$1.7M Permit Pulled for Renovations to Vertex Seaport Offices
Suffolk Construction has pulled a building permit valued at $1,706,223 for renovations to the 14th & 15th floor of the Vertex Pharmaceuticals building at 50 Northern Avenue. The project will see updated finishes on both levels, around 39,000 square feet in total. The Seaport office originally opened in 2014.
Anonymous investor acquires 45% stake in Vertex Pharmaceuticals’ Seaport District campus for $261 million
An anonymous financial investor has paid $261 million to acquire a 45% equity stake in Vertex Pharmaceuticals’ 1.1 million square foot, two-building Seaport District global headquarters campus. Senior Housing Properties Trust (SNH), who acquired the campus for $1.1 billion in May 2014, retains a 55% majority stake in the campus and will continue to manage the property. The anonymous investor’s $261 million investment is based on the campus’ present valuation of $1.2 billion, with under $620 million of existing secured debt on the property.
SNH closed last July on a new 10-year, $620 million mortgage on the campus provided by Morgan Stanley and Citi Bank with a fixed interest rate of 3.53%; the loan will mature in August 2026. “This transaction highlights the increased value of these two well-located, well-leased buildings since we acquired them less than three years ago,” said SNH President & COO David Hegarty in a statement. “This transaction also reduces our investment portfolio’s concentration in this property and reduces our overall leverage.”
is made available under the Open Database License: http://opendatacommons.org/licenses/odbl/1.0/. Any rights in individual contents of the database are licensed under the Database Contents License: http://opendatacommons.org/licenses/dbcl/1.0/
Please confirm your credit card information to continue using BLDUP. Once it is updated you can continue to use BLDUP without interruptions. You will not be charged unless your account is overdue. Thank you.