0 State Land for Sale near South Station in Boston

Posted on May 9, 2017 by Wil Catlin

Credit: Boston Globe

Just because state-owned land near South Station is for sale, it doesn’t mean it will sell. The location is ideal, but the encumbrances make it far less attractive for any suitable bidder.

From the Boston Globe:

“It’s just a particularly complex site by virtue of its location and logistics. And it has a utility plant that needs to be incorporated into your development scheme,” [Curtis Kemeny, a veteran Boston developer who considered buying the site the last time the state tried to sell it, in the mid-2000s] said. “It’s especially complicated.”

The Baker administration used the site — which it dubbed SouthGate — last year to highlight its campaign to sell state-owned parcels to developers, unlocking new sites for housing in crowded Greater Boston and bolstering state coffers with the proceeds.

0 GE Brands Boston HQ ‘Innovation Point’

Posted on May 8, 2017 by Wil Catlin

Credit: Boston Business Journal

Where is Innovation Point? If you ask your Uber driver, I imagine you will get a confusing look back at you from the rear view mirror. If you Google it, it is yet to be clearly defined in Maps other than showing part of the Northern end of the Seaport section of South Boston. Innovation Point is the name selected by GE for their new corporate headquarters in Boston.

Jeff Caywood a GE spokesperson, said the name is a reflection of both the neighborhood and company…The “innovation” piece is reflective of GE’s 125-year history, and the innovative products it has brought to the market — everything from lightbulbs to appliances to jet engines, he said. The “point,” meanwhile, reflects both the Fort Point neighborhood and the “acceleration point” of GE as it transforms into what it has dubbed a “digital industrial” company.

You can read the full article on the BBJ, here.

0 Evolving Office Real Estate Trend Shaping Boston Workspaces

Posted on April 27, 2017 by Wil Catlin

Credit: Bisnow

Some tenants now use a model where they lease less space and rely instead on on-demand conference room and meeting space. This model changes the square foot requirements per office worker, and has become a great resource for small to mid-sized office tenants.

From Bisnow:

These shared office spaces provide “temporary meeting space, conference rooms and event space to companies that would traditionally have leased or rented that space through their landlord. The goal is to offer employers a temporary solution on a need-by-need basis, giving office occupiers more flexibility to pursue cost-saving initiatives such as shrinking their square footage.”

One of the reasons these third-party space providers are gaining popularity within the industry is because they offer more than mere space — they provide hospitality services and create an experience that users would not otherwise get.

0 Boston Skyline is Slated for Change

Posted on April 27, 2017 by Wil Catlin

The Boston Skyline is on track to change by 2020. It will introduce some new players to the top ten and maintain some existing ones.

Curbed just posted a map of the 10 tallest buildings it expects to stand over Boston in 2020:

Credit: Curbed

200 Clarendon
Winthrop Square Tower
Prudential Center Tower
Four Seasons Hotel & Private Residences One Dalton Street
Millennium Tower
South Station Tower
Federal Reserve Bank of Boston
One Boston Place
One International Place
Boston Harbor Garage tower

You can read more about the 10 buildings on Curbed, Boston.

0 Boston Commercial Real Estate Market Ripe for Investors

Posted on April 19, 2017 by Wil Catlin

Credit: Commercial Observer

The Boston area real estate market continues to offer investors a relative bargain compared with other markets when you consider rents, office space availability, workforce, employment numbers, and new construction.

Commercial Observer lists out the top ten reasons why investors should keep their eye on the area:

Office vacancy is the lowest it’s been since before the Great Recession.
Office asking rents are the highest they’ve been since before the Great Recession.
These higher rents include even Class B space.
Job growth in the Boston region is exploding—just look at GE.
And look at the biotechnology industry.
Boston’s office landlords are upgrading existing spaces and adding relatively little new inventory.
Eataly, etc.
The hotel market is one of the nation’s hottest—and tightest.
As for Boston’s multifamily market, it’s nearly impossible to find one with better fundamentals.
The region remains a relative steal.

0 Winthrop Square Deal Proposed by Mayor Walsh

Posted on April 19, 2017 by Wil Catlin

Credit: Bisnow

Boston Mayor Marty Walsh is pushing for the Winthrop Square Tower and is offering tighter restrictions on future tower developments as a concession.

