Massachusetts unemployment hits a new record low for the century. Our economy is growing and adding jobs in all sectors.
According to a BBJ editorial, “the Bay State’s unemployment rate dropped to 2.9 percent in November, marking the first time it has dipped below 3 percent since the beginning of the century…Massachusetts added a net of 5,800 jobs last month, with the government leading the way by creating 3,800 new positions, the Executive Office of Labor and Workforce Development said Thursday. Three other sectors — construction, financial activities, and professional, scientific and business services — each added 1,000 jobs or more.”
Additional information is available on the Boston Business Journal’s website, here.
Credit: Boston Globe
The South Station tower moves closer to reality despite some obstacles. The tower would be built on spec.
From the Boston Globe:
The Boston Planning & Development Agency board approved plans for a 51-story office and condominium tower over the busy rail hub…Development firm Hines would build the tower above the rail shed at South Station, with a lobby along Atlantic Avenue. That lobby would fill in the gap between South Station’s main concourse and its bus terminal, and would expand the bus facilities by 50 percent. It would also expand a parking garage, adding 527 spaces.
Above that, Hines would build 1.1 million square feet of office space and condos in what, at 677 feet high, would rank among the city’s tallest buildings. Later phases would add two mid-rise buildings atop the station.
Breather is on an aggressive growth mode with a closing on a $40 million dollar round led by Menlo Venture in participation with Valar Ventures, RRE Ventures, Slow Ventures and Real Ventures. The team of Justin Harlow, Bonny Doorakian, Robert LeClair and Wil Catlin is handling their Boston expansion.
“Breather has tapped into a real need in the workplace. There hasn’t been a company of its kind offering spaces on-demand,” said Venky Ganesan, Managing Director of Menlo Ventures. “Breather has a tremendous vision to connect the world’s spaces and make them accessible to all.”
Breather has no membership fees or long-term contracts. Instead, the company offers workspaces on a pay-per-use basis through the company’s proprietary app.
Credit: Boston Business Journal
Some street corners looking to be changing in Boston and with the city wide reduced speed limit we can now appreciate some of the new destinations. Ed Kane is looking to create a new destination at the corner of Boylston and Tremont Street to offer French cuisine.
From the BBJ:
According to an agenda for a meeting next week of the Downtown Boston Residents’ Association, entrepreneur Ed Kane wants to open a full-service French restaurant and cafe in the space, which is just off the Boston Common. Kane’s company, Big Night Entertainment Group, owns a group of restaurants and nightclubs in Boston including Red Lantern, Empire and Gem.
Trades continue in Boston’s Class B sector with the sale of 99 Chauncy Street and 101 Summer Street to TIAA from Synergy Investments for $75 million.
A recent article on the BBJ’s website notes, “Synergy sold the historic assets for a combined $75 million to a unit of TIAA, a New York-based teachers’ union pension fund with $889 billion in assets under management, according to Suffolk County deeds. Synergy’s ownership partner in the properties was Indepencia PE, a Chile-based investment advisor. The $75 million sale price is four times the combined $18.7 million Synergy invested in 2010 and 2011 to acquire the properties.”
Additional details about the class B office building sales are available on the Boston Business Journal, here.
A retail store, running track, and a new Corporate Headquarters are coming to Boston Seaport curtesy of Reebok.
From the Boston Business Journal:
The athletic gear maker, which is currently based in Canton, said Wednesday it will occupy 220,000 square feet and five floors of space at the Innovation & Design Building by next fall. About 700 employees will work from the office.
“Our vision is to bring ‘The Home of Fitness,’ which we’ve created at our Canton HQ, to this new location,” said Reebok President Matt O’Toole in a statement. “We have a goal of being the fittest, healthiest workplace in the country, and this new location will go a long way in helping us achieve this goal. It will be a workplace unlike any other in the city, with amenities that will not only benefit our employees, but the local community as well.”
Greater Boston offers a platform that is unrivaled for emerging companies compared with other U.S. cities. 56 leaders from Massachusetts will be headed to Israel to promote Boston as the hub for business’ ecosystem. The leaders cover education, government, cyber security, digital health, venture capital and other business’.
According to the Boston Business Journal, “the summit is the marquee event of the Economic Development Mission to Israel Gov. Charlie Baker announced in September, his first overseas trade trip since taking office. By showing off two of the state’s thriving industries, the delegation aims to convince expanding Israeli tech companies to choose Boston as the location for their first U.S. headquarters.”
Additional information is available on the BBJ website, here.
Credit: Boston Herald
Should the shadows make way for the Winthrop Square tower, or should the law enacted in 1990 and 1992 hold the line? This will have a direct impact on the Boston Common and Boston Public Garden.
From the Boston Herald:
Laws enacted in 1990 and 1992 dictate new buildings in that area only can cast shadows over the parks during the first hour after sunrise or before 7 a.m. — whichever is later — or the last hour before sunset.
The tower is expected to cast new morning shadows for as long as 90 minutes on the Common and 29 minutes on the Public Garden. No shadow would be cast past 9:25 a.m. on the Common and 8 a.m. on the Public Garden.
“Based on this data, we believe the project’s many benefits more than compensate for the shadow cast over the Common and the Public Garden,” Millennium partner Joe Larkin said. “We continue to welcome dialogue with all concerned parties and remain confident that a mutually agreeable resolution of this issue will be achieved.”
Credit: Boston Globe
Boston’s City Hall Plaza is in the midst of a transformation into a winter wonderland regardless of temperature.
According to the Boston Globe, “the dreary landscape will [soon] turn into something unrecognizable — a winter wonderland, with a giant ice skating loop, ‘chalets’ selling ornaments, chocolate fountains, and copious holiday decorations…’Boston Winter,’ which debuts Friday, seems like a smaller version of New York’s impressive Bryant Park. Though less ambitious than originally planned — the restaurant and ‘iconic observation wheel’ proposals envisioned for next spring were scrapped due to logistics and finances — the site is the realization of Mayor Martin J. Walsh’s vision to reinvent the plaza.”
The full article is available on the Globe, here.
The following is some insight into 1 Seaport Square which is a 1.5 million square foot project 22 stories tall with expected completion in June of 2017.
One Seaport Square is Boston’s largest mixed-use project in over 30 years, encompassing 1.5 million square feet over three acres of land. Located in the heart of the Seaport District, One Seaport Square will feature two residential and retail buildings, The Benjamin (22 stories tall) and VIA (20 stories tall), built to the highest standard of modern luxury and featuring sweeping Boston skyline and Boston Harbor views. One Seaport Square will qualify for LEED Silver sustainability certification…250,000 square feet of exclusive retail will be located at One Seaport Square across both buildings’ first three stories.
You can read the full overview of 1 Seaport Square on Bldup.