Oxford Properties Acquires One Marina Park Drive in Boston Seaport for $435 Million

Oxford Properties Group Group has acquired One Marina Park Drive, a 494,938-square-foot, 18-story office tower in Boston's Seaport District, from Clarion Partners for $435 million, JLL Capital Markets announced Aug. 24. The transaction is the largest pure-play office sale in Boston in the last five years and one of the most significant office deals of 2026.

JLL represented Clarion Partners in the sale. The deal closed in mid-August 2026, with the transaction implying a price of approximately $879 per square foot and a capitalization rate in the low-7% range.

Asset Overview: A Fully Leased Waterfront Tower

One Marina Park Drive was delivered in 2010 as the anchor commercial asset of The Fallon Company's $4 billion Fan Pier development. The 18-story tower sits on one of Boston's last direct waterfront sites within Fan Pier, adjacent to Vertex Pharmaceuticals' 1.1 million-square-foot global headquarters.

The property is 99% leased to a tenant roster that includes MassMutual, law firms Fish & Richardson and Gunderson Dettmer, private equity firm Battery Ventures, and The Fallon Company. The building carries LEED Gold and WiredScore Platinum certifications and includes 375 below-grade parking spaces. Floor-to-ceiling harbor views and proximity to South Station — which provides Red Line MBTA, commuter rail, and MBTA Commuter Ferry service — add to the asset's positioning.

Within a two-block radius of the property, there are more than 35 dining options, 1,200 luxury housing units, 50 retail stores, hotels, and museums.

Deal Context: Pricing and Prior Ownership

Clarion Partners acquired One Marina Park Drive in December 2019 for $482 million. The 2026 sale at $435 million represents roughly a 10% decline from that prior purchase price, though the building remains nearly fully occupied. The pricing stands in contrast to steeper write-downs seen at older or partially vacant office properties across the broader market.

The Seaport District has recorded 22% Tier 1 rent growth since 2019, and the submarket currently reports 98% Tier 1 occupancy. Boston has been identified as the second-hardest U.S. market in which to build new office supply, requiring a 48% rent gap to justify new speculative development — a dynamic that reinforces the scarcity value of existing waterfront assets.

JLL's Capital Markets Team Led the Sale

JLL's Capital Markets Investment Sales and Advisory team representing Clarion Partners was led by Executive Managing Directors Coleman Benedict and Riaz Cassum, along with Managing Directors Scott Carpenter and Patrick Shields, Associate Chris Barry, and Analyst David Mega.

"This transaction validates what we've been seeing across premier office submarkets. Institutional capital is concentrating on irreplaceable trophy assets in supply-constrained, top-performing markets, underwriting to the data around outperformance and net effective rent growth," Carpenter said. "One Marina Park Drive offered exactly what strategic buyers are pursuing in 2026: durable in-place cash flow with a track record of outperformance, meaningful embedded mark-to-market upside, and a waterfront position with no new construction in the pipeline. The competitive tension throughout the process reaffirms that best-in-class office fundamentals continue to command premium pricing."

Oxford Properties and the Return of Institutional Capital

Oxford Properties Group is the real estate arm of OMERS, the Canadian pension fund. The acquisition is part of a renewed push into U.S. office investment, targeting high-quality assets where pricing has adjusted but underlying fundamentals remain intact.

The Seaport District ranks as a top-three nationally performing office micro-market, and the One Marina Park Drive transaction signals continued appetite among institutional investors for well-located, fully leased assets in supply-constrained submarkets. JLL's marketing process for the property generated competitive buyer interest, reflecting demand for assets with locked-in cash flow and limited near-term lease rollover.

JLL Capital Markets operates globally with more than 3,000 specialists in offices across nearly 50 countries, providing investment sales and advisory, debt advisory, equity and fund placement, and related capital markets services.