces State Street Lease
WeWork has come a long way since their first coworking space in SoHo. The coworking giant announced on Monday that they will be leasing out the 11 floors (24th-34th) of One Lincoln, also known as the State Street building.
The 232,000 square foot lease will include 4,000 desks and push WeWork over the 1 million square foot mark of coworking space in the city. Currently, there is 2.5 million square feet of coworking space throughout the city of Boston and WeWork will control 41% of it.
The plan is to have the space open by Q3 of 2019.
Dec 06, 2018
Fortis Property Group Acquires Stake in 47-55 LaGrange Street
Brooklyn-based Fortis Property Group has acquired a stake in the development at 47-55 LaGrange Street in Boston's Downtown Crossing neighborhood for $17.7 million.
The approved 21-story tower which will feature 176 luxury residential units including studios, one-bedrooms, and two-bedrooms in the heart of Downtown Crossing. The tower’s facade will feature a mix of glass and precast panels. Units will be graced with floor-to-ceiling windows. 20 vehicle parking spaces and 176 bicycle storage spaces will be located on site. 47-55 LaGrange Street is expected to achieve LEED Silver efficiency certification.
Nov 21, 2018
Project Change Approved for Downtown Crossing Tower
The project change will bring the previously approved project for "up to 130 dwelling units" to a new total of "up to 176 dwelling units." No other aspects of the 47-55 Lagrange Street project, such as building size, will change.
The 21-story tower will feature 176 luxury residential units including studios, one-bedrooms and two-bedrooms in the heart of Downtown Crossing. The tower’s facade will feature a mix of glass and precast panels. Units will be graced with floor-to-ceiling windows. 20 vehicle parking spaces and 176 bicycle storage spaces will be located on site. 47-55 LaGrange Street is expected to achieve LEED Silver efficiency certification.
Feb 15, 2018
Renderings revealed of proposed condominium addition to Dock Square Garage overlooking Greenway
Fortis Property Group has revealed renderings of its' proposed addition of 195 condominium residences atop the existing Dock Square parking garage overlooking the Rose Kennedy Greenway. The spiral-shaped, glass-enclosed addition would be 10 stories tall, and would expand the garage to 17 stories and 209 feet tall as well as 535,000 square feet in size.
As part of the proposed redevelopment, the Dock Square Garage would be re-cladded with a modern facade. Parking capacity would be reduced slightly from 698 spaces to 682, and restaurant space would be reduced from approximately 15,000 square feet to approximately 8,000 to accommodate a new residential lobby.
Fortis aims to start construction of the proposed redevelopment in the second quarter of 2019. Completion is expected in the second quarter of 2021. Fortis has filed plans for the proposed redevelopment with the City of Boston, who is now reviewing the plans. The latest renderings of the proposed redevelopment are posted above.
Jan 08, 2018
Dock Square Garage buyer proposes 195-unit residential addition
Fortis Property Group, who acquired the six-story, 698-space Dock Square Garage in Downtown Boston for $170 million in September 2017, proposes to construct an “upward-spiraling” addition above the garage containing 195 residential units. Fortis has not yet disclosed whether units would be apartments or condominiums; 25 units would be designated affordable. The spiral-shaped addition would be nine stories high, increasing the garage’s height to 194 feet. As part of the project, the existing garage would be re-cladded. Renderings of the proposed addition have not yet been revealed; with the addition, the garage’s total parking capacity would be reduced to 538 spaces. The garage also contains 16,100 square feet of ground-floor retail home to Hard Rock Cafe. Fortis has filed a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA) formally proposing the project and will reveal additional plans in the coming months.
