{"id":1004603194,"date":"2022-09-19T03:52:09","date_gmt":"2022-09-19T11:52:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004603194"},"modified":"2022-12-08T23:24:57","modified_gmt":"2022-12-09T07:24:57","slug":"fortis-property-group-lands-1b-refi-for-boston-icon","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/","title":{"rendered":"Fortis Property Group Lands $1B Refi for Boston Tower"},"content":{"rendered":"
\"One<\/a>

One Lincoln. Image courtesy of Fortis Property Group<\/p><\/div>\n

Owner Fortis Property Group<\/strong> has completed a $1 billion-plus refinancing of One Lincoln, a 36-floor, 1.1-million-square-foot Class A office tower in Boston.<\/p>\n

The refinancing proceeds reportedly will go toward repaying existing debt and providing more than $200 million in capital upgrades geared toward wellness and lifestyle amenities, as well as future leasing costs.<\/p>\n

In addition, One Lincoln has gained a new anchor tenant, HarbourVest Partners<\/strong>, a leading global private markets firm. The Boston-based private equity company has signed a long-term lease for more than 250,000 square feet of office space across 11 floors.<\/p>\n

Joel Kestenbaum, president of Fortis Property Group, said in a prepared statement that the lease deal was \u201cnearly a year in the making.\u201d<\/p>\n

HarbourVest will move its Boston headquarters and all of its more than 650 Boston-based employees to One Lincoln, where it will replace State Street Corp.<\/strong> as the building\u2019s name tenant. HarbourVest expects to move into the building in 2025.<\/p>\n

\n

READ ALSO<\/strong>: MBA\u2019s Take on the Future of Office Demand<\/a><\/p>\n

\n

Completed in 2003, One Lincoln features more than 1.1 million square feet of office space and 900 parking spaces. Following this refinance, it will be undergoing major capital improvements including a complete renovation of the lobby, food services and amenity center, as well as reconfigured floorplates.<\/p>\n

A diverse set of amenities will include an array of dining options, including an artisanal market, biergarten, al fresco seating and dining space. Health and wellness spaces will consist of a rooftop tennis court and basketball courts, a boxing ring, fitness center, and 1\/8-mile outdoor walking trail. The building will also feature flexible spaces with stadium seating that can be used for exhibitions, speaking events or private gatherings.<\/p>\n

Big buildings, big leases<\/h2>\n

At the beginning of 2019, State Street Corp. signed a lease<\/a> for its new headquarters, 510,000 square feet at One Congress, a 1 million-square-foot office tower then under development as part of Boston\u2019s six-building Bulfinch Crossing project. The 15-year lease is set to start in 2023, when State Street\u2019s lease at One Lincoln expires.<\/p>\n

Boston\u2019s office market is bedeviled currently by large office conversions in the suburbs, which contributed to negative metro-wide absorption of nearly 1 million square feet, according to a second-quarter report from JLL<\/strong>. Fortunately, the CBD is more stable, with positive absorption for the third consecutive quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

In addition to obtaining the loan, the firm has signed a major lease with HarbourVest Partners.<\/p>\n","protected":false},"author":882,"featured_media":1004603209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21784,21808,21825,21742,10,21747],"tags":[38209,32796],"class_list":["post-1004603194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-brokerage","category-featured","category-finance","category-latest","category-northeast","category-office","tag-fortis-property-group","tag-jll"],"acf":[],"yoast_head":"\nFortis Property Group Lands $1B Refi for Boston Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Fortis Property Group has landed a $1 billion refi of the One Lincoln tower in Boston, along with HarbourVest Partners as its anchor tenant.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fortis Property Group Lands $1B Refi for Boston Tower\" \/>\n<meta property=\"og:description\" content=\"Fortis Property Group has landed a $1 billion refi of the One Lincoln tower in Boston, along with HarbourVest Partners as its anchor tenant.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-19T11:52:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T07:24:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"794\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/\",\"name\":\"Fortis Property Group Lands $1B Refi for Boston Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg\",\"datePublished\":\"2022-09-19T11:52:09+00:00\",\"dateModified\":\"2022-12-09T07:24:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"description\":\"Fortis Property Group has landed a $1 billion refi of the One Lincoln tower in Boston, along with HarbourVest Partners as its anchor tenant.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/fortis-property-group-lands-1b-refi-for-boston-icon\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/09\/One-Lincoln-Boston.jpg\",\"width\":794,\"height\":600,\"caption\":\"The One Lincoln office tower in Boston sold for $400 million at a foreclosure auction. 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