Will the new mayor offer concessions where Menino wouldn’t? Fenway Center is an aggressive project that bridges the Turnpike between Fenway and Kenmore. Over the years, projects like this have fallen short due to the cost of construction and the inability to secure appropriate financing.
According to The Boston Globe, the developer of Fenway Center is asking for a significant tax break for the new project:
In a last-ditch effort to save one of the city’s largest construction projects, developer John Rosenthal is asking Boston Mayor Martin J. Walsh’s administration for a $7.8 million tax break to help build a massive complex of buildings near Fenway Park…“John’s a good man and I know he’s been working on this project for a long time,” Walsh said in a recent interview with The Boston Globe. “We’re going to look at [his proposal] and do what’s best for the city.”
Newbury Street has some new attractions, from food to 3-D printing.
A list of five new, noteworthy inhabitants of Boston’s Newbury Street was compiled by the Boston Globe yesterday:
“The Newbury Collection, a stretch of boutiques, spas, and restaurants that run along nearly the full length of Boston’s fashionable Newbury Street, has signed leases with five new tenants, including Drybar, a now-open blow-dry bar, and a burger joint called Shake Shake that is expected to open in September, said Jamestown, the real estate firm that owns the portfolio.”
Did your company just get funded? Do you dread going downtown? Well, Roxbury will be home for startup space.
Boston.com recently reported on the emerging start-up incubator:
Rosenzweig’s non-profit, Smarter in the City, hopes to have an incubator up and running by June, with space for a half-dozen companies. But he’s still in the process of rounding up prospective corporate sponsors to support the idea, and applying for grants from The Boston Foundation and others.
As our city grows, the cost of real estate continues northward. This problem has tremendous reverberation as employees try to find housing that’s in-line with their earnings. The introduction of a high-speed rail to Springfield could foster a new workforce for Boston.
According to a report in the BBJ, a significant build and overhaul of existing transit systems would be necessary for the new rail system:
“the east-west and north-south routes [would] total 470 miles, and the project could require $364.5 million. The initiative would work with other separate rail projects, including the $78 million rehabilitation of Springfield’s Union Station underway now.”
Back Bay continues its foothold as strongest office market in New England. The Boston Marathon and Duck Tour Parade route will pass Boston Properties’ newest landmark tower, 888 Boylston Street which is schedule to start construction in Spring of 2014.
According to The Real Reporter, “Prudential Center owner Boston Properties has an office tenant in tow that would enable the proposed 17-story, 442,000-sf building to proceed. Market sources claim Natixis Global Asset Management, a French conglomerate that owns homegrown Copley Real Estate Advisors, is negotiating for an estimated 115,000 sf to facilitate a relocation from its 399 Boylston St. home a few blocks east on the opposite side of the Back Bay boulevard.”
Our change from private offices to collaborative open office layouts has extended into the modern laboratory. Gone are individual rooms, now the norm is an open plan with modular workstations.
The Boston Business Journal recently described the modernization of lab space:
“The laboratory remains the center of innovation for biotech companies, but the layout has changed in the past two decades from tiny rooms with aluminum foil covering the windows to airy, open, flexible spaces that resemble office space.”
The Class B trades continue in the Financial District with 22 Batterymarch for $300 per square foot. As the vacancy continues to drop and lease rates increase, we will see more sellers coming to the table in coming months.
A BBJ article offers details and background on the property at 22 Batterymarch:
Built in the 1890s, the 35,000-square-foot Class B office building once served as the Harvard Club. Around 30 years ago, the property was converted into a multitenant office facility. The seven-story building was acquired by Taurus in 1998 for $4.4 million. It is assessed at $5.3 million.
As rents continue to drive Northward and vacancy drops, Boston’s office market will seek new areas for expansion; Sullivan Square could be next on the list.
An article on Banker and Tradesman recently suggested that Sullivan Square would be well-served by a major overhaul:
“Rutherford Avenue is atrocious coming through right now,” said Peter Bekarian, an executive vice president at commercial real estate brokerage Jones Lang LaSalle. “It’s an under-improved industrial area that could stand to benefit exponentially (from redevelopment).”
The B&T article examines the potential of the area, and opportunity for development around the Orange Line.
For Boston’s Central Business District, 2014 with be similar to 2013. Continued rent growth in the Class A and B office market with office vacancy continuing to decline. Mixed-use office space should also be front-and-center.
From Banker and Tradesman:
“Most urban projects that are on the drawing pad today have some mixed-use component, even if it’s just ground-floor retail,” said Shawn Hurley, executive vice president for Skanska USA Commercial Development in Boston. “That is reflective of the desire to strengthen the urban nature of these buildings, with pedestrian access and activity along the streets.”
The complete, related B&T article can be found, here.
Boston Realty Advisors represent the 2,162 RSF on the Mezzanine level of 87 Summer Street that is priced in the mid to upper $20’s. This building is owned and managed by Synergy Investments that controls in excess of 3.5 M RSF of Class B product in Boston.
In the heart of Downtown Boston, 87 Summer Street offers cool collaborative space with full floor identities. This property offers Verizon & Comcast with high speed connectivity, and many other local amenities.
87 Summer Street is located within the Downtown Crossing Business Improvement District. Just a short walk to public transportation such as the Red, Orange & Green Line T stops, along with the commuter rail at South Station. There is also a wealth of parking within the area.