Sep 23, 2017
Dock Square Garage acquired by New York developer for $170 million
Fortis Property Group of New York has acquired the six-story, 264,462-square-foot Dock Square parking garage, situated on 1.2 acres steps from Faneuil Hall, for $170 million. The sale amounts to nearly $643 per square foot. MetLife Real Estate Investors provided $110 million in financing towards Fortis' acquisition. The Dock Square Garage's seller is Sullivan Properties, who originally developed the garage in 1980. The garage contains 698 parking spaces and 16,100 square feet of ground-floor retail. Existing zoning for the garage site would allow up to 125 feet of height, roughly 12 stories, on the parcel, allowing for the addition of new office or residential floors above the existing garage.
Newmark Knight Frank (NKF)'s Boston capital markets brokered the sale of the garage to Fortis. Fortis also owns the 36-story, 1-million-square-foot One Lincoln Street tower, fully occupied by State Street Corporation, which Fortis acquired for $889 million, or $889 per square foot, in 2006. “Dock Square Garage is among the top three highest-grossing parking facilities in Boston,” said NKF Executive Managing Director Matthew Pullen in a prepared statement. “The garage is directly surrounded by 24/7 demand drivers including Faneuil Hall, the North End, Rose Kennedy Greenway, TD Garden and 33 million square feet of Downtown office space.”
Jun 15, 2017
47-55 LaGrange Street, new mixed-use tower in Downtown Crossing, approved
47-55 LaGrange Street, a new 21-story mixed-use tower in the heart of Downtown Crossing featuring 176 residences, was approved at last night (June 15th, 2017)’s Boston Planning & Development Agency (BPDA) Board Meeting. Construction of the 47-55 LaGrange Street tower is expected to commence in the fourth quarter of 2017, with expected completion in the fourth quarter of 2019. 47-55 LaGrange Street will require additional approval by the City of Boston’s Zoning Board of Appeals (ZBA) in order to proceed with construction.
Jun 11, 2017
Dock Square Garage, situated on 1.2 acres overlooking Greenway, listed for sale, presenting transformative development opportunity
The Dock Square Garage, a six-story, 264,462-square-foot parking structure standing on 1.2 acres of land overlooking the Rose Kennedy Greenway with transformative development potential, has been listed for sale. The property, which is located steps from Government Center and the 2.9-million-square-foot Bulfinch Crossing mixed-use development, could fetch $160 million per Banker & Tradesman, which would amount to $606 per building square foot and $133,333,333 million per acre. Existing zoning would allow up to 125 feet of height, roughly 12 stories, on the parcel, allowing for the addition of new office or residential floors above the existing garage, which was built in 1980 and renovated in 2007, or construction of a large new building. The Dock Square Garage's seller is Sullivan Properties, the building's original developer and longtime owner.
Jan 19, 2017
Plans filed for 21-story luxury residential tower in Downtown Crossing
Plans for a 21-story luxury residential tower proposed at 47-55 LaGrange Street in the heart of Downtown Crossing, first preliminarily revealed in Fall 2016, have been officially filed with the Boston Planning & Development Agency (BPDA). The tower would feature 176 luxury residences. Owing to the tower's walkable location and the close proximity of public transit, only 20 vehicle parking spaces would be constructed on site. Construction of the tower is expected to commence in the fourth quarter of 2017. Plans for the tower are now under official review.
Nov 17, 2016
152-unit luxury residential tower planned in Downtown Crossing
Development partner The Matteson Companies has released preliminary renderings of a 152-unit luxury residential tower planned for the 7,500 square foot parcel at 47-55 Lagrange Street in Downtown Crossing. Retail space would be located on the tower’s first floor. The tower would be constructed on a 7,500 square foot parcel currently used as a surface parking lot.
Feb 11, 2016
UPDATE: Buyer is Boston developer GFI Partners.BREAKING: A deed was recorded in the Suffolk Registry of Deeds transferring ownership of the Downtown Crossing parking lot at 47-55 Lagrange Street to QMG Lagrange LLC, a limited liability company with an address of 49 Melcher Street in Fort Point. 47-55 Lagrange Street is located steps to a number of development projects. Recorded sale price is $3,950,000.Deed for the sale:
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