Today The First Church of Christ, Scientist, signed a ground lease with an affiliate of Beacon Capital Partners, LLC (http://www.beaconcapital.com/) for the existing 177 Huntington Office building (the former Administration building) on the Christian Science Plaza.
Beacon is a well-respected Boston-based real estate investment firm with a national and international presence. Under the 99-year lease, Beacon will assume complete stewardship of the building, caring for all maintenance, capital repairs, leasing, and operational issues, relieving the Church of these responsibilities. All of the existing tenant leases will be transferred to Beacon.
Beacon paid $59 million for the ground lease and will make annual payments toward the maintenance costs of the Christian Science Plaza. This transaction is another significant step of progress in supporting one of the goals of the Plaza Revitalization Project—to generate increased real estate revenues to match real estate expenses so that a greater proportion of the Church’s resources can go toward its healing mission.
This action follows the announcement in February of engaging HFF (Holliday Fenoglio Fowler L.P.—https://www.hfflp.com/) to market a ground lease for 177 Huntington.
In addition, last month HFF began seeking qualified developers for the two approved development sites on Belvidere and Dalton Streets, located behind the Colonnade building across the street from the Hilton and Sheraton Hotels. The selected developers will be responsible for funding, designing, constructing, and maintaining the buildings, as well as obtaining approvals through the City’s public review process. Interest to date is strong. We will keep you informed on these transactions.
Click here for the Press Notice by HFF, the broker for the lease.