BGO Sells 343 Congress to North Colony; Fort Point Mixed-Use Brings $47.75M

Boston — Anchored by the nation’s largest online pet retailer, Chewy, the 114,677 SF brick and beam building at the entrance of the Seaport has been purchased by Cambridge-based North Colony Asset Management. The Mixed-Use asset has been on the local investor’s radar for some time now.

“North Colony has been patiently awaiting the right entry point to begin investing in top-notch downtown office assets,” said Brian Antonellis, Partner at North Colony. “343 Congress Street is a property we have wanted to own since we began investing in Boston over 20 years ago.” The company entered into the Boston office market for an impressive cost of $47,775,000. “Its institutional floor plates, central location in the heart of the Seaport’s Fort Point District, and quality finishes—highlighted by Chewy’s tenancy—made it the perfect fit for our growing, vertically integrated platform,” added Antonellis.

Newmark Boston Capital Market’s team, led by Co-Head of US Markets Robert Griffin, along with Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper, represented the seller, BentallGreenOak (BGO), and procured the buyer, North Colony Asset Management.

“343 Congress Street generated exceptional investor interest due to its high-quality brick-and-beam construction and prime location in Boston’s innovation district,” said Pullen. “While naturally supply-constrained, this product type is uniquely suited to appeal to modern creative office users. The bidding process attracted significant institutional capital, signaling the return of demand for trophy-quality office properties like 343 Congress Street.”

Chewy originally leased 50,000 SF in 2017, which expanded to 75,000 SF as the pet retailer grew. Silicon Labs, which has 25,000 SF, occupies the fourth floor. The five-story building’s street level is anchored by two popular restaurants: The Smoke Shop, known for its barbeque, and Pastoral, known for its artisan pizza.