How would you like to Uber a parking space? App is trying to make it happen. Not too sure the Massachusetts driver would be willing to wait for the next owner of the space to show up and claim it. If I don’t have the App and see the person getting into their car and pull up behind them the old fashioned way can I claim it?
“Developed by former Harvard Graduate School of Design professor Kostas Terzidis, the app lets drivers with a coveted space name their own price for a space. Then a driver, using the app, can claim the space by clicking it on a map and paying for it within the app using a credit card or bitcoin. The driver seeking the space can anonymously message or call the driver who has the space and let them know they’d like it. They can also watch the driver approach the space on a map within the app, much like users of Uber can watch their ride arrive. The person who has the space would wait until the other driver arrives and then the space swap would take place.”
Where should you locate your company office? Most groups I speak with are trying to provide an option that accommodates multiple solutions; easy access from public transportation, amenity rich environment, vibrant workforce and economically feasible.
This doesn’t mean that groups are flocking to the vacant office buildings on 495, but rather looking inside of 128 and more specifically within areas serviced by the Red Line. New hotspots for the emerging tech firms are surrounding the Broadway T stop. This caters to the young workforce residing in South Boston, the commuter coming in from Metro West combined with those either driving or relying on public transit from the South Shore. This area is generally priced in the mid $20’s PSF unlike the Seaport which would price in the upper $30’s to low $40’s for a comparable Class B building.
From the BBJ:
“Some suburban companies are moving to Cambridge and there’s all the buzz about the Seaport District,” said Garry Holmes, president of R.W. Holmes Realty Co. in Wayland. “We’re also seeing the same people who worked at EMC and live in the suburbs launching startups. And they’re convinced the in-vogue thing to do for hiring is to have an office in Seaport. As a result, lots of those startups are bypassing the suburbs and it’s having an impact out here.”
Boston Realty Advisors capital markets team completes another sale transaction. 90 Hamilton Street is located in Cambridge, MA.
From Banker & Tradesman:
“MRH Hamilton LLC of Brookline bought a 7,800-square-foot office building 90 Hamilton St. in Cambridge for $2.6 million…The parcel is suitable for use as an investment property or redevelopment for a variety of commercial or residential uses, according to Boston Realty Advisors.”
“Snuggled up in the Seaport, the startup has miraculously secured one of the best views of the harbor in the city. Seriously…Lose It!’s handful of employees are living large. An entire side of the company’s perfect, petite office is glass, overlooking the water. On nice days, people can venture outside onto the balcony and scoop up a spot on a bench to take their phone calls and lunches in the open air.”
Do you Uber when you are touring office space for lease in Boston? Well, yes. Will Uber be here tomorrow or with the Cab Union prevail?
The Boston Business Journal reported that “the union, representing 1,400 cab drivers, is calling on Boston Mayor Marty Walshand Police Commissioner William Evans to order all UberX and UberXL for-hire vehicles off the streets of Boston until the city can regulate and license all Uberdrivers and cars.”
Follow the link to view the full BBJ article for details on the Cab Union Uber protests.
Who is your new landlord and should you care? Equity Office, Blackstone, is in the process of selling off assets. The newest to be announced are 100 High Street and 125 Summer Street.
From Banker & Tradesman:
“Private equity giant Blackstone Group will sell five Boston properties to Oxford Properties Group of Toronto for $2.1 billion, the Wall Street Journal reported. The deal comprises 3.2 million square feet of office space, including 100 High St. and 125 Summer St. in Boston…Oxford will jointly purchase three other properties with J.P. Morgan Chase: 60 State St. and 225 Franklin St. in Boston and One Memorial Drive in Cambridge, the Journal reported.”
Additional details on the sale are available on the B&T website.
Click to view details on office space at 101 Tremont Street
101 Tremont Street, under new ownership, is undergoing a transformation into a 1st Class historic mid-rise.
101 Tremont Street Features:
• Lobby renovation
• New state of the art building systems
• High speed fiber optic network
• New elevator cabs
• Complete renovation of the exterior storefront
• First generation space ready for custom design
• Three sides of natural light
• High and open ceilings
• New, large operable windows
• Adjacent to the Boston Common and Park Street Station
• Surrounded by the City’s best amenities
No longer is the Financial District home to money managers, law firms and accounting firms. Now, tech firms are moving in to take advantage of the largest concentration of office space north of New York city combined with great infrastructure and competitive pricing. Tech Firms want fault tolerant power, redundant Telco and security that can accommodate companies on one floor. Class A towers have this option and are opening their doors and reposition themselves to attract this type of tenant. On a tour a property manager for a Class A tower had a new issue she had never dealt with before, a broken window from a floor hockey game from a new tenant. Problem solved, by her dedicated team of technicians, but that was a first.
An article on BetaBoston.com declares, “Boston’s Financial District, of all places, has emerged as a hotspot for the region’s tech startups.” The author reports finding “more than 30 tech companies large and small that occupy offices in the Financial District.”
The complete article, along with a complete list of tech companies in Boston’s Financial District, is available on the Boston.com offshoot, BetaBoston.com
This is the hottest office and residential market going and has evolved from one of the seediest. Yes, Downtown Crossing; with great MBTA access and new developments, business are moving in and residential developments are emerging from shuttered buildings.
The Wall Street Journal recently wrote about the developments and high-rises taking over Downtown Crossing, noting, “New luxury developments are transforming Boston’s Downtown Crossing from a neighborhood once called the “Combat Zone” to an enclave of luxury living…The new wave of development is transforming the landscape of Downtown Crossing. The neighborhood’s population increased 44% from 2000 to 2010, compared with a 4.8% rise in Boston’s total population, says the Boston Redevelopment Authority.”
A national view on the transformation of Boston’s Downtown Crossing is available on the WSJ’s website, here.
A frequent question I get is, where can I park? Well that’s simple, but usually involves a price higher than somebody wants to pay. On a tour of 320 Congress Street this week, we referred to the ever-disappearing mud lot parking spaces of the Seaport; that number has reduced by 1,200 spaces over the last two years while the garages have only given back 990 spaces. What gives? Well, in short, the mud lots over the last twenty years were the cheap alternative for the high-priced Financial District garages. Now that the Seaport is a growing Class A office market commuters should reply on public transportation, after all, South Station is only a short walk.
The Boston Globe has posted an infographic that provides a visible breakdown of the changes to parking spaces in the Seaport: