A Seaport office tower sold for a massive loss Tuesday as lawsuit plaintiffs ask regulators for an investigation into the Wu administration’s alleged systematic penalization of property owners who seek property tax abatements.
Partial map of buildings identified as potentially penalized for requesting an abatement via Pioneer New England Legal Foundation.
The 99% percent occupied One Marina Park sold for $435M, but the sellers bought the property in 2019 for $482M. A stunning $47M loss or approximately 10% of the 2019 value.
But 2019 dollars do not have the same value as 2026 dollars, a fact the Boston Business Journal and NBC Boston seemed to dodge in cheerleading the sale. Adjusted for inflation $482M would be $627M today. A $192M hit, exploding the percentage loss to about 30%.
The One Marina Park is just a few short blocks from the St Regis, which was turned over to the lender last year, a story we broke here at 24Beacon.
You can’t blame Oxford Properties for being happy about the steal of “an 18-story, ~500,000 sq. ft. Class A office tower located in Boston’s vibrant Seaport District.”
“One Marina Park Drive exemplifies that opportunity. It combines a premier waterfront location, a diverse occupier ecosystem, and exceptional connectivity within one of Boston’s most desirable office districts. From a return perspective, its strong income profile and high-quality tenancy provide a solid foundation for long-term performance and support the attractive risk-adjusted returns we continually seek on behalf of our stakeholders,” said Ankit Bhatt, Head of US Investments at Oxford Properties.