On November 4, 2014, Meritage, in joint venture with an institutional capital partner and CV Properties, acquired 451 D Street, a 463,019 square foot, 9 story, multi-tenant office building in Boston’s burgeoning Seaport District. The property is ideally located directly off of Summer Street on the corner of D Street and Fargo Street, across from the Boston Convention and Exhibition Center and its well-known outdoor entertainment space, The Lawn on D. The asset features excellent access to mass transit and major highways. The growing energy along the Seaport’s D Street corridor is tangible, spearheaded by the introduction of several major hotels, new parks and numerous residential units, transforming the immediate area into Boston’s next “live/work/play” destination.
451D is 84% leased with a solid list of creditworthy tenants. The property offers high ceilings and an “industrial chic” feel consistent with the Seaport market’s highly desired brick and beam office product, and yet of a character unmatched in the market. 451D also has robust capacity for technology, telecom and data center tenants given the building’s ideal location on the Boston fiber network, unparalleled electrical capacity and high floor loads. A re-branding and marketing campaign for the property is on-going, and lobby renovations and tenant amenity improvements will commence shortly, all designed to enhance property attractiveness in light of the other dynamic changes taking place in the area.