New York based real estate developer Tishman Speyer has acquired the former site of Anthony’s Pier 4 in Boston for $70 million from New England Development. The company plans to build two new buildings there which will hold condominiums, office spaces and retail spaces. Construction is expected to begin sometime later this year.
The two buildings will be a 13 story 373, 000 square foot commercial building with 350, 000 square feet of office space and more than 20, 000 square feet of retail space. The second will be a nine story 100 unit luxury condominium tower. There will also be a three-level parking garage. The project should be completed sometime in 2018. It is being designed by Boston architect Elkus Manfredi.
Tishman Speyer co-CEO Rob Speyer said, “We think the Seaport is one of the most exciting mixed-use developments in the country. We want to take one of the last sites on the waterfront and do something spectacular.”
Speyer added, “We think Boston has one of the strongest economies in the country. We’re seeing strength throughout the market, and that gives us the confidence to move forward on a speculative basis.”
Rob also stated in a joint press release with his co-CEO Jerry Speyer, “The bedrock of our business platform is to develop and own world-class properties in the world’s great cities. Boston is certainly one of those cities. Our Pier 4 project represents a terrific opportunity to expand our footprint in Boston and deliver the kind of high-quality office space as well as a desirable residential community for which Tishman Speyer is known.”