JLL arranges $650M refinancing for One Congress on behalf of Carr Properties and National Real Estate Advisors

Rhea-AI Summary

JLL Capital Markets has secured a $650 million refinancing for One Congress, a premier office building in Boston, Massachusetts. The SASB loan was arranged on behalf of Carr Properties and National Real Estate Advisors, led by Wells Fargo and Bank of America. The 43-story trophy tower, completed in 2023, spans 1,008,000 square feet and achieved 100% pre-leasing a year before completion. The building features sustainable design, column-free floor plans, and premium amenities including a full-floor amenity center, 15,000 sq ft rooftop terrace, and 7,000 sq ft fitness center. Located within the Bulfinch Crossing development, One Congress offers strategic access to public transportation and major highways, connecting Boston's key districts.

Positive

• Secured substantial $650 million refinancing from major banks
• 100% pre-leasing achieved 12 months ahead of building completion
• Premium location with direct access to major transportation hubs
• Impressive 1,008,000 square feet of sustainable, energy-efficient office space
• Strategic position connecting multiple Boston neighborhoods

Negative

• Large office space exposure amid challenging office market environment
• Significant debt load with $650M refinancing

Insights

Commercial Real Estate Finance Expert

JLL secured a massive $650M refinancing for a fully-leased trophy Boston office tower, demonstrating strong confidence in premium office assets despite market challenges.

The $650 million refinancing deal for One Congress represents a significant vote of confidence in Boston's premium office market. What makes this transaction particularly notable is securing a single-asset, single-borrower (SASB) loan in today's challenging office financing environment. The SASB structure typically commands better pricing and terms than traditional CMBS loans but requires exceptional asset quality and sponsorship.

The 1,008,000-square-foot property achieved 100% pre-leasing 12 months ahead of completion—a remarkable achievement that significantly de-risked the investment. This pre-leasing success demonstrates extraordinary tenant demand for trophy office space despite broader market uncertainties. The building's ability to secure full occupancy before delivery provides strong and stable cash flow projections that clearly satisfied lender requirements.

Wells Fargo and Bank of America leading this refinancing signals that top-tier financial institutions remain willing to fund exceptional office assets despite general market caution. The transaction's size—$650 million—indicates a premium valuation likely approaching $1,300+ per square foot based on comparable Boston trophy assets.

This refinancing allows Carr Properties and National Real Estate Advisors to potentially extract equity from the successful development while establishing a capital structure that matches the long-term nature of the asset's stable income stream. The deal's timing, shortly after the building's 2023 completion, suggests the borrowers are optimizing their capital position following the successful development and lease-up phase.

One Congress is Boston's newest trophy office asset, standing 43 stories tall and achieved 100% pre-leasing 12 months ahead of building completion

BOSTON, May 19, 2025 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged a $650 million refinancing for One Congress, a recently delivered, trophy office building totaling 1,008,000 square feet in Boston, Massachusetts.

JLL worked on behalf of the borrowers, Carr Properties ("Carr") and National Real Estate Advisors ("National"), to arrange the SASB (single-asset, single-borrower) loan led by Wells Fargo and Bank of America.

Completed in 2023 and designed by the world-renowned architecture firm Pelli Clarke & Partners, One Congress has become an iconic fixture in the Boston skyline. The 43-story tower offers more than one million square feet of sustainable, energy-efficient office space with column-free floor plans and irreplaceable views of the Charles River, downtown Boston and Boston Harbor. The property also boasts a best-in-class amenity package featuring a full-floor amenity center with food and beverage service, 15,000 square feet of rooftop terrace space, a 7,000-square-foot fitness center and a triple-height lobby with coffee bar and seating.

The trophy tower sits within the Bulfinch Crossing redevelopment, which was the former site of the Government Center Garage. The 4.8-acre development serves as a connection between Boston's Financial District, West End, North End and Beacon Hill neighborhoods. One Congress has direct access to the MBTA's Orange and Green lines and is walkable to both North Station and South Station, offering commuter rail access to the Greater Boston area. Additionally, the property is convenient to Interstate 93, the Massachusetts Turnpike and Logan International Airport.

The JLL Capital Markets Debt Advisory team representing the borrowers was led by Executive Managing Directors Riaz Cassum and Coleman Benedict, Senior Managing Director Jim Meisel, Director Mike Shepard, CFA and Associate Hugh Doherty.

"Securing SASB financing for assets, particularly office in the current environment, can be challenging," said Cassum. "SASB lenders typically look for top quality assets with reputable borrowers, both of which One Congress had. The Carr and National partnership delivered an office asset that has redefined the trophy office landscape in Boston. We are honored to have played a role in this significant financing and are excited to watch the continued evolution of Bulfinch Crossing."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL's newsroom. 

About Carr Properties
Carr Properties is a privately held real estate investment trust that owns, manages, acquires, and develops premium quality office and residential properties in Washington, DC, Boston, Massachusetts, and Austin, Texas. The company currently owns a portfolio of 11 commercial office properties totaling approximately 4 million square feet and two sites for future multi-family development totaling 546 homes. Additionally, the company manages third-party properties that include an additional 1.6 million square feet.
Media Contact: carr@berlinrosen.com 

About National Real Estate Advisors
National Real Estate Advisors, LLC ("National") is an investment manager developing, operating, and managing commercial real estate projects across the United States. Since 2000, National's investment team has been constructing investment portfolios of diverse property assets — primarily multifamily, data centers, office, healthcare, and medical buildings. National manages separate accounts and multiple commingled investment vehicles. Guided by stewardship, National seeks to create solid, long-term, risk-adjusted returns for investors by adhering to a rigorous investment process and sound development principles. National is an independently operated subsidiary of the National Electrical Benefit Fund ("NEBF"), a pension trust with assets that are managed by National on a discretionary basis. For more information, please visit www.natadvisors.com.

About JLL 
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com. 

Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 543 4873
Email: kristen.murphy@jll.com

 

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SOURCE JLL

FAQ

What is the size of JLL's One Congress refinancing deal in Boston?

JLL arranged a $650 million SASB (single-asset, single-borrower) refinancing for One Congress, led by Wells Fargo and Bank of America.

How large is the One Congress office building in Boston?

One Congress is a 43-story trophy office building totaling 1,008,000 square feet of space.

What is the current occupancy rate of One Congress in Boston?

One Congress achieved 100% pre-leasing 12 months ahead of building completion.

What amenities does One Congress office building offer?

One Congress features a full-floor amenity center with food service, 15,000 sq ft rooftop terrace, 7,000 sq ft fitness center, and a triple-height lobby with coffee bar.

Where is One Congress located in Boston?

One Congress is located within the Bulfinch Crossing development, connecting Boston's Financial District, West End, North End, and Beacon Hill neighborhoods.