One Congress Street is a mixed-use asset consisting of a 9 story public parking garage of 2,265 spaces, 284,000 square feet of office space on 2 floors atop the garage and 24,000 square feet of ground floor urban retail space. The property is located on a unique 4 acre site at the confluence of the Government Center and Bulfinch Triangle submarkets in downtown Boston. At acquisition, it was a poorly managed and maintained asset, which was encumbered by a long-term below market garage lease.
RAK recognized that due to a Federally-mandated moratorium on the creation of new net parking spaces in Boston, the garage represented a significant upside opportunity. Through a complex series of events and negotiations, RAK assumed management control of the garage. A major rehabilitation of the 40 year-old garage structure was planned and executed by RAK, including structural repairs, a complete lighting retrofit (with utility company rebate), new parking access and revenue control equipment, and the elastomeric painting of the garage facade which completely transformed the physical appearance of the asset.
The key drivers that made One Congress Street a desirable acquisition were great light and air exposure with permanently protected views, an under-managed garage encumbered by a below-market lease, an irreplaceable 4 acre potential future development site with an on-site bus terminal, 2 subway stops and high pedestrian traffic for boosting retail rents.
Today One Congress Street is being transformed into a major mixed use project.