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Washington, D.C., Firms Team Up to Buy Planned 43-Story Office Tower in Downtown Boston

Carr Properties to Make One of its First Purchases Outside Metropolitan Washington
September 28, 2018
Carr Properties and National Real Estate Advisors have agreed to buy One Congress, which is a part of HYM's 2.9 million-square-foot mixed-use project, Bulfinch Crossing. Rendering courtesy of The HYM Investment Group, LLC.

Carr Properties has agreed to purchase a planned 43-story office tower in downtown Boston, one of the company's first acquisitions outside metropolitan Washington, D.C.

The firm announced this week that it will be partnering with National Real Estate Advisors to own the proposed tower, named One Congress. The HYM Investment Group will be the project's developer.

With construction scheduled to commence next summer, the 1 million-square-foot One Congress office tower is set to be one of six buildings to be constructed within HYM’s mixed-use redevelopment project, Bulfinch Crossing.

HYM’s Bulfinch Crossing project involves redeveloping the Government Center Garage, located off of Congress Street, to include more than 800 residential units, 200 hotel rooms, 1.15 million square feet of office space, and 82,500 square feet of retail space upon completion, according to HYM’s website.

“Now that Carr is onboard, we can begin the redevelopment on the existing parking garage,” said Thomas N. O’Brien, managing director of HYM, in a statement. O’Brien added that the development is set to bring significant growth and vibrancy to Boston’s Bulfinch Triangle Historic District.

This acquisition will be one of Carr Properties’ first purchases outside of metropolitan Washington. The firm currently owns 17 commercial properties in greater Washington, totaling about 4.5 million square feet. Carr also recently completed work on Fannie Mae’s new headquarters, Midtown Center, in Washington's East End.

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