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Jamestown, Related Enter into JV at Boston’s Innovation & Design Building

Atlanta-based real estate investment and management company Jamestown has sold a 50% stake in Boston’s Innovation & Design Building in the city’s Seaport District to Related Fund Management. The two firms have formed a new joint venture to operate the century-old property.

At the time of sale, the value for the full property was $710 million. The 1.4 million-square-foot property once supported the nearby South Boston Army Base and was built in 1918 by the U.S. Department of Defense. The building is anchored by the Boston Design Center and is home to a mix of startups, design companies and life science tenants, including Reebok, Autodesk, America’s Test Kitchen and Ginkgo Bioworks. Related and Jamestown plan to add more lab and office space starting in 2021 to expand the tenant base and to attract more life science companies to the property.

Newmark represented Jamestown in the marketing and sale of the 50% ownership stake to Related. Related Beal, the Boston-based development arm of Related, will manage and operate the property alongside Jamestown.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Development
  • ◦Sale/Acquisition