Eleven Fan Pier Boulevard Framework Completed

The Fallon Company, Vertex Pharmaceuticals Celebrate “Topping Off” of Fan Pier’s Second Commercial Tower

Boston Mayor Thomas M. Menino, local dignitaries and business leaders commemorate milestone with Boston iron workers at 21-acre waterfront development site, the country’s largest privately-funded project

BOSTON – (BUSINESS WIRE)

The Fallon Company today celebrated an important milestone, as Boston iron workers raised the final beam to top the second commercial tower on its 21-acre, LEED-certified mixed-use development site, Fan Pier.

The “topping off” ceremony officially completed the structural framework for Eleven Fan Pier Boulevard – one of two 18-story towers on Fan Pier that will serve as Vertex Pharmaceuticals’ global headquarters.

The Fallon Company’s next major phase of development at Fan Pier will focus on residential living, with a 15-story luxury condominium residence overlooking Boston Harbor and abutting the city’s financial district.

Against the backdrop of Boston’s skyline and historic Harbor, Boston Mayor Thomas M. Menino joined Fallon Company CEO Joseph F. Fallon, Vertex Chair, President and CEO Dr. Jeff Leiden, and representatives of Turner Construction in autographing the symbolic beam and presiding over its placement atop the 18-story edifice. The beam was also signed by more than 100 members of Boston Iron Workers Union Local No. 7, who hoisted it into place to complete Eleven Fan Pier Boulevard’s framework.

“Boston’s waterfront is central to our past, present and future and the Fan Pier development exemplifies its vitality, bringing more jobs, residents, businesses and life to one of our city’s most promising neighborhoods,” Mayor Menino said. “Our iron workers, Turner Construction, The Fallon Company and Vertex deserve our thanks for moving this important project forward with passion and commitment. Building Boston’s waterfront and life sciences industry is an ongoing cooperative effort, and developments such as Fan Pier will help us usher in a new era for our city.”

The Fallon Company broke ground on Eleven Fan Pier Boulevard, one of eight commercial buildings planned for the site, on June 22, 2011. Vertex, a global biotechnology company, will begin to occupy approximately 1.1 million square feet in two 18-story Fan Pier towers by the end of 2013.

Work on the two towers has created 1,000 local construction jobs.

Vertex, relocating from Cambridge, Mass., will bring its entire Massachusetts workforce – currently more than 1,400 people – to Boston’s waterfront. The company has already forged philanthropic ties in the neighborhood, committing more than $1 million over three years to support a range of activities aimed at enhancing science, technology, engineering and math (STEM) education at two South Boston public schools. The Vertex buildings at Fan Pier will also include a 3,000-square-foot learning laboratory that will allow local students and teachers to conduct scientific projects alongside Vertex scientists.

“As we top off our second tower at Fan Pier and celebrate the momentum of our site’s development, we thank the iron workers of Local No. 7 and Turner Construction for their hard work and dedication,” Fallon Company CEO Joe Fallon said. “Today’s milestone brings us one step closer to realizing our vision of a lively and innovative new center for business, industry and city living on Boston Harbor, and we look forward to the completion of the two towers that will become Vertex’s state-of-the-art headquarters.”

The Fallon Company’s Eleven Fan Pier Boulevard (Vertex Building B) was designed by Elkus/Manfredi Architects of Boston, who also designed Fan Pier’s first office building, One Marina Park Drive.

Once completed, the 18-story structure will feature floor-to-ceiling green glass and a curved eastern-facing side with a seventh-floor outdoor terrace. 50 Northern Avenue (Vertex Building A) was designed by Tsoi/Kobus Associates of Cambridge, Mass. The contemporary blue glass building will also reach 18 stories and feature a sloped design offering panoramic views of the waterfront and city skyline. Together, the towers will offer approximately 1.1 million square feet of research, lab and office space, plus 60,000 square feet of ground-floor restaurant and retail, as well as underground parking.

The 21-acre Fan Pier development, the largest privately-funded development project in the country, will be a new center for business, commerce and residences on Boston’s 1,000-acre waterfront.

The completed complex will contain eight buildings, comprised of offices, residences, retail space and hotel rooms, as well as a park and marina.

The towers leased by Vertex will be the second and third major structures at Fan Pier, sitting between the existing 18-story tower at One Marina Park Drive and the John Joseph Moakley United States Courthouse.

Already home to some of the city’s best restaurants, including Strega, Sam’s and the newly-opened Empire, Fan Pier aims to attract additional businesses and drive major economic development on Boston’s revived waterfront.

In the project’s next development phase, a 15-story condominium building, offering spectacular Harbor and city views and luxurious amenities, will join the Fan Pier complex.

The residential high-rise will provide a new lifestyle opportunity for its residents that will offer upscale dining, shopping, waterfront parks and walking paths, a world-class marina, easy access to public transportation and major arts and cultural attractions – all within walking distance.

The aim is to create a vibrant, lively and pedestrian-friendly neighborhood that exemplifies the very best in city living.

Early plans call for sales and construction to begin in 2013 with an anticipated completion date in late 2014/early 2015.

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.

About Vertex

Vertex creates new possibilities in medicine. Our team discovers, develops and commercializes innovative therapies so people with serious diseases can lead better lives.

Vertex scientists and our collaborators are working on new medicines to advance the treatment of hepatitis C, cystic fibrosis, epilepsy and other life-threatening diseases.

Founded more than 20 years ago in Cambridge, Mass., we now have ongoing worldwide research programs and sites in the U.S., U.K. and Canada. Today, Vertex has more than 2,000 employees around the world, and Science magazine named Vertex number one on its 2011 list of Top Employers in the life sciences.

SOURCE: The Fallon Company

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