WS Development JV to Land $660M Refi for One Boston Wharf
The refinancing will retire the 2021 construction loan.
WS Development and PSP Investments are seeking a $660 million refinancing loan for One Boston Wharf, a 708,590-square-foot office tower in Boston, according to a recent Morningstar DBRS presale report. Wells Fargo and Goldman Sachs Bank USA are expected to originate the note, while Trimont and Situs Holdings will be servicer and special servicer, respectively.
The loan carries a 10-year anticipated repayment date and a final maturity date in September 2039. It bears a fixed interest rate of 7.06 percent and requires interest-only payments through the ARD. If the loan remains outstanding after that date, the interest rate will increase by 3.0 percent, with all excess cash flow to be swept toward principal repayment until maturity.
The refinancing will retire $617.2 million in existing debt, representing the outstanding balance of a $735 million construction loan originated by Wells Fargo Bank in 2021. The remaining loan proceeds will be used to return $29.3 million in equity to the sponsors, fund a $19.5 million free rent reserve and cover $8.3 million in closing costs.
Seaport District’s One Boston Wharf
Designed by acclaimed architect Henning Larsen, the project came online in February 2024. The 17-story One Boston Wharf is the largest net zero carbon office property in Boston and is LEED Platinum certified. The property features 21,769 square feet of retail space and an underground garage with 491 spots.
Amazon fully leases One Boston Wharf through September 2039. The company signed its lease in September 2024 but has not yet occupied the office space, as the interior buildout remains incomplete. Amazon also leases the adjacent 111 Harbor Way, which is connected to One Boston Wharf through a subterranean parking garage.
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The high-rise in part of Boston’s Seaport District, the city’s newest neighborhood and largest master-planned development, consisting of residential properties, as well as hospitality and commercial components. Seaport District is across the Fort Point Channel from downtown and South Station Tower, which stood amongst the top largest office deliveries in Boston in 2025.
As of May, the metro’s office pipeline ranked first nationwide, with 3.9 million square feet under construction, accounting for 1.5 percent of total inventory.
Boston’s average office listing rate reached $47.85 per square foot in June, up 2.7 percent year-over-year, according to a recent Yardi Matrix report. The metro was on par with Los Angeles ($48.38 per square foot) and Austin ($46.93 per square foot), but trailed Manhattan ($72.02 per square foot), Miami ($61.04 per square foot) and San Francisco ($65.13 per square foot). During the same month, Boston’s vacancy rate rose 110 basis points on a trailing 12-month basis to 17.6 percent, only slightly below the national 17.7 percent.
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