From Bisnow:

Mayor Marty Walsh’s proposal would bar future developments (except Millennium’s) from casting a shadow over the Common, Public Garden and Back Bay’s Copley Square. The plan would also call for new zoning in the Financial District and Downtown Crossing. The shadow change also needs state approval by Gov. Charlie Baker and the state legislature due to the changes it would bring to the Massachusetts’ 1990 shadow law.

0 Davis Co. Returns to Boston Seaport District, Purchases 88 Black Falcon Ave.

Posted on April 19, 2017 by Wil Catlin

Once a seller and now a buyer, the Davis Company is buying 88 Black Falcon Ave. for $60 million. The borders of the Seaport District submarket haven’t changed physically since Davis sold Back Falcon in 2006, but tenants desire to be there has changed. The Seaport office market has blossomed and is now one of the hottest markets in the country with a diverse tenant mix of TAMI, law, and life sciences.

Credit: Bizjournals

According to a recent article from the Boston Business Journal, “the low-rise complex spans a combined 376,000 square feet, about evenly split between office and warehouse/R&D space, at the far edge of the Raymond L. Flynn Marine Park…Davis Cos. plans to put “tens of millions of dollars into the property,” said CEO Jon Davis, and has tasked architecture firm Dyer Brown with creating a warm industrial aesthetic. Planned improvements include bolstering 88 Black Falcon’s structural underpinnings, adding WiFi throughout the property, and creating a bike storage area and fitness facility. Davis aims to complete work by the second quarter of 2018.”

You can read more on the BBJ, here.

0 Does Boston’s Financial District Office Market have a Bright Future?

Posted on April 12, 2017 by Wil Catlin

Boston's financial district office buildings fill the skyline

Image Credit: fineartamerica.com

Yes, the Financial District can rest assured it will live to lease more space. Remember, this is the largest concentration of office space north of New York City, combined with great access via water shuttle, commuter rail, T, bus or car. Change is inevitable, however, and the Financial District landlords will need to continue with capital upgrades and tenant amenities to meet what today’s TAMI tenants and traditional tenants are seeking.

Banker and Tradesman notes, “the booming tech market has provided a lifeline of sorts, with a range of companies from established firms to startups decamping from more expensive space in Cambridge and its environs to the more budget-friendly lower floors of the Financial District’s tall timber, almost all of it built in the 1960s, ’70s and ’80s.”

Related Office Space Listings
Office space for lease in Boston Financial District

0 Boston Flower Exchange Redevelopment Plans Introduced

Posted on March 19, 2017 by Wil Catlin

The proposed plans for the Flower Exchange have been released by the Abby Group.

Rendering of office building at Boston Flower Exchange in the South End

Credit: Boston Globe

Plans for the former Flower Exchange, centered on a 1-acre public plaza are cited in a recent Boston Globe article, noting “Abbey is targeting companies that want to be near Boston Medical Center and Boston University Medical School. The cluster of four buildings of lab or tech office space would total some 1.6 million square feet, rising 200 feet or more near the Southeast Expressway. Offices would have large open floor plans, while restaurants and stores would go at street level, as well as a cultural center and plaza Abbey has dubbed ‘Albany Green’.”

The article also includes a quote from Bill Keravuori, a managing partner at Abbey, defining the vision for the project as “a sort of European plaza…[which would] extend public space across the entire ground floor of the project.”

You can read the full article on the Boston Globe, here.

Related Office Listings
South End Office Space (info)
South End office space for lease (property listings)

0 Seaport Tower Initiates Office Leasing

Posted on March 19, 2017 by Wil Catlin

Credit: Banker and Tradesman

Looking for space in Boston’s Seaport? 121 Seaport Boulevard, being developed by Skanska, is looking for you. The office building will spread 400,000 square-feet, across 17 floors that are virtually column-free.

From Banker and Tradesman:

Promoted as Boston’s first elliptical tower, the design squeezed efficiencies out of its chilled beam heating and cooling system, said David Nagahiro, a principal at CBT. That eliminated the need for a large fan room in the core space on each floor, enabling nearly 86 percent of each floor to be leasable space.

“This is the most efficient floor plate in the city,” Nagahiro said.