0 Leasing Agreement and Construction Activity at Filene’s Site

Construction site at Filene's in downtown Boston

Photo Credit: Boston Globe

The stock market recently closed at levels just above the market high of December 2007, which points to our national recovery. Locally, the hole in the ground — formerly known as Filene’s in Downtown Crossing — should soon be filled in, as our economy continues to grow out of the hole created in 2008.

The Boston Globe notes the importance of the hub landmark, “the Filene’s redevelopment is crucial to the broader campaign of revitalizing downtown Boston and its shopping district. Positioned at the center of Downtown Crossing, it would bring an influx of new residents and stores to an area that has just begun to shrug off a reputation as a ­second-rate retail destination.”

Jump over to the Boston Globe for more information on the impending leasing agreement and restart of construction at Filene’s. Alternatively, click through to view office space for lease in the downtown area.

0 131 Clarendon Street Renovation Complete

131 Clarendon St. Boston

Photo Credit: Banker & Tradesman

Brookline Bank’s newest location at 131 Clarendon Street is open for business. The building is now 100 percent leased in an office market with near record low vacancies.

Additional details on the Back Bay restoration project can be found in Banker & Tradesman’s complete coverage.

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Back Bay Office Space

0 French Restaurant, Bastille Kitchen, to Open on Melcher Street

Dining room at Bastille Kitchen

Photo Credit: Grub Street Boston

The Seaport/Innovation District is not only a live/work area of the city, but now a destination location for a great dining experience. Restaurateur Seth Greenberg’s new bistro will add a touch of French flavor to Boston’s Fort point neighborhood.

Grubstreet.com quotes Greenberg’s vision, “Bastille Kitchen will be the destination dining anchor to Boston’s Fort Point neighborhood that Pastis is to New York’s Meatpacking District.”

0 Boston’s New Developments Showcased on the BBJ

Kensington apartment building on washington street in boston

Photo Credit: Boston Business Journal

Nine new Boston development projects are scheduled to open in 2013 and the calendar is filling up with 2014 openings as well.  Our city landscape is changing with new residential communities and office buildings.

The Boston Business Journal posted a preview of the upcoming buildings in a slide show, here.

0 800,000 SF of Christian Science Plaza Development Rights Sold

Exterior of Christian Science Plaza on Huntington Ave

Photo Credit: Wikipedia

The Back Bay skyline is poised to change with the addition of 800,000 SF, mixed use project by Carpenter & Company at the Christian Science Plaza on Huntington Avenue. The Back Bay office market continues to be one of the tightest with vacancy rates ending 2012 just below 5.8% and Class A rents nearly $56.00 PSF.

An article on The Real Reporter notes “the 800,000 sf that can be produced on the two sites could be in the $650 million range and would in one expert’s view “be perfect” for a hospitality use or mixed-use project similar to the Charles River Hotel across the river in Harvard Square.”

Additional details about the project are available on The Real Reporter’s website.

0 How to Lease Office Space: A Tenant’s Guide to Selecting the Right Commercial Real Estate in Boston

So you’ve determined it is time to look into office space for lease. Before you contact a Commercial Broker, there are some questions you may want to look into.

First of all, determine exactly how much space you need.

–    Ask yourself what sort of offices you need. Are private offices necessary, or would an open workspace fit your style of business?
–    Will you require a conference room? What about a break room?
–    Estimating how much space to lease is much simpler than it sounds. In fact, you can even use our office space estimation tool

Tool from BRA to estimate necessary office space

Take a moment to consider if it will be necessary to purchase new desks, build executive suites, or upgrade technological equipment to outfit your new office space. To soften the blow to your budget, get creative and consider selling your used furniture. Many landlords do offer free rent, so factor your furnishing acquisition costs into the negotiation.

When looking at commercial space for lease, it is paramount to think strategically. Envision your company in five years. How will the new space fit your needs then? If you’re planning to hire a substantial number of new employees, you may want to consider larger office space for lease, then look into subleasing a portion of it.

