THE PROPERTY: Initially a 229,000 sf mixed-use property, Charles River Plaza was redeveloped into a 640,000 sf medical, office, research and retail complex with a 950 car parking facility.
THE LOCATION: Originally built in the 1960s, the property is located in the Boston CBD adjacent to Massachusetts General Hospital (MGH), Government Center and Beacon Hill.
THE SITUATION: TDC purchased the property from the original developer for $76.2 mm in June 2000. Simultaneous with the closing, it negotiated a lease expansion/extension with MGH for 70,000 sf of medical and office space, bringing the property to 100% occupancy.
VALUE CREATION STRATEGY: The team obtained approvals for the development of an additional 411,000 sf of medical office, lab and retail space on the property. A long term lease for 355,000 sf of laboratory space was signed with MGH and in February 2003, construction commenced on this $300 mm redevelopment. The project was completed in September of 2005 and is now 100% leased to tenants, including Massachusetts General Hospital, Schepens Eye Institute, Whole Foods, and CVS.