JLL arranges $543M financing for 10 World Trade project in Boston's Seaport
JLL's Capital Markets group announced on March 29 that it has arranged $543 million in financing for the $596.6 million 10 World Trade project, a speculative development that will offer 555,250 square feet of life sciences, office and retail space in the heart of Boston's Seaport District.
According to a press statement, 10 World Trade began sitework in first quarter 2022 and is anticipated to be delivered in fourth quarter 2024.
Designed by the award-winning architectural firm Sasaki, the project's "iconic tower will incorporate flexibility, wellbeing, sustainability and technology, which are the new benchmarks of development in a post-pandemic world."
The parties said the tower's "smart building ready" design will allow the building to quickly adapt to a rapidly changing global environment, and synthesize data to address health and safety issues within the building at all times, noted JLL.
Located in the heart of Boston's Seaport District and across from the city's largest convention center, 10 World Trade has direct frontage along Congress St. and World Trade Center Ave. and is within walking distance of numerous local and national retailers, restaurants, hotels, luxury residential and entertainment offerings.
The project's 17-story tower will house life science and office uses on floors 3-17, while the ground floor will be home to a dramatic two-story public atrium with a 45-foot domed ceiling, a food hall, and a garden lounge surrounded by an operable glass façade.
10 World Trade will offer a best-in-class amenity package throughout the tower, including a 300-meter indoor jogging track on the top floor, providing 360-degree views of the Boston skyline within a 15,000-square-foot fitness center.
The transit-oriented tower also has direct access to the Massachusetts Turnpike (I-90), which provides a direct connection to Boston's Logan International Airport as well as Interstate 93. In addition, the project is served by the MBTA Silver Line providing a quick ride into Boston's Financial District, South Station and Logan Airport.
Transaction details
JLL said it worked on behalf of the projects borrower/developer team, led by Boston Global Investors (BGI), to secure a $382.5 million construction loan for the project through a life insurance company lender.
JLL also arranged approx. $160 million in joint venture equity from PGIM Real Estate and Wheelock Street Capital (WSC) for the development.
The JLL Capital Markets team representing the borrower was led by Managing Director Anthony Cutone and Senior Director Andrew Gray. JLL's Brokerage team of Managing Director Barry Hynes, Senior Managing Director Molly Heath, Managing Director Ben Heller, Managing Director Patrick Nugent and Senior Managing Director Don Domoretsky has been retained to lease the project.
"Over the past decade, Boston's Seaport District has emerged as city's premier commercial and residential neighborhood," Cutone said. "10 World Trade is one of the last remaining development sites and BGI's vision for the project is truly outstanding."
