Author Archives: Wil Catlin

0 Greenway Site: Normandy Hotel

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The last available parcel for the Greenway has now been awarded. The Big Dig project started in the 1991 and was completed in in 2006 and holds the distinction of the most expensive highway project in the U.S.

Parcel 9 Hanover Street

Credit: Boston Business Journal

“Five years after the state offered up one of the last remaining parcels along Boston’s Rose Fitzgerald Kennedy Greenway for sale, Normandy Real Estate Partners’ bid for a hotel has been selected….Normandy’s proposed development calls for mid-priced hotel and a first-floor food market to complement the adjacent Haymarket Pushcart Association produce market,” a Boston Business Journal report noted.

The complete article is available on the Boston Business Journal’s website: MassDOT chooses Normandy hotel

Related Real Estate Listings
Boston Office Space for Lease

0 Boston Class A Office Buildings with at least 1 million rentable square feet

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Clients frequently ask, what is that building worth.  The answer is never simple, due myriad of data.  With the recent trade by Blackstone of One Post Office Square to its partner Morgan Stanley for $718 per square foot, I figured I would apply that same number to Boston Class A buildings greater than 1 million rentable square feet according to CoStar.

Building Address

Building Name

Rentable Building Area

Estimated Value
200 Clarendon Street John Hancock Tower                          1,755,398  $     1,260,375,764
100 Federal Street Bank of America                          1,304,899  $        936,917,482
One Financial Center One Financial Center                          1,279,492  $        918,675,256
800 Boylston Street                          1,207,499  $        866,984,282
53 State Street Exchange Place                          1,194,000  $        857,292,000
1 Federal Street                          1,120,577  $        804,574,286
600 Atlantic Avenue Federal Reserve Plaza                          1,051,295  $        754,829,810
1 Lincoln Street State Street Financial Center                          1,045,106  $        750,386,108
100 Summer Street                          1,034,605  $        742,846,390
1 International Place One International Place                          1,025,000  $        735,950,000
1 Beacon Street One Beacon                          1,017,168  $        730,326,624

0 400-foot Tower Considered at 40 Trinity Place in Back Bay

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What does $593.09 get you in Boston? Well that is the estimated price per square foot to construct the 379,370 square feet at 40 Trinity Place. According the Boston Redevelopment Authority’s web site, the Project includes the construction of a new, mixed-use structure at the corner of Trinity Place and Stuart Street. A portion of the Project will cantilever over the existing University Club parcel.

tower in back bay

Rendering of 40 Trinity Place Tower (Credit: Banker & Tradesman)

Banker & Tradesman:

“The development team, a trinity of Boston hotel operators Jeffrey and Gary Saunders and Jordan Warshaw, plans to build 115 condos and 227 hotel rooms in a 400-foot tower at 40 Trinity Place…The project is currently being reviewed by the Boston Redevelopment Authority (BRA), which last night held its first public meeting about the $225-million tower. If approved, the building will contain three restaurants, with a lobby and banquet space on floors 18 and 19.”

0 Seaport District Lands Suffolk Construction

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suffolk construction logoThe Seaport continues to attract tenants along with owners. Suffolk Construction has tossed its hat in the ring to file plans with the Boston Redevelopment Authority for a new 125,000 RSF facility.

According to Bizjournals.com, “Suffolk Construction Co. is planning to leave its longtime headquarters on Allerton Street in Roxbury for a new building it proposes on Harbor Street in Boston’s fast-growing Seaport…Suffolk is planning to build a 125,000 square foot building in the Marine Industrial Park to house the company’s 450 workers.”

Jump over to the original article from the BBJ Morning Buzz, for additional details.

Related Listings & Area Info
Boston Seaport office space

0 Seaport Office Tower Construction Planned around PwC

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Graphic of Seaport Square office tower in Boston

Image Credit: Banker & Tradesman

If you come we will build it for you! That is what Skanska USA Commercial Development agreed to do for PwC. This is usually how new projects get in the ground, most developers and landlords would prefer not to build on spec, but that model has shifted in the very recent past due to the lack of inventory and increased rents most notably in the Seaport District.

