0 100 Cambridge Street Goes up for Sale

Posted on November 6, 2014 by Wil Catlin

Looking for an office tower downtown to buy? The Commonwealth of Massachusetts is selling 100 Cambridge Street and looking to capitalize on the high prices that are being paid for Class A buildings around Boston.

Credit: Boston Globe

The building is:
·         22 Stories
·         565,157 Rentable Square Feet
·         Built in 1965
·         Renovated in 2004
·         Typical floor size is 22,255 Rentable Square Feet

Some of the buildings tenants re:
·         Department of Revenue
·         Prince Lobel Tye LLP
·         Miller Wachman LLP
·         Mass General
·         Penn Mutual Life Insurance Company

Marty Jones, chief executive of MassDevelopment, commented in a Boston Globe article that the “state-owned building is not a development opportunity, but she said it should prove attractive to buyers because of steadily rising office rents in downtown Boston. Built in 1965, the tower, formerly known as the Leverett A. Saltonstall Office Building, fell into disrepair and was gutted by MassDevelopment in 1999. The agency added 75 condominiums at the base of the building, along with 25,000 square feet of retail stores.”

You can read the full article on the Boston Globe’s website.

0 Defining Boston’s Seaport District

Posted on November 6, 2014 by Wil Catlin

Credit: BBJ

The Seaport, formerly known as the South Boston Waterfront has not only evolved, but arrived. Interestingly it is not as clearly defined geographically as one might think. One border is the Fort Point Channel and another is Boston Harbor. Beyond that, it is up to some interpretation.

According to CoStar, the border continues to West 2nd Street and East 2nd Street. The core of the Seaport in my opinion consists of: Summer Street, Congress Street and Seaport Boulevard and the various intersecting streets. The Boston Design Center, Convention Center and Wormwood Street would also be included.

The Boston Business Journal quantifies the growth, noting, the Seaport District “already has a population bigger than Beacon Hill’s, and more radical change is on the short-term horizon. Some of the region’s most experienced developers are pushing forward projects that within three years should create more than 2,500 housing units. City planners see another doubling in housing stock, to 10,000 units, by 2030.

0 Christian Science Parcel Bought for $22M and Heavy Restrictions

Posted on November 6, 2014 by Wil Catlin

Credit: ChristianScience.com

Development opportunities continue in Back Bay with some interesting restrictions from sellers.

According to a report on the BBJ, “the Church Realty Trust, which administers property for the First Church of Christ Scientist, dictated in a deed conveying a parcel at 30 Dalton St. to developers that the land was subject to long-term use restrictions that reflect Christian Science teaching around alcohol sales, pornography and, to a limited extent, medical practices.”

Additional details are available on the Boston Business Journal, here.

0 Is Speculative Development Fit to Take Off in Boston?

Posted on November 6, 2014 by Wil Catlin

Office building at 111 Huntington Avenue in Boston

The office market has clearly shifted from years past. We are seeing continued rent growth in all Boston office markets from Back Bay to the Seaport and Financial District. The time has arrived for speculative new office construction. Tenants are willing to pay for brand new construction that accommodates their culture and growth.

From Banker and Tradesman:

“’You’re hearing rumblings in the market about people starting to think about spec office development,’ said Carlos Febres-Mazzei, a senior vice president at CBRE/New England. Typically, speculative development takes off when vacancy rates fall to around 8 percent. With current construction costs, rents need to approach $70 a square foot to support ground-up development, said Febres-Mazzei said.”