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PGIM Real Estate acquires Tower at One Greenway apartment community in Boston
BOSTON, Dec. 6, 2017 – PGIM Real Estate has acquired the Tower at One Greenway, a 21-story Class A apartment community in Downtown Boston, on behalf of institutional investors. PGIM Real Estate is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
One Greenway is a 181,442-square-foot LEED Gold–rated apartment community with 217 apartments, 3,180 square feet of ground floor retail and a three-level parking garage. Centrally located at the northern end of Kneeland, Albany and Hudson Streets, it is within walking distance of South Station, Boston Common, Chinatown, the Theater District, and Tufts Medical Center, with easy access to Boston’s major subway lines and the Financial District.
The ground floor retail is 100 percent occupied by BeanTowne Coffee House and East Boston Savings Bank, and the parking garage is leased to a third-party operator, Pilgrim Parking, Inc.
“The acquisition of One Greenway is a unique opportunity to make a long-term investment in a transit-oriented, high-barrier-to-entry property in Downtown Boston,” said Alfonso Munk, Americas chief investment officer for PGIM Real Estate. “It is also consistent with our portfolio’s strategy to gain residential exposure in a core gateway submarket.”
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“The acquisition of One Greenway is a unique opportunity to make a long-term investment in a transit-oriented, high-barrier-to-entry property in Downtown Boston.”
Select community amenities include a rooftop terrace with fire pits and Seaport views; a 1/3-acre outdoor park with deck and grills; and a 24-hour fitness center with weekly classes and yoga studio. The smoke-free property has incorporated green features such as Energy Star appliances, water conservation fixtures, electric car charging stations, designated parking for fuel-efficient vehicles and 9,863 square feet of landscaped open space.
Todd Goldberg, head of Northeast Transactions at PGIM Real Estate, led the transaction.
About PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of $69.0 billion ($50.5 billion net) as of Sept. 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt and securities investment strategies that span the risk/return spectrum. For more information, visit pgimrealestate.com.
About PGIM
With 14 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of Sept. 30, 2017. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, please visit news.prudential.com.
© 2017 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom. Ref: 17BDUFF - ATLSMG
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