Oxford Properties Acquires One Marina Park Drive From Clarion Partners for $435M in Boston Seaport

Oxford Properties Group has acquired One Marina Park Drive, an 18-story, approximately 500,000-square-foot Class A office tower in Boston's Seaport District, from Clarion Partners for $435 million, the company announced Aug. 19.

The transaction — Oxford's first acquisition of a core office asset in the United States in nearly a decade — brings the firm's Class A office footprint in Boston to more than 3.2 million square feet across the Seaport, Back Bay, and Downtown submarkets.

Deal Details and Pricing

Built in 2010 and LEED Gold-certified, One Marina Park Drive sits within the Fan Pier waterfront mixed-use development and is 99% leased to a roster of venture capital, legal, and financial services tenants. At $435 million, the transaction implies a price of roughly $885 per square foot on the building's approximately 491,573 square feet of rentable area, with the implied cap rate coming in at approximately 7%.

The purchase price represents a discount to Clarion Partners' 2019 acquisition cost of $482 million for the same asset. Despite the lower nominal price, the deal underscores continued institutional appetite for stabilized, amenity-rich office product in top-tier submarkets, even as broader Boston office vacancy remains elevated.

Oxford said the acquisition builds on approximately $2 billion it has deployed into the office sector globally since the start of 2025. The firm had previously recycled roughly $14 billion out of office globally during the low-rate environment from 2018 to 2022.

Oxford's Strategic Rationale

"We continue to see compelling opportunities to invest in premier office assets in gateway cities that are well-located, well-amenitized, and positioned to benefit from the increasing focus on quality," said Ankit Bhatt, Head of US Investments at Oxford Properties. "One Marina Park Drive exemplifies that opportunity. It combines a premier waterfront location, a diverse occupier ecosystem, and exceptional connectivity within one of Boston's most desirable office districts. From a return perspective, its strong income profile and high-quality tenancy provide a solid foundation for long-term performance and support the attractive risk-adjusted returns we continually seek on behalf of our stakeholders."

Brian Barriero, SVP, US Operations and Leasing at Oxford Properties, emphasized the firm's local platform as a key factor in the decision. "Boston is a market we know exceptionally well from our position as one of the city's largest office landlords," Barriero said. "This transaction demonstrates the unique strength of Oxford's vertically integrated platform. Our collaborative approach enables us to continually identify early market trends and leverage our operational and leasing expertise to improve the quality of the customer experience, deepen relationships with occupiers, and maximize the value of the asset over time."

Boston Seaport Office Market Context

Boston's overall office market continues to face headwinds, with citywide vacancy reaching 23.6% at the end of the second quarter of 2026. The Seaport District has maintained a comparatively tighter profile, though it is not immune to broader market pressures. Second-quarter 2026 data placed Seaport vacancy at approximately 22.9% with asking rents around $64.48 per square foot, while first-quarter figures from other market trackers showed Seaport vacancy closer to 20.6% with asking rents near $56.21 per square foot.

Market observers have noted a persistent flight-to-quality dynamic in Boston, with tenants gravitating toward newer, better-located buildings as sublease availability shrinks and direct vacancy in older product remains elevated. One Marina Park Drive's waterfront positioning, permanent green space, and Fan Pier amenity base place it among the assets continuing to attract occupier demand.

Downtown Boston also showed improving leasing momentum in the first half of 2026, with approximately 7.3 million square feet of executed leases recorded through the second quarter.

Oxford's Boston Leasing Momentum

The One Marina Park Drive acquisition follows an active leasing period for Oxford in Boston. The firm said it executed more than 1 million square feet of office and life science leases in 2025, with tenants including Klaviyo, Datadog, Wayfair, DraftKings, and Eli Lilly. Among those, Klaviyo expanded to 250,000 square feet at Oxford's 125 Summer Street, and Datadog grew to 125,000 square feet at 225 Franklin Street.

With the One Marina Park Drive acquisition, Oxford said it now holds landmark properties across Boston's three primary office submarkets. The firm has described itself as one of the largest office landlords in the city, a position it said it reached within roughly 24 months of building out its local portfolio.

The transaction signals a selective re-entry into U.S. core office by one of the sector's larger global investors, at a moment when the gap between trophy assets with strong tenancy and the broader office market continues to widen.