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Dealmaker: John Hancock Acquires Boston HarborView at the Navy Yard for $149M
John Hancock Real Estate, Boston, acquired HarborView at the Navy Yard, a high-rise multifamily property on Boston Harbor in the Charlestown Navy Yard.
Commercial Real Estate Direct reported Prudential Financial, Newark, N.J., sold the asset to John Hancock for $149.2 million, which equals more than $666,000 per unit.
The 224-unit property delivered in 2007 as part of the ongoing redevelopment of the Charlestown Navy Yard, one of the oldest shipbuilding yards in the United States. The USS Constitution–nicknamed “Old Ironsides” and the oldest commissioned warship in the U.S. Navy–is moored next to the Class A HarborView at the Navy Yard building.
John Hancock Real Estate President and CEO Kevin Adolphe noted the acquisition brings the firm’s residential footprint in the Boston area to nearly a million square feet.
John Hancock Real Estate has grown its Boston-area real estate portfolio by nearly 1.5 million square feet over the last year. In addition to HarborView, the firm made an equity investment in the 295-unit, 17-story multifamily residential development at Boston Landing and acquired 535-545 Boylston street, a 13-story office building at the intersection of Boylston and Clarendon Streets in Boston’s Back Bay.
“We have a long history in Boston,” Adolphe said.
HarborView is less than one mile from downtown Boston and near public transportation and Route 1 and I-93.