BOSTON--(EON: Enhanced Online News)--The Fallon Company today announced it has finalized a lease agreement with Polaris Partners to move its corporate headquarters to Fan Pier, one of the country’s largest privately funded, mixed-use development sites. Terms of the deal, which was brokered by CBRE New England and Richards Barry Joyce & Partners, were not disclosed.
“They have a strong reputation of investing in dynamic companies that fuel the economy, and that philosophy falls perfectly in line with our vision for Fan Pier.”
Polaris, a venture capital firm investing in successful technology and healthcare companies, has leased the 10th floor of Fan Pier’s One Marina Park Drive, comprising 16,000 square feet. The company will begin to occupy the space in the second quarter of 2014 and ultimately move employees from its current location in Waltham, Mass. to its future corporate headquarters on Boston’s new Waterfront by early 2016.
Polaris joins a growing list of venture capital firms that have relocated to Boston’s Seaport in response to the growing number of technology, biotech and professional services companies that have recently moved into the area. Battery Ventures announced plans to move from Waltham to Fan Pier just last year, joining EnerNOC, an energy management company and Vertex Pharmaceuticals, which is slated to move its global headquarters to two build-to-suit commercial towers on the site in early 2014.
“The excitement continues to build around Boston’s Innovation District and we are thrilled to be located on the waterfront in the heart of this energetic and growing region,” said Polaris managing general partner Dave Barrett. “Fan Pier is within minutes of more than two dozen of our portfolio companies – allowing us to maximize efficiencies and be able to host more local entrepreneurs in our offices. This area is where the puck is going and this move is part of a winning strategy for Polaris.”
The Fallon Company began construction of Fan Pier, a 21 acre waterfront site overlooking the Boston Harbor, in 2007. Upon completion, Fan Pier – which spans nine city blocks – will consist of 3+ million square feet of residential, commercial, hotel, retail, and cultural space with unobstructed views of the waterfront and Boston skyline.
“Polaris’ move to Fan Pier is the latest example of this neighborhood’s vibrancy and excitement,” Boston Mayor Thomas M. Menino said. “Polaris will have front row access to the entrepreneurs who are working, thriving, and developing new ventures in the Innovation District as the area continues its rapid growth and success.”
In addition to waterfront offices, residences and a hotel, the Fan Pier neighborhood provides front-door access to a park, marina and the 38-mile Harborwalk Trail. Already home to some of the city’s best restaurants – including Empire Asian Restaurant & Lounge, Sam’s and Strega Waterfront, as well as renowned clothier LouisBoston – The Fallon Company plans to add more prestigious dining and retail offerings, making the neighborhood a synergy of best-in-class commerce, lifestyle, residences and public space.
“We look forward to welcoming Polaris Partners to One Marina Park Drive,” said Joe Fallon, President and CEO of The Fallon Company. “They have a strong reputation of investing in dynamic companies that fuel the economy, and that philosophy falls perfectly in line with our vision for Fan Pier.”
Along with commercial growth and progress on Fan Pier, The Fallon Company will kick off the development’s residential construction phase this fall with its first luxury waterfront property, 22 Liberty, offering residents panoramic water views from all 14 floors.
About Polaris Partners
Founded in 1996, Polaris Partners has more than $3.5 billion in capital under management which it invests in a diverse portfolio of technology and healthcare companies across stage and across the country. The firm has partnered with entrepreneurs, scientists and innovators to grow hundreds of companies from initial concepts to large, publicly traded corporations. Polaris has offices in Boston, San Francisco and Dublin Ireland. For more information, visit: www.polarispartners.com.
About The Fallon Company
The Fallon Company has an unmatched reputation in Boston for undertaking and executing the most challenging and complex real estate development projects, and perfectly positioning them for optimal current and future use. Founded by Joe Fallon in 1993, the firm has consistently achieved success through the exceptional experience and dedication of its team and its visionary leadership. The company has developed billions of dollars in commercial real estate, and is currently developing Boston’s Fan Pier, a 21-acre property spanning nine city blocks and permitted for three million square feet of mixed-use office, residential and retail space. Additional Fallon Company projects include The Westin Boston Waterfront Hotel, Park Lane Seaport, ONE Marina Park Drive, Fifty Northern Avenue and Eleven Fan Pier Boulevard.