Oxford Acquires One Marina Park Dr. for $435M; Ends 10-Year U.S. Office Hiatus

BOSTON — Oxford Properties has ended a nearly decade-long hiatus from U.S. office acquisitions by purchasing One Marina Park Drive, the Class-A trophy tower in the Seaport District.

The Toronto-based investor previously shifted its strategy toward portfolio diversification. It divested roughly $14 billion in global office holdings between 2018 and 2022 during a low-interest-rate cycle. The acquisition signals a calculated re-entry into domestic office markets by its parent organization, the Ontario Municipal Employees Retirement System (OMERS).

JLL represented Clarion Partners, who purchased the Fallon/Barings JV property in 2020 for a staggering $482 million, as first reported by The Real Reporter. The $435 million sale represents one of 2026’s most impactful office transactions, along with a return of institutional capital to the Boston office market. It is also the largest pure-play office sale for the city in the last five years.

“We continue to see compelling opportunities to invest in premier office assets in gateway cities that are well-located, well-amenitized, and positioned to benefit from the increasing focus on quality,” said Ankit Bhatt, Head of US Investments at Oxford Properties. “One Marina Park Drive exemplifies that opportunity. It combines a premier waterfront location, a diverse occupier ecosystem, and exceptional connectivity within one of Boston’s most desirable office districts. From a return perspective, its strong income profile and high-quality tenancy provide a solid foundation for long-term performance and support the attractive risk-adjusted returns we continually seek on behalf of our stakeholders.”

The 18-story tower is 99% leased to a high-credit tenant roster, including MassMutual, Fish & Richardson, Gunderson Dettmer, Battery Ventures, Enel X, and Polaris Ventures.

“This transaction validates what we’ve been seeing across premier office submarkets. Institutional capital is concentrating on irreplaceable trophy assets in supply-constrained, top-performing markets, underwriting to the data around outperformance and net effective rent growth,” said JLL Managing Director Scott Carpenter.

Along with Carpenter, JLL’s Capital Markets Investment Sales and Advisory team was led by Executive Managing Directors Coleman Benedict and Riaz Cassum, Managing Director Patrick Shields, Associate Chris Barry and Analyst David Mega.

The Seaport purchase continues Oxford’s recent momentum in Boston, having leased more than 1 million sq. ft. of office and life science space in 2025 to companies including Klaviyo, Datadog, Wayfair, DraftKings, and Eli Lilly.

Ankit Bhatt