321 Harrison Avenue

321 Harrison Refinanced for $164.66 Million

The property at 321 Harrison Street in Boston has been refinanced via Goldman Sachs Bank for $164.66 million.

The eight-story, 232,500 square foot office building is under construction on top of the existing three-story, 300 car garage at 321 Harrison Avenue.

The resulting 11-story building will be approximately 150 feet tall and will feature a new glass curtainwall facade. The Roman numerals III II I (3 2 1) will be incorporated into the curtainwall facing the Massachusetts Turnpike, a nod to the building's address. The existing garage will be retained. Approximately 2,500 square feet of retail or gallery space will be added to the existing garage's street level.

Work Ongoing in Garage for Addition at 321 Harrison Avenue

321 Harrison office development in South End could break ground by March

The 321 Harrison office development in the South End will reportedly move forward on a speculative basis, with developers Nordblom Company and CIM Group seeking to start foundation work by March. Per an update by The Boston Sun, the proponents have sought their building permit for the approved eight-story, 232,500-square-foot project and, pending the permit’s issuing, could complete the building by summer 2019. 321 Harrison will be built using a pile system that screws into the building’s foundation, as opposed to noisier pile driving.

321 Harrison will be constructed atop the three-story parking garage of the existing 11-story, 235,000-square-foot 1000 Washington Street office building. CIM Group acquired the 1000 Washington Street property for $114.2 million in cash in September 2017 from a partnership of Nordblom Company and Rubinstein Partners. Nordblom remains a stakeholder in 321 Harrison Avenue and will remain involved with developing 321 Harrison and managing the property.

CIM Group acquires 321 Harrison Avenue in South End, site of approved office development, for $114.2 million

Los Angeles, CA-based CIM Group has acquired 321 Harrison Avenue in the South End’s New York Streets neighborhood, site of an existing 11-story, 235,000-square-foot office building and three-story, 300-car garage as well as an approved eight-story, 232,500 square foot office development, for $114.2 million in cash. 321 Harrison Avenue’s seller is a partnership of Nordblom Company and Rubinstein Partners, who received approval in 2016 to construct the eight-story office development atop the garage as well as 2,500 square feet of retail or gallery space along the garage's ground floor. Nordblom remains a stakeholder in 321 Harrison Avenue and will continue to manage the property.

CIM Group has made a series of major acquisitions in Boston since 2016, most recently acquiring the 826-space 200 Stuart Street Garage in Bay Village, which serves the Revere Hotel, for $95 million and jointly acquiring 2.16 acres of developable land in the Fenway neighborhood with Cabot, Cabot & Forbes for $51 million. CIM Group also acquired the 1,037-space Motor Mart Garage, located across from the 200 Stuart Street Garage, for $162.5 million in October 2016, and 95 Berkeley Street, a 114,000-square-foot South End office building, for $43 million in March 2016.

Revised renderings revealed of 321 Harrison Avenue office building in South End

The facade of the approved 321 Harrison Avenue office development in the South End has been revised to incorporate a striking glass curtain wall. The curtain wall subtly nods to the building’s address, featuring the Roman numerals “III II I” shaped in glass facing the Massachusetts Turnpike. 321 Harrison Avenue presents the opportunity for prime visibility for an office tenant and is located in the heart of the South End’s New York Streets neighborhood across from the Ink Block development. Construction of 321 Harrison Avenue is expected to commence in the first quarter of 2017. The latest 321 Harrison Avenue renderings can be found above.

321 Harrison Avenue approved, construction could commence Q1 2017

At last night's board meeting, the Boston Redevelopment Authority (BRA) approved 321 Harrison Avenue for construction. Located in the South End’s New York Streets neighborhood across from Ink Block, 321 Harrison will be a new eight-story, 230,000 square foot office building that will be constructed above an existing three-story, 300 car garage, creating a new 11-story building. Retail or gallery space will be added to the ground floor of the existing garage. The garage's capacity will be reduced to 240 cars. Construction is anticipated to commence in the first quarter of 2017. Additional information about 321 Harrison Avenue can be found above.

New details for proposed South End garage redevelopment across from Ink Block

Nordblom Company submitted a Project Notification Form to the Boston Redevelopment Authority last week proposing to construct a new eight-story office building above the existing parking garage at 321 Harrison Avenue. Construction could commence in the first quarter of 2017.

A rendering of the proposed building is posted above. The following is a link to the full Project Notification Form.

New office building proposed in Boston's South End across the street from Ink Block

Nordblom Company filed a Letter of Intent with the Boston Redevelopment Authority on February 3rd, 2016 to construct a vertical addition to the existing South End parking garage at 321 Harrison Avenue. The addition would consist of office space. The garage is located across Harrison Avenue from the Ink Block development. The following is a link to the full Letter of Intent.