Ideally located in Boston adjacent to the Massachusetts General Hospital (MGH), Government Center, and Beacon Hill, this initially 229,000 SF property was purchased from the original developer.
Simultaneous with the closing, we negotiated a lease expansion and extension with MGH for 70,000 square feet of space, bringing the property to 100% occupancy.
Through a collaborative process with local community stakeholders and officials, our team obtained city approvals for the development of an additional 411,000 square feet of office, biomedical, and retail space on the property. After signing a long term 355,000 SF lease with MGH, construction commenced on this $300 million redevelopment.
Charles River Plaza is now 100% leased (to tenants including Massachusetts General Hospital, Schepens Eye Institute, Whole Foods, and CVS) and is the premier mixed-use development in Beacon Hill. A portion of the development has been sold to MGH, while an affiliate of Marcus Partners continues to manage the remainder of the property.