0 Commercial Boom in Back Bay Lures Jamestown Properties

Posted on September 13, 2012 by Wil Catlin

The Back Bay office and retail markets continue to push valuations to pre-recession pricing, while maintaining the lowest vacancy rate in both segments. Pricing for Class A upper floor tower space is up to $80 a square foot.

A New York Times editorial on the boom of back bay commercial real estate notes that “last fall, Jamestown Properties paid $226 million for a 130,000-square-foot portfolio spread over 28 buildings, mostly on Newbury Street…Jamestown bought in Boston’s Back Bay because the district had long been a sound property market, said Michael Phillips, chief operating officer at Jamestown. The current boom “is an added benefit,” he said.

More information on Jamestown Properties, continue reading the complete NY Times editorial.

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0 Offices in Boston’s Financial District to Neighbor Les Zygomates’ Eatery

Posted on September 12, 2012 by Wil Catlin

New eats on High Street; Ian Just of Sorriso and Les Zygomates of South Street will open Society at 99 High Street sometime in November.

Thomas Grillo of the Boston Business Journal reported today that “Ian Just, chef-owner of Les Zygomates and Sorriso in the Leather District, is planning his newest venture: Society on High in Boston’s Financial District…Under construction at 99 High Street, the restaurant will feature 140 inside seats with another 60 in an outdoor plaza. The 5,500-square-foot space is being designed by Peter Niemitz, and includes dark cream, red and black colors.”

Continue reading the complete BBJ editorial.

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0 Boston Seaport Office Rentals: Prices Continue to Rise, Vacancy At Record Low

Posted on September 11, 2012 by Wil Catlin

Another Seaport portfolio is poised for the market with rents now of $40 PSF and vacancy at a record low.

Banker & Tradesman is reporting that, “in response to rising rents and hot investor activity, National Development is attempting to unload a six-building portfolio in Boston’s Fort Point district…The assets, totaling more than 407,000 square feet of office space, are in the so-called Innovation District, where some rents have jumped significantly over the last year, more than five percent in some places.”

For the full report, continue reading Banker & Tradesman’s complete coverage.

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0 Commercial Buildings in Boston Harbor Face Height Limits

Posted on September 11, 2012 by Wil Catlin

How high will Boston rise above the waterfront? That is the question for soon to be hired $300,000 consultant by The Boston Redevelopment Authority.

Reporting on the development study, The Boston Herald cautioned that “downtown waterfront property owners face a wave of scrutiny as Hub planners launch a lengthy study that will influence their development ambitions and outline potential public benefits.”

For additional details on the study, read the full report on The Boston Herald.

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0 Liberty Mutual’s Back Bay Construction: Ranks Among Largest

Posted on September 9, 2012 by Wil Catlin

Liberty Mutual’ s new Back Bay headquarters ranks third among the 10 largest construction project currently underway.

The new address, known as 157 Berkeley street will look like the follow sketch:
Continue reading →

0 Sky Bridge Offers Function, Visual Intrigue to Offices on Stuart Street, Back Bay

Posted on September 9, 2012 by Wil Catlin

Credit: Boston Curbed

Back Bay has a new bridge. The sky bridge over Stuart Street is a phase of construction connecting Liberty’s new headquarters on 157 Berkeley Street with their existing offices at 30 St. James Street.

According to a Boston Curbed report, the bridge will connect “the new Liberty Mutual headquarters going up at 157 Berkeley Street with one of the company’s existing offices at 30 St. James Street. Construction on the second-story sky bridge over Stuart Street is expected to start early next month.”

For more information, jump over to the Boston Curbed web site for the complete report.

Related Property Links
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0 Condo Development Slated For Fan Pier

Posted on September 7, 2012 by Wil Catlin

The Seaport continues its strong construction growth by introducing new condominiums. Vertex’s two new office buildings will come online by the end of 2013, bringing the need of more amenities to the ever-expanding workforce.

According to an article in The Boston Globe online, the “developer of the massive Fan Pier complex in Boston’s Seaport District is planning to build one of the city’s first new condominium buildings since 2009, a sign of an improving housing market and the success of the burgeoning waterfront.”

The Boston Globe’s complete article expands on the project and the rebounding waterfront area.

0 Boston Foundation Secures Back Bay Office Space

Posted on September 7, 2012 by Wil Catlin

Another Back Bay building achieves 100 percent occupancy. 420 Boylston Street executed a lease with The Boston Foundation for 8,412 square feet, bringing the current Back Bay vacancy rate to 4.5 percent. This is broken down by 3.9 percent direct and .7 percent sublets.

According to Thomas Grillo, a Real Estate Editor at The Boston Business Journal, “The Boston Foundation has signed a lease for 8,412 square feet of office space at The Berkeley at 420 Boylston St. in Boston’s Back Bay.”

For the complete report, click through to the Boston Business Journal’s web site.

0 One Beacon Street Goes On The Market

Posted on September 6, 2012 by Wil Catlin

Another Class A Financial District tower comes to market. As Class A rents continue to march up it is still a great market to be a tenant with vacancy rates hovering around 15 percent.

“Jim Cronin of Banker & Tradesman reported that “Beacon Capital Partners is trying to unload its One Beacon Street property, and [the publication’s] sources say the expected price will be in the neighborhood of $450 million.”

Jump over to Bank and Tradesman’s coverage for more information

0 Back Bay Continues to Lure Institutional Investors

Posted on August 31, 2012 by Wil Catlin

The Back Bay office markets continues to attract strong institutional investors. Beacon Capital has paid $295.00 PSF for a 99 year ground lease for the tower at Christian Science Plaza.

The Boston Business Journal reports that an affiliate of Boston-based Beacon Capital Partners signed a 99-year ground lease to oversee the iconic tower in Christian Science Plaza.

Further details on the commercial lease are available on the Boston Business Journal’s web site.