In what could be a blockbuster deal of the year, Boston developer Joseph Fallon is close to securing a major law firm for his next office building at Fan Pier, commercial real estate sources told the Boston Business Journal.
The plan calls for a 15-story office building to be built for Goodwin Procter between the Vertex Pharmaceuticals (Nasdaq: VRTX) buildings and the Institute of Contemporary Art on the waterfront. The Hub’s second largest law firm is housed at 415,000 square feet of office space on 14 floors at 53 State St., which is owned by UBS (NYSE: UBS). But the lease is set to expire in 2016. The new building would include about as much square footage.
Sources said Goodwin Procter also considered Pier 4, the nearby mixed-use project on the South Boston waterfront that is being developed by Newton-based New England Development that will include 1 million square feet of hotel, residential, office, retail and civic uses on nearly 10 acres. But sources said the site was rejected because the developer would need Zoning Board approval for a taller tower.
Fan Pier is a $3 billion development, spanning nine city blocks. The 23-acre development is expected to eventually include office buildings, condominiums, retail, a hotel and parks.
If a deal between Fallon and Goodwin Procter is signed, this would be the fourth building for Fan Pier. Two Vertex buildings are expected to be completed by the end of 2013 and will join the One Marina Park Drive office building already open on the property, LouisBoston, several restaurants and a marina.
In 2010, Fallon opened the first office building at One Marina Park Drive with law firm Fish & Richardson as the major tenant.