Boston Office Asset Lands $27M Refi

One Heritage Drive will be fully renovated later this year. Image courtesy of CommercialEdge

FoxRock Properties has secured a $27 million refinancing for One Heritage Drive, a 172,849-square-foot office building in Quincy, Mass. The five-year fixed-rate loan was provided by Metro Credit Union. It retires a $22.8 million loan from First-Citizens Bank & Trust Co. originated in 2016, according to CommercialEdge data. JLL arranged the financing.

Granite Telecommunications leased the entire building and will use it as its new headquarters.

The 1980-built, five-story property features 37,225-square-foot floor plates and 727 parking spaces. The building underwent full renovations in 2014 and new upgrades are planned again this year.

One Heritage Drive is near Interstate 93 and roughly 10 miles south of Boston. It also allows for public transit access to downtown Boston via the Quincy MBTA station.

Boston’s office market on healthy track

JLL Senior Director Jonathan Schneider led the Capital Markets team that represented the borrower. In prepared remarks he stated that multiple lenders offered financing options in the process due to strong metrics. Schneider has recently worked on behalf of FoxRock Properties to secure refinancing for a property in West Palm Beach, Fla.

Boston had the largest office pipeline in the nation, with nearly 14 million square feet under construction as of August, representing 5.7 percent of total stock, according to a recent CommercialEdge report shows. It also registered the second-highest sales volume nationally, behind Manhattan, at $1.3 billion, with a $323 per square foot price, the same source shows.