Winthrop Center secures US$775 million construction loan

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KUALA LUMPUR (Oct 22): Millennium Partners Boston, a local arm of developer Millenium Partners, announced it has secured a US$775 million construction loan from real estate investment and finance firm Cale Street Investments for the upcoming US$1.3 billion Winthrop Center in Boston, which will stand at 691 feet tall and due to be completed in 2022.

In a statement, Millennium Partners founder Christopher M Jeffries said: “Securing the construction loan from Cale Street Investments — an unprecedented investment given the global pandemic — assures that Winthrop Center will remain on schedule for completion in 2022, when it will introduce a new model for office environments and surpass current best-in-class standards.

“From its inception, human-centric design, sustainability, and flexible workspaces have formed the foundation of Winthrop Center, and with innovation a core part of Boston’s DNA, the City is the perfect home for this legacy building.”

Setting the new global standard for integrating health and wellness, sustainability, and technology in building design, Winthrop Center will deliver 812,000-square-feet of Global Class A office space, 572,000-square-feet of residential space, including 321 luxury residences, and Boston’s next great public space upon completion. According to the developer, the development has prioritised elevated indoor air quality since its initial inception and approval in 2018 and will be built to deliver fresh air on every office floor.

Cale Street’s Founder Ed Siskind said: “We are proud to partner with Millennium Partners Boston in support of the development of Winthrop Center. For over 25 years, Millennium Partners has had a proven track record for delivering luxury mixed-use properties. We believe Winthrop Center will be a market leader in sustainability as the largest Passive House office building in the world.”

Designed by Handel Architects, Winthrop Center aims to reduce carbon footprint while offering better managed air and other health benefits of Passive House design.

The building will achieve LEED Gold certification for its residential portion, LEED Platinum certification and WELL Gold certification, the leading tool for advancing health and well-being in buildings globally for its office space, and become the world’s largest and most advanced Passive House office building.

Through a partnership with MIT professors led by MIT’s Environmental Solutions Initiative director John Fernandez, the development aims to meet increased demands for healthier indoor environments, flexibility and comfort, and energy efficiency.

Erlynda Jacqui Chan