Fan Pier News – Vertex Pharmaceuticals

HFF arranges $355m in financing for Fan Pier

By Chris Reidy, Globe Staff

Vertex Corporate Headquarters - Fan Pier Boston Massachusetts

HFF, a provider of commercial real estate services, said it has arranged a $355 million construction loan for the development of a new headquarters campus for Vertex Pharmaceuticals Inc. at Boston’s Fan Pier.

HFF said it worked on behalf of the Boston-based development company that is overseeing the Fan Pier project, the Fallon Company LLC, and its investors to secure the construction loan.

The Fan Pier development is a 21-acre site spanning nine city blocks along the downtown Boston waterfront.

The Vertex headquarters facility will feature two 16-story office towers incorporating 1.1 million square feet of office and biomedical research space and 60,000 square feet of ground level retail above a 725-space parking garage, HFF noted.

Vertex’s move to the waterfront is one of the biggest real estate deals in Boston’s history and is expected to spur the economic turnaround of the waterfront, a recent Globe story noted.

The company’s expansion plans were conditioned on getting approval from the Food and Drug Administration for Vertex’s hepatitis C treatment that will be marketed under the name of Incivek. That approval was granted in May.

Incivek has the potential to be a blockbuster drug, which means it could generate annual sales of at least $1 billion.

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  1. [...] timely, given the recent growth of the waterfront district — including a ground-breaking for Vertex Pharmaceuticals at Fan Pier, fresh plans for residential buildings and a possible expansion of the Boston [...]

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