According to Banker & Tradesman, “PricewaterhouseCoopers has signed a 15-year lease to occupy the majority of a planned office tower in Boston’s Seaport District. Inking a deal with the accounting firm gave Skanska USA Commercial Development the anchor tenant it needed to begin construction on the 440,000-square-foot tower at the southeast corner of Seaport Boulevard and Boston Wharf Road.”

The complete article is available on Banker & Trademan’s website.

0 Short-Term Retail Leases: The New Commercial Real Estate Trend?

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short term office space leasing concept

Credit: Boston Business Journal

This is a creative way on thinking of trying to full some of our retail vacancy’s around the city. Perhaps this would be better to put into context, like a retailer that focus on a holiday event like Halloween. It would be tough to support that annually, but for the 90 days prior to the holiday, it might be a great solution. This would also allow the Landlord to continue to market the space to a more permanent retailer. Some of the concerns might be the transactions costs of producing a lease agreement along with the lender’s concern about being a transient building.

Banker & Tradesman spoke with Storefront co-founder Tristan Pollock, noting “the concept is the commercial real estate equivalent of AirBNB, the popular website that allows consumers to find vacation rentals or apartments for the short term…Pollock said that the service would tackle a problem that plagues the commercial real estate industry across the country: the retail space vacancy rate is higher than it’s ever been (10 percent on average). It would also make it easier for potential tenants to connect with property owners.”

The complete article, and additional commentary from Storefront co-founder Tristan Pollock, are available on B&T: short-term leases for retail outlets

0 Landscape Art

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public art outside of liberty mutual office building

Credit: Boston Business Journal

What is art and who should be the judge?  Well, one dictionary calls it,  “the creation of beautiful or thought-provoking works, e.g. in painting, music, or writing.” Using that simple definition, this one hits it out of the park. I’m a fan of something that provokes an opinion or starts a conversation. Perhaps it is better said that, “one person’s trash is another person’s treasure.”

A BBJ article, with accompanying slideshow, reports on Liberty Mutual’s new  headquarters Back Bay, noting, it “features an indoor-outdoor sculpture made of waterjet cut stainless steel and aluminum, titled, Uplift. Uplift will act as a metaphorical bridge between the new Liberty Mutual headquarters and the surrounding streetscape, visually linking the Liberty Mutual and local communities together.”

The article and slideshow are available on the website of the Boston Business Journal.

0 One Post Office Square Restructuring: Partner Buys out Equity

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One PO Square in Boston

One Post Office Sq.

The transfer/sale of assets in the Financial District continues.  Time will tell how the transaction was structured, but what is clear Equity Office continue to divest New England Assets.

According to The Real Reporter, “equity Office has agreed to sell its stake at One Post Office Square to partner Morgan Stanley for a price said to exceed $500 million.”

To read the financials and details of the sale, jump over to The Real Reporter article.

0 Boston Co-working Spaces Offer Quality, Affordability, and Location to Hub Start-ups

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Workers share ideas and brainstorm in shared space

Credit: The Boston Globe

The greater Boston area is a mecca for new and innovative ideas that blossom into companies. As decision makers face the multitude of choices from hosting platforms to new staff members, one decision is the culture they would like to offer. Co-working sits at the forefront of that decision.

Some companies with limited staff and resources, cherish the opportunity to be a part of a larger culture, and co-working is the right fit, while other companies prefer to create their own. Something to think about as you head from the basement to the boardroom with your new idea.

Boston.com has taken the time to explore some of the top Boston co-working spaces.

 

0 Tech Companies Continue to Migrate to Boston Financial District

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100 summer street in Boston

Office tower at 100 Summer St. in Boston’s Financial District

Why are tech tenants looking at the Financial District?  Value, access and availability.  Currently the Financial District is the only submarket that has it all.  Rents within the Class B segment can still be achieved in the mid to upper $30’s PSF while comparable spaces in Back Bay would trade in the mid to upper $40’s PSF.

A Banker & Tradesman article explains the attraction of the Financial District, quoting Ben Heller, a managing director at Jones Lang LaSalle:

“Tenants increasingly view the Innovation District, Fort Point Channel and Financial District interchangeably when scouting office locations…the infill of residential and destination retail is really making an impact on office space there.”

Follow the link to view Boston Financial District office space for lease