Tishman Speyer Purchases The Eddy, Its First Multifamily Acquisition in Boston

BOSTON – Tishman Speyer introduced that it has acquired The Eddy, a recently-constructed, high-rise residence tower positioned on the East Boston waterfront, from Inexperienced Cities Firm for $135 million. 

Inbuilt 2016, The Eddy options 259 market fee rental flats that embrace a mixture of studio, one-bedroom and two-bedroom ground plans.  At 17 tales, the LEED Gold licensed tower is East Boston’s tallest, offering unmatched views of the Boston Harbor and town skyline.

The Eddy’s spectacular suite of facilities features a rooftop deck with seating, a lounge with chef’s kitchen and pool desk, an outside terrace with pool and sundeck, a contemporary health middle, and safe bike parking and upkeep services.  Well-liked eating vacation spot ReelHouse occupies the retail house on the tower’s base via a long-term lease and has direct water taxi entry from Boston and Charlestown. 

That is the primary multifamily acquisition in Boston for Tishman Speyer, which has lengthy been an lively proprietor, developer and operator of workplace, life science, retail and condominium properties all through the Boston area. 

“Our acquisition of The Eddy is emblematic of Tishman Speyer’s ongoing want to develop, personal and function top of the range, well-located properties throughout a various array of asset lessons,” mentioned Tishman Speyer Managing Director Jessica Hughes.  “Additionally it is a testomony to the enduring power of the Boston market and the continued development of its residential neighborhoods, particularly alongside the waterfront. We’re grateful to the workforce at Inexperienced Cities for creating this distinctive, resilient, multifamily neighborhood and for his or her spirit of collaboration all through this transaction.”

Tishman Speyer is at the moment creating the Enterprise Analysis Campus in collaboration with Harvard College, a mixed-use campus whose first part will embrace 900,000 sq. ft of labs, workplaces, flats and a lodge.  Tishman Speyer additionally developed the landmark Pier 4 mixed-use mission, which encompassed condominiums, workplaces, retail and a public park in Boston’s Seaport neighborhood. 

The agency additionally owns quite a few trophy workplace properties all through the area and maintains an lively life science growth pipeline via Breakthrough Properties, its three way partnership with Bellco Capital.

East Boston has advanced considerably over latest years with new multifamily initiatives, widespread eating places and different waterfront facilities that draw residents and guests to the as soon as marine industrial neighborhood.  Notable locations embrace the Institute of Up to date Artwork’s East Boston enlargement and LoPresti Park, a four-acre park with a soccer subject, road hockey rink, basketball courts, playground and kayak launch.

The Eddy boasts handy entry to town’s main employment hubs and locations.  Residents profit from direct water taxi service with Downtown and the Seaport reachable in below 10 minutes, and MBTA ferry service that connects to the Seaport and Monetary District.  As well as, the Maverick Blue Line Station is a five-minute stroll, providing entry to Downtown and Logan Airport.  The Eddy additionally consists of 130 parking areas.

Walker and Dunlop organized the transaction on behalf of Inexperienced Cities Firm.

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