#United States #Boston #JLL #One Congress #Carr Properties

JLL Secures $650 Million Refinancing for One Congress

Recently, JLL's Capital Markets group announced a significant achievement in the commercial real estate sector by arranging a remarkable $650 million refinancing for One Congress, a prestigious office tower in the heart of Boston. This development, which stands proudly at 43 stories, has rapidly become a landmark in the Boston skyline, showcasing modern architectural brilliance and premium office space. Completed in 2023, One Congress spans an impressive 1,008,000 square feet, offering a prime location and attracting high-profile tenants even before its completion.

A Strategic Move in Real Estate Financing

Representing esteemed borrowers Carr Properties and National Real Estate Advisors, JLL played a pivotal role in facilitating the refinancing process led by principal lenders Wells Fargo and Bank of America, under a single-asset, single-borrower (SASB) loan structure. The professionalism and expertise displayed by JLL's Capital Markets Debt Advisory team were crucial in successfully navigating the intricacies of securing this substantial financing, particularly during a time when the office sector faces unique challenges.

Executive Managing Directors Riaz Cassum and Coleman Benedict, along with Senior Managing Director Jim Meisel and Director Mike Shepard, CFA, were instrumental in the negotiation process, emphasizing the importance of top-tier assets like One Congress, which can draw reputable lenders.

Cassum remarked, “Securing SASB financing for assets, particularly office in the current environment, can be challenging. However, One Congress, with its outstanding quality and strategic location, was an exception to this trend.” The collaboration between Carr and National has undeniably redefined what a trophy office asset can be in Boston, and JLL is honored to have supported this remarkable financing effort.

Architectural Marvel and Environmental Commitment

Designed by the internationally acclaimed architecture firm Pelli Clarke Partners, One Congress is not just an office building; it is a sustainable, energy-efficient structure that has already set new standards in office design. With column-free floor plans and sweeping views of the Charles River, downtown Boston, and Boston Harbor, it provides a unique working environment that promotes productivity and well-being.

The office tower features a cutting-edge amenity package that includes a full-floor amenity center with diverse food and beverage options, 15,000 square feet of rooftop terrace space, a 7,000-square-foot fitness center, and a triple-height lobby equipped with a coffee bar and comfortable seating. Such amenities are designed to foster a vibrant workplace culture, appealing to today’s workforce seeking more than just functional spaces.

A Prime Location in the Heart of Boston

Occupying a crucial position within the Bulfinch Crossing redevelopment, the site of the former Government Center Garage, One Congress serves as a central hub connecting Boston’s Financial District, West End, North End, and Beacon Hill neighborhoods. Its strategic location provides employees with direct access to the MBTA’s Orange and Green lines, and it is within walking distance from both North Station and South Station, facilitating easy commutes across the Greater Boston area. Moreover, it is conveniently located near Interstate 93, the Massachusetts Turnpike, and Logan International Airport, making it accessible from various locations.

A Path Forward in Real Estate Investment

JLL's successful refinancing of One Congress underscores the ongoing demand for high-quality office spaces in prime locations, even amidst changing market dynamics. With real estate positioning itself for a progressive future, JLL remains committed to providing comprehensive capital solutions for various real estate stakeholders. With more than 3,000 specialists worldwide, JLL offers in-depth market insights and tailor-made strategies for investors and occupiers, ensuring optimal outcomes in both investment and operational endeavors.

As the landscape of commercial real estate continues to evolve, One Congress exemplifies the fusion of innovative design, strategic location, and premium amenities that make it a frontrunner in the trophy office category. Developers and investors alike will undoubtedly look to One Congress as a model of excellence in the thriving Boston real estate market.