Author Archives: Wil Catlin

0 Fenway Center Project Cleared

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Rendering of the Fenway Center project in Boston

Photo Credit: Boston Globe

Projects that seems only to be dreams in years past are moving forward to reality.  The Fenway Center development will bring a 27 story office and retail complex along with 550 apartments to the area along the turnpike.

According to a Boston Globe article, “Governor Deval Patrick’s administration has struck a deal to allow construction of Fenway Center, a $500 million mega-development in Boston that would transform scrubby parking lots near the storied ballpark into a bustling complex of homes, stores, offices, and parking.”

To read the full article, continue on to the Boston Globe online.

Related Commercial Real Estate Listings
Fenway Office Space

0 With Bike Lanes, Retail Sales up 49% in NYC

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Is a bike lane coming to a street near you?  Our neighbors to the South in NYC have seen a surge in retail sales traffic after lanes have been added.

According to an article on the Boston Business Journal website — citing a report from the New York Department of Transportation from November, 2012 — “after the city of New York installed bike lanes on 8th and 9th avenues in Manhattan, retail sales on 9th Ave. from 23 to 31st streets grew 49 percent, compared to 3 percent boroughwide.”

Graphic detailing the impact Bike lanes have on retail sales

Photo Credit: NYC DOT via Boston Business Journal

You can read the full BBJ article, here.

0 DNA Testing Truck Roves Boston

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Boston vending truck, DNA testing vehicle roaming the city

Photo Credit: Brian Jipson via Boston Magazine

So, if you were touring office space would you worry about what vending trucks were selling on your block?  Me, no, after all that’s what makes our country great!

Boston Magazine reported on an unusual truck roaming the streets of downtown Boston:

“Parked along the corner of Summer and Otis Streets, the “Who’s Your Daddy” paternity testing truck, which takes swabs and samples on the spot, caused quite the stir. ‘Today was insane, there must’ve been a thousand pictures people were taking,’ says Jared Rosenthal, owner and operator of the truck, and employee of the company that runs it, Health Street. ‘We are looking to expand services here. We have clinics in the area, but this is the first time we have really had the truck [in the city].’”

Follow the link to read the full article on BostonMagazine.com

Related Office Listings
Commercial Real Estate for Lease in Downtown Boston

0 Boston Park Plaza Hotel Sells For $250M

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Boston Park Plaza Hotel

Photo Credit: Banker & Tradesman

Another building trade is scheduled to take place in Back Bay.

Banker & Tradesman reports, “Sunstone Hotel Investors Inc. will buy the Boston Park Plaza Hotel & Towers for $250 million from an ownership group that includes Donald Saunders and Rockpoint Group…During the company’s anticipated 2013 ownership period, Sunstone expects the hotel to generate between $6.5 million and $8 million of hotel net operating income. Highgate Hotels will continue to manage the property.”

Follow the link to read the Banker & Tradesman article on the sale of the Boston Park plaza.

0 Energy Disclosure Ordinance Passed in Boston

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10 St. James avenue in Boston, MAWhen you are deciding on moving your office, how important is the building’s energy consumption?  Mayor Menino’s new reporting and disclosure ordinance will require all buildings over 35K RSF to report their numbers.

Banker & Tradesman reports, “the ordinance, which will cover approximately 1,600 buildings in Boston, requires all commercial buildings over 35,000 square feet and all residential buildings over 35 units to annually report whole-building energy and water use. The ordinance is a component of the city’s Climate Action Plan to meet Menino’s greenhouse gas reduction goals.”

The complete B&T article can be found, here.

You can also read the City’s Climate Action Plan on the City of Boston website.

0 Boston Office Vacancy Rate Dips Below 13% in 1st Quarter

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Office building at 1 Federal St. in Boston's financial district

1 Federal St., Boston

The vacancy rate for office space in Boston has dropped just below 13 percent. This according to an article posted on Banker & Tradesman late last week. B&T states, “the vacancy rate for the Greater Boston office and R&D market decreased from 17 percent to 16.9 percent during the quarter and select properties are beginning to recognize rent increases, according to a report from Colliers International focusing on the first quarter of this year.”

To view available office space for lease in the Greater Boston area, follow this link to our property listings.

0 Seaport Towers Planned

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Rendering of the building footprint for Boston seaport towers

Photo Credit: Elkus Manfredi Architects (via Boston Globe)

The Boston Seaport, one of the hottest office markets nationally, continues its transformation with plans to build a pair of 22-story towers on Seaport Boulevard.

The Boston Globe posted an article earlier this morning, revealing, “a deal is emerging to build one of the South Boston Waterfront’s largest developments: a pair of 22-story towers on Seaport Boulevard that would include up to 800 apartments and a 300,000-square-foot retail and entertainment complex. The towers would be among the first major buildings at the long-planned Seaport Square project, a 23-acre complex that would eventually replace the district’s sea of parking lots with residences, office buildings, stores, restaurants, and public parks.”

The Boston Globe’s website offers additional details on the Seaport Square Project.

Related Office Space Listings
Boston Seaport Commercial Real Estate

0 40 Broad Street Under Agreement

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40 Broad Street office building in the Boston Financial District

Photo Credit: Boston Business Journal

The Class B office market continues to see trades within the Financial District; 40 Broad will be traded for $378 PSF. The Financial District has seen tremendous absorption over the last 4 quarters within the Class A low and mid-rise space and Class B assets. Current vacancy is just below 10 percent overall.

“Located on a city block near the Rose Fitzgerald Kennedy Greenway, the largest tenant is advertising agency Mullen Communications which leases 105,000 square feet. About 25,000 square feet is available on the seventh floor, and nearly 12,000 square feet of retail space is available at Broad and Milk streets,” reports Thomas Grillo, real estate editor at the Boston Business Journal.

Follow the link to read the full BBJ coverage of the sale of 40 Broad St.

Related Real Estate Listings
Boston Financial District Office Space for Lease

0 Walgreens in Downtown Crossing Opens

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Walgreens in Downtown Crossing in Boston

Photo Credit: Boston Business Journal

Are you looking for Sushi, snacks, pharmacy or a Café 24 /7? If so, you can now visit the new Walgreens at School and Washington streets in downtown crossing.

The Boston Business Journal today published an in-depth look at Boston’s flagship Walgreens location, noting that the modern convenience store “features a prepared food market, a 2,000-square-foot liquor store on the mezzanine, and everything else found in a typical drug store and more.”

The design and interior architecture also modifies some of the building’s traditional aesthetic, offering restored marble and limestone walls, dark wood paneling and a wealth of natural light.

Continue reading →

0 Boston Office Rents Climbing

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101 Arch street office building in Boston's financial district

Office Building at 101 Arch St, Boston

The Boston office market continues to see a reduction in vacancy alongside increased pricing.

A Boston Business Journal article specifies, “every Boston submarket with the exception of the Back Bay saw the vacancy rate fall as tenants leased 1.2 million square feet of office space from January through March with 354,457 square feet getting absorbed. Citywide, the overall vacancy rate dropped to 10.3 percent in the first quarter, down from 12.6 percent a year ago.”

For additional details and submarket specifics, head over to the BBJ online.

Related Commercial Real Estate Listings
Boston Office Space Available for Rent