FORT POINT CHANNEL PORTFOLIO
A SIGN OF CHANGE AT BOSTON'S SEAPORT

Can one hundred year old buildings become the center of Boston's emerging Seaport area?

In the mid-1800's the Boston Wharf Company filled land in Boston Harbor, laid out and constructed streets, and built a series of industrial and warehouse properties to serve Boston's thriving seaport. Throughout much of the 20th century, the red glow of the Boston Wharf Company sign reminded the city of the history of these stately old buildings.

During 2007, National Development, in partnership with New York-based investor Angelo, Gordon & Co., acquired six of the original Fort Point Channel area buildings. These include the triangular shaped building built in 1910 that displays the famous Boston Wharf Co. sign on its roof. The properties are located on Congress, Summer and Farnsworth Streets.

Why would a development firm buy over 400,000 s.f. of office and ground floor retail space in a group of older buildings? Our vision for the future of the Seaport area sees tremendous potential for commercial, retail and residential growth fueled by a mix of new development and preservation of historic assets. We are betting that this portfolio is well positioned to take advantage of continuing growth in the area of a new convention center, hotels, restaurants -- not to mention water views and great access to the Mass Pike.

The Fort Point acquisition highlights several strategic trends for National Development. First, we have become a major acquisitions firm by purchasing prime properties throughout the region – not just centered on new development. Second, our focus has shifted from the suburbs to several major projects within the City of Boston. Third, we have a long history of working well with partners as evidenced by our many joint venture developments.