Copley Square is going to see some major upgrade to Copley Place. Simon Properties in planning major interior and exterior upgrades with completion in the Summer of ’16.
Bisnow is reporting that, “come September, Copley Place begins both interior and exterior upgrades. Simon Malls president David Contis says the high-end shopping destination will have a more modern and cohesive look. Simon expects to add a number of luxury retailers. Copley Place will remain open during renovations, with the majority of the project expected to be completed by summer 2016.”
Back Bay Station is the 3rd Boston transit hub that has been turned over to the private sector and has some significant deferred maintenance. Boston Properties is doing its part to help bridge the gap.
Just months after signing a $32 million deal to have the real estate giant Boston Properties upgrade the station, the Department of Transportation has agreed to cover six-figure shortfalls in rent from vendors and pay potentially big sums for structural repairs.
The agreement, signed in the closing weeks of the administration of Deval Patrick, calls for Boston Properties to manage the building and renovate the station — installing a new glass facade and windows, updating turnstiles and waiting areas, and bringing in new retail tenants.
In exchange, the company gets the right to build a tower above the station, which opened in 1987.
Wells Fargo has leased 150,000 square feet at 125 High St. in the Financial District and will begin relocating 775 employees from three locations in downtown Boston and Back Bay late next year…The 14-year lease for the 11th through 15th floors enables Wells Fargo to consolidate space from three buildings in the downtown and Back Bay beginning in late 2016, spokeswoman Krista Van Tassel said. More than 775 employees will move from 1 Boston Place, 101 Federal St. and 200 Berkeley St.
“We’re a large company and have multiple lines of business in the region,” Van Tassel said. “This is an opportunity to enhance our collaboration.”
Much time and energy is spent discussing property taxes in the city of Boston. I firmly believe if the city is offering any tax concession then they should track them and be accountable for giving them. By no means should we stop them, rather let’s have a better understanding of how they’re used to benefit the greater good.
A Globe review found that city records are incomplete for most of the tax breaks the city awarded during the past four decades. It appears that only recently did the city begin to project how much deals would cost taxpayers.
City Hall could provide cost projections for only 10 major tax deals signed since 2008, totalling an estimated $78 million in lost tax revenue. These include the $9.7 million awarded for the new State Street Corp. office and adjacent garage on A Street, and $7.8 million for the bottom floors of a tower planned for land next to TD Garden.
After the Globe inquired about the city’s incomplete records, the Walsh administration pledged that it would keep better track of the costs of tax deals, almost all of which were signed by previous mayoral administrations.
Equity Office continues to shed Boston Class A towers with the announcement or the $1.3B sale of 500 Boylston and 222 Berkeley Streets to a partnership between JP Morgan Chase & Co. and Oxford Properties Group.
The two office buildings at 500 Boylston St. and 222 Berkeley St. take up the same square block in the Back Bay, one block up from Copley Square. 222 Berkeley is a 22-story office and retail complex, and 500 Boylston is a 25-story, 1.3 million-square-foot office.
500 Boylston Street is a 760,000 square foot 25 story tower with a typical floor size of 28,275 square feet.
222 Berkeley Street is a 524,195 square foot 22 story tower with a typical floor size of 51,655 square feet.
The cost of construction means jobs and detours. We all see the cranes in the air and the parade to cement mixers on our city streets, now we have one less street to drive on. Franklin Street will be closed till July of 2016.
An article from the BBJ notes “Pedestrian access will remain open. The Boston Transportation Department suggests the following detour route: right on Hawley Street past 33 Arch St., left on Milk Street past the Old South Meeting House, right on Washington Street, left on Court Street past the Old State House and left on Tremont Street.
“The closure is necessary due to construction activity in the area as well as a roadway reconstruction project,” the city said.
Union Square is now host to a shared workspace: Workbar will open its newest location in Somerville at 31 Union Square.
According to Banker&Tradesman, “The 2,500-square-foot shared workspace will be located in the former Elegant Furniture location. The facility will include coworking space, conference and meeting rooms, event space, secure wifi and social and educational programming. Construction will begin following final design and permitting, said Greg Karczewski, president of Union Square master developer US2. US2 leased the 31 Union Square storefront last fall and plans to open its local headquarters in the space, as well. Construction will begin following final design and permitting, with an August opening anticipated…Workbar has locations in Boston and Cambridge and a network of partner spaces throughout eastern Massachusetts, serving more than 800 members from over 400 businesses.”
Have a peek at how some of the shared workspace providers manage users and spaces locally and worldwide.
A BetaBoston article notes, “over the past several months, Workbar has partnered with Fields Corner Business Lab and five other regional co-working spaces to create the Workbar Network, which will link these independently run facilities into a larger community. Other participating sites are Work Station in Cohasset, The Entrepreneur Innovation Center at Framingham State University, Running Start in Worcester, and Groundwork! in New Bedford…As part of the network, these six sites are now using Workbar’s proprietary software to help manage their members, Cole says. The software provides tools for managers to check people in, coordinate conference room bookings, and promote events and happenings throughout the network at large. “It’s everything they need to run the space,” says Devin Cole, Workbar’s director of business development.
You can read the full BetaBoston article on its website, here.
The groundbreaking ceremony for New England’s tallest building, the John Hancock Tower, was on Aug. 21, 1968. The 60-story minimalist structure was constructed with huge panes of reflective glass that proved to be a problem in the 1970s. Many panes of glass crashed to the ground with high wind speeds, causing street closures and huge safety concerns. After pane replacement and structural fixes that stabilized the tower, the actual cost of the construction nearly doubled the projected budget.