BGI Lands New Partners, $543M In Financing For Spec Lab Building In Seaport
Boston Global Investors has begun work on a speculative mixed-use project in the Seaport after closing more than $500M in debt and equity financing.
The developer secured a $382.5M construction loan from an undisclosed life insurance company and $160M in joint venture equity from PGIM Real Estate and Wheelock Street Capital for 10 World Trade Center, JLL, which brokered the deals, announced Tuesday. The project is expected to cost $596.6M.
Site work on the project began this quarter, and the developer expects to deliver it in Q4 2024, according to JLL. Local architecture firm Sasaki designed the 17-story project.
10 World Trade, when it delivers, is set to feature 555,250 SF of life sciences, office and retail space. The lab and office space will begin on the third floor above a two-story public atrium and ground-floor retail including a food hall. The top floor of the building is set to include a 15K SF fitness center and a 300-meter jogging track with 360-degree views of the city.
Boston Global Investors Vice President John Hynes IV said on a Bisnow event last year that the rooftop jogging track has been attractive to prospective tenants.
"It’s also turning out to be an incredible selling point,” Hynes IV said. "When these tenants realize we’re waiting until 2 a.m. for lab results and the Equinox is closed, they can head to the top floor."
The 10 World Trade project sits in the center of the Seaport neighborhood, at the intersection of Congress Street and World Trade Center Avenue. It is surrounded by a host of new development, including the 1,054-room Omni Boston Hotel that opened last year.
JLL's capital markets team led by Anthony Cutone and Andrew Gray brokered the financing deals on behalf of the developer. BGI also retained JLL's Barry Hynes, Molly Heath, Ben Heller, Patrick Nugent and Don Domoretsky to lease the project, which doesn't have any announced tenants.
"Over the past decade, Boston's Seaport District has emerged as [the] city's premier commercial and residential neighborhood," Cutone said in a statement. "10 World Trade is one of the last remaining development sites and BGI's vision for the project is truly outstanding."
