Boston Realty Advisors is pleased to present the exceptional opportunity to acquire 311 Summer Street, an iconic office building located in the vibrant and historic Fort Point neighborhood in Boston, Massachusetts. 311 Summer Street is an institutional-quality property that represents a “core” asset by every measurable standard: quality, strength of tenancy, location and market standing. This one-of-a-kind asset also offers significant value-add potential through net operating income growth.
The seven-story 57,225 square foot brick-and-beam building, which exemplifies Boston’s historic industrial architecture, underwent a meticulous renovation in 2008 and now boasts high-efficiency, LEED platinum certified interiors. Ideally located at the natural extension of the Financial District, the asset enjoys a dramatic corner street presence commanded by the building’s distinctive yellow brick exterior on Summer Street with an additional level of visibility on A Street.
The property is currently 100% leased providing immediate stability to investors. Stantec (NYSE: STN) occupies 87% of the building and accounts for 85% of the income on a lease term that expires in July 2022. Upon rollover of their lease, strong upside exists in activating the Summer Street frontage to retail and upgrading the A Street storefronts, among others.
311 Summer is also uniquely positioned for long-term upside from the continued development of the Innovation District. The impeccably maintained asset is ideally located in the heart of the city’s newest business hub and premier development hotspot. With over 3.7 million square feet of mixed-use development board-approved or under construction, the reinvention of the Seaport is well underway. The rapidly expanding infrastructure combined with infusion of neighborhood amenities is attracting both emerging entrepreneurs and established Fortune 500 companies to the Innovation District.
Redeveloped, Historic Brick-And-Beam
LEED Platinum Certified Interiors, loft-style collaborative office space, featuring exposed brick-and-beam, new building systems, and three sides of windows providing unparalleled views of the Seaport and Downtown Boston skyline.
Unmatched Seaport Location
Prominently positioned in the historic Fort Point neighborhood in the heart of a monumental wave of surrounding development, with access and visibility on both
Summer and A Streets.
More than $20 billion in public and private investments have fueled over 1.5 million square feet of completed development with an additional 2 million square feet under construction or slated for future development.
Stable Income with Upside Potential
Anchored by publicly traded Stantec, (NYSE: STN) the asset allows investors strong cash flow while working through various adaptive reuses of the building.
Commuter Access, Transit-Oriented
Seamless connectivity to major highway systems, I-93 and Mass Pike (I-90), Ted Williams Tunnel to the airport, and New England’s largest transportation hub, South Station.
311 Summer Street was built in 1904 by the Dwinell-Wright Company and is listed as a historic building with the National Park Service. The asset is a representative example of building traditions in the Fort Point Channel Historic District. It is because of buildings such as 311 Summer Street that the coherence and unity of the district is retained. Not only individual buildings, but entire streetscapes survive largely intact and unaltered, preserving the visual identify and character of the Fort Point neighborhood. The district is remarkable for the unity of its design, architectural style, building materials, massing, density and scale.
The building is a timber frame structure with brick masonry bearing walls, contains seven floors and a basement with the gross building area and floor rentable area being 64,470 square feet and 57,225 square feet, respectively. The building also includes four parking spaces along Pastene Alley.
The historic building was fully restored in 2008 and a penthouse addition was added to the building as part of the building’s rehabilitation. The penthouse/6th floor was designed to accept a roof terrace. The interior building systems were replaced with the most energy efficient and sustainable designs available. The exterior is faced with a yellow brick on the Summer Street and A Street elevations and red brick on the Pastene Alley elevation. The exterior brick masonry, including the yellow brick façades along Summer Street and A Street, were restored and are in excellent condition.
As the transformation of the Seaport District unfolds, so too may the long-term use of 311 Summer Street. The asset’s efficient floor plates with three sides of windows make for an ideal conversion to residential. The building’s location along Summer and A Streets also offers a unique value proposition. 311 Summer Street is the only building in the Fort Point Channel Historic District with ground floor access from two distinct street levels; A Street, which intersects with Congress Street (lower bridge) and Summer Street (upper bridge). This dimensional characteristic creates the opportunity for two-level retail with internal egresses from either entrance.
Sustainable Highlights71% of the products in the building were manufactured locally81% of the construction and demolition waste was recycled diverting 1,008 tons of waste from landfillsReduce water consumption by 40%, saving 176,000 gallons of water annually94% of new wood came from Forest Steward Council certified sources54% less energy use than typical office building reducing the CO2 emissions by over 370,000 lbs per yearHigh efficiency lighting fixtures decrease overall lighting energy consumption by 20% over code requirements
South Station 0.3 miles
Waterfront 0.8 miles
North End 1.2 miles
Faneuil Hall 1.0 miles
Government Center 1.0 miles
Financial District 0.8 miles
Boston Common 1.1 miles
Beacon Hill 1.3 miles
Public Garden 1.3 miles
Back Bay 1.7 miles
South End 1.4 miles
North Station 1.3 miles
MGH 1.7 miles
Walking (from 311 Summer)
Boston’s Seaport District is quickly becoming one of the most sought after areas of the city for residents, companies and retailers, embracing the live-work-play concept in a dense urban environment. The increase in population is aided by the fact that the Seaport is one of the top transit-oriented locations in Boston.
Directly across the bridge into downtown Boston is South Station which allows access to the Red Line and the Commuter Rail and is known as the “transportation hub” of Boston. The Green, Orange, Blue and Silver line are all scattered within that one mile radius, providing access in and out of the city from all directions. South Shore residents have the option to take a 35 minute ride on the Commuter Boat located at Rowes Wharf, and local residents can utilize the multiple Hubway bike sharing stations located around the Seaport District. Not only is there an abundance of public transportation, but 311 Summer Street provides direct access to both Interstate 93 as well as the Massachusetts Turnpike.
Boston’s Seaport is one of the most rapidly evolving retail markets not only in Boston, but throughout the entire country. The existing brick and mortar retail establishments prove to be a culinary destination for foodies in and around the city. The broad mix of culinary concepts provides the area with a solid retail mix in which to thrive. As mixed-use developments continue to break ground, the retail mix is shifting gears towards the entertainment, fitness and clothing retail sector. The pending arrival of Equinox, Kings Bowling, and ShowPlace Cinema create a vibrant live-work-play environment that we rarely see available within such a dense and urban setting.
100 Acres Master Plan
311 Summer sits at the epicenter of the Boston Redevelopment Authority’s 100 Acres Master Plan. This asset offers investors a rare opportunity to take advantage of the residual benefits and long-term neighborhood growth.
in the Innovation District
Future GE Global HQ
- capital markets -
jason s. weissman
Founder & Senior Partner
Nicholas M. Herz
Managing Director & Partner
MICHAEL A. D’HEMECOURT
Managing Director & Senior Partner
Whitney E. Gallivan
Managing Director & Partner
Ryan M. Hurd
christopher j. Donato