WASHINGTON--(BUSINESS WIRE)--Carr Properties and National Real Estate Advisors, LLC are pleased to announce their joint venture in the One Congress office development project in downtown Boston. The Carr/National venture will own the project and has retained The HYM Investment Group, LLC as the project developer. One Congress is planned as a 43-story, one-million-square-foot office tower. One Congress is located in the heart of downtown Boston, and when complete, will offer unrivaled views and visibility across the Boston skyline. The project’s central location ensures easy access to public transit and a wealth of restaurants, shopping and neighborhood amenities. The venture anticipates commencing construction of One Congress in the summer of 2019.
Commenting on the venture, Carr Properties founder and CEO, Oliver T. Carr, III said, “We are excited and honored to be able to join with National and HYM in this signature office development for the city of Boston. One Congress is a transformational development that will offer a best-in-class environment combining tremendous quality workspace and in-building amenities.”
Speaking on behalf of National, President and Chief Executive Officer, Jeffrey Kanne said, “We are pleased to be able to partner with the Carr Properties team which is known for their distinguished track record of superior quality development.”
Thomas N. O’Brien, Managing Director of The HYM Investment Group, also spoke to the impact this project will have on Boston’s Bulfinch Triangle Historic District. “Now that Carr is onboard, we can begin the redevelopment of the existing parking garage which will be transformed into a residential, office, retail and hotel masterplan, bringing significant growth and vibrancy to this neighborhood.”
About Carr Properties
Carr Properties is a privately held real estate investment trust focused on creating value for its shareholders through the ownership, acquisition, and development of high-quality office properties in the greater Washington area. The company currently owns a portfolio of 17 commercial office properties totaling approximately 4.5 million square feet as well as five major development properties that include: The Wilson and Elm Development in Bethesda, MD; Signal House in the Union Market area of Washington, DC; and 2025 Clarendon Boulevard in Arlington, Virginia and One Congress in Boston. Upon completion, these projects will add 2.4 million SF of trophy-quality office space to the company’s portfolio. The company is continuing to expand its portfolio through strategic investments in the Washington, D.C. area.
About National Real Estate Advisors
National Real Estate Advisors is an investment manager specializing in build-to-core, developing and owning large-scale, urban commercial and multifamily projects for its institutional client accounts. National constructs investment portfolios of modern property assets—apartment, office, mixed-use, industrial, data center and hotel—with design features, technological enhancements, and amenities that can drive high tenant demand and create value for investors. National is an independently operated subsidiary of the National Electrical Benefit Fund, a substantial pension trust with a significant amount of assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.
About The HYM Investment Group, LLC:
The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. HYM is currently leading the development of over eighteen (18) million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Bulfinch Crossing (including the one-million-square-foot office tower known as One Congress), Boston Landing, NorthPoint and Suffolk Downs.
HYM is focused on creating significant value for investors by recognizing real estate investment opportunities where others may not. Each real estate asset is treated as a unique business opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part. For more than 35 years HYM’s principals have been working on real estate ventures in the Boston, New York and Washington, D.C., corridor. To learn more, please go to www.hyminvestments.com.