Now that you have a rough idea of the size and type of office space to lease, it is time to look at recurring costs beyond rent. What about heating? The responsibility of who pays for utilities depends on the type of lease. In a single net lease, the tenant pays a monthly rent and property taxes, while the landlord is responsible for all other building operating expenses. Your broker can give you advice about the advantages and disadvantages of different lease options.

An ideal office suite is nothing if it is not properly maintained. The level of amenities offered by landlords varies with building class. Consider the building’s profile and how this will reflect on your business. When touring commercial real estate for lease, take note of:
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0 Eddie Merlot’s Restaurant Opening in Boston’s Seaport

Main dining room at Eddie Merlots restaurant

Credit: eddiemerlots.com

More steak choices are coming to the Seaport. Not long ago dining options were limited to a handful of high-end restaurants and business dining establishments; now the choices according to Zagat are up 35 including; French @ Menton, Italian @ Sportello, New American @ Aurajust, just to mention a few.

A Boston Herald article states, “Eddie Merlot’s, a Fort Wayne, Ind.-based chain of prime aged beef and seafood restaurants, is in the final stages of lease negotiations to open a 300- to 400-seat outpost at the Westin Boston Waterfront Hotel.”

The addition of the popular steakhouse chain would bring a midwestern dining alternative to Boston’s Seaport area.

Details on the proposed address, interior design, and menu items at the Eddie Merlot’s Seaport location are available on the Boston Herald website.

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Boston Seaport Office Space for Lease

0 400-foot Towers Proposed at Boston Garden

Construction at the site of the old Boston Garden

Credit: The Boston Globe

The Boston Garden landscape is looking to make a change with the proposed addition of new office space, retail storefronts, and residences. The construction would yield a significant upgrade to the historic Beantown landmark, but what will it offer the true Celtics and Bruins fan? Modern places to work, eat, sleep and watch their teams bring home another championship, of course!

The Boston Globe reported yesterday that “owners of the TD Garden are resurrecting plans for a high-rise development in front of the arena that will include a pair of 400-foot towers containing offices, hundreds of residences, a hotel, and stores. The project, which would create a modern, retail-filled gateway to the North Station area, has gained new momentum in recent months, with Target Corp. and Stop & Shop negotiating plans to open stores in the complex.”

Follow the link to read the Globe’s full coverage of the TD Garden renovations, or view our listings of available North Station Office Space.

0 Law Firm, Goodwin Procter, Moves Offices to Boston Waterfront

Boston waterfront office space at fan pier

Photo: Original image Boston Business Journal; Illustration by BRA

Why do companies go through all the trouble of moving?  Many reasons, but that two that stand out are the opportunity to design space that reflects the company’s vision today, and the second is economics.

The design of office space today, compared with 10 years ago, show an evolution to more efficient layouts that incorporate green technology. The financial side is comprised of many factors that can range from rent abatement, tenant improvement dollars, base year expenses and the price per square foot.

The Boston Business Journal on December 21, 2012, reported that “Goodwin Procter signed a letter of intent this week to lease 360,000 square feet in an office building to be built next to the Institute of Contemporary Art in on the South Boston waterfront that Mayor Thomas M. Menino has dubbed the Innovation District. The firm would move 860 attorneys and support staffers to the new building, which would also include a 135-room hotel and retail space.”

The complete article, Goodwin Procter to Waterfront, is available on the Boston Business Journal’s website.

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Office space for lease near the Boston Waterfront

0 Two Liberty Square in Boston’s Financial District Sold for $18M

Two liberty square office building in boston's financial district

Photo: courtesy of Jones Lang LaSalle via Boston Business Journal

Another Class B Financial District office building is said to have traded hands; 2 Liberty has reportedly been acquired by Urdang.

Coverage on the Boston Business Journal offers the following background on the building:

“Built in 1913, the 64,357-square-foot boutique office building was designed in the Beaux Arts style by Peabody & Stearns. It was renovated in the 1990s and combines historical architecture with modern infrastructure. It is located near Post Office Square, Faneuil Hall Marketplace and the Rose Fitzgerald Kennedy Greenway. The property is 81 percent occupied with nine tenants, according to brokers.”