Oct 3, 2013, 10:43am EDT
Joe Fallon mulls sale of Vertex headquarters
Photo by Thomas Grillo.
Joe Fallon will sell the two Vertex towers on Fan Pier at the right price, sources say.
Fan Pier developer Joseph Fallon, whose gleaming waterfront towers helped launch a tidal wave of development in Boston’s Seaport District, could get an offer he can’t refuse.
Commercial real estate sources say several firms are “kicking the tires” of Fallon’s 1.1-million-square-foot office waterfront complex expected to be completed next year for Vertex Pharmaceuticals (Nasdaq: VRTX). The Cambridge-based company is preparing to move its headquarters to the pair of 18-story buildings on Fan Pier next year.
Sources familiar with the deal said the Hub developer didn’t set out to list the properties with a commercial real estate firm. But when several buyers showed interest, Fallon hired real-estate firm HFF to talk with the potential buyers.
“If everyone is just kicking the tires and low-balling it, Joe won’t do anything because he doesn’t have to,” one source