$77.5 Million Non-Performing Office Loan
US - Washington, DC
NZ$123,842,000 | 28,508 m²
As exclusive sales agent, JLL Capital Markets is pleased to offer the leasehold interest in 79/96 13th Street in Charlestown, MA (the “Property”), a 25,309 SF medical office and laboratory facility situated on 0.44 acres in the historic Charlestown Navy Yard.
79/96 13th Street is conveniently located just outside the heart of Boston, within walking distance of North Station, offering easy access to Downtown, Cambridge, Seaport, and Somerville via bus and ferry.
Formerly the site of one of the oldest shipbuilding facilities in the United States, the Charlestown Navy Yard has undergone significant transformation, becoming one of Greater Boston’s most distinct live-work- play submarkets. Future private investment in the Charlestown waterfront will benefit from the site’s designation as a tax-advantaged Opportunity Zone.
As of July 2023, the Property will be delivered fully vacant, and investors will be presented with an immediate opportunity to create value by leasing the facility consistent with its current clinical use, redeveloping it for a more significant allocation of traditional life science use, repositioning it as flex/office, or entirely reimagining it for a residential purpose.
Originally constructed as two standalone buildings, both 79 and 96 13th Street are subject to a ground lease with the BPDA, formerly Boston Redevelopment Authority, with expirations in September 2053 and May 2055, respectively.