0 500 Boylston and 222 Berkeley Sold for $1.3B

Posted on August 31, 2015 by Wil Catlin

Credit: BBJ

Equity Office continues to shed Boston Class A towers with the announcement or the $1.3B sale of 500 Boylston and 222 Berkeley Streets to a partnership between JP Morgan Chase & Co. and Oxford Properties Group.

From the Boston Business Journal:

The two office buildings at 500 Boylston St. and 222 Berkeley St. take up the same square block in the Back Bay, one block up from Copley Square. 222 Berkeley is a 22-story office and retail complex, and 500 Boylston is a 25-story, 1.3 million-square-foot office.

500 Boylston Street is a 760,000 square foot 25 story tower with a typical floor size of 28,275 square feet.

222 Berkeley Street is a 524,195 square foot 22 story tower with a typical floor size of 51,655 square feet.

0 Franklin Street in Downtown Crossing is Closed to Vehicles for Year

Posted on August 31, 2015 by Wil Catlin

Credit: Boston Business Journal

The cost of construction means jobs and detours. We all see the cranes in the air and the parade to cement mixers on our city streets, now we have one less street to drive on. Franklin Street will be closed till July of 2016.

An article from the BBJ notes “Pedestrian access will remain open. The Boston Transportation Department suggests the following detour route: right on Hawley Street past 33 Arch St., left on Milk Street past the Old South Meeting House, right on Washington Street, left on Court Street past the Old State House and left on Tremont Street.

“The closure is necessary due to construction activity in the area as well as a roadway reconstruction project,” the city said.

0 Shared Office Space in Somerville at Workbar Union Sq.

Posted on August 7, 2015 by Wil Catlin

Workbar Cambridge

Union Square is now host to a shared workspace: Workbar will open its newest location in Somerville at 31 Union Square.

According to Banker&Tradesman, “The 2,500-square-foot shared workspace will be located in the former Elegant Furniture location. The facility will include coworking space, conference and meeting rooms, event space, secure wifi and social and educational programming. Construction will begin following final design and permitting, said Greg Karczewski, president of Union Square master developer US2. US2 leased the 31 Union Square storefront last fall and plans to open its local headquarters in the space, as well. Construction will begin following final design and permitting, with an August opening anticipated…Workbar has locations in Boston and Cambridge and a network of partner spaces throughout eastern Massachusetts, serving more than 800 members from over 400 businesses.”

You can read the full article on B&T’s website.

0 Workbar Network Links Co-Working Office Space

Posted on August 6, 2015 by Wil Catlin

co-working office space at WorkBar in Boston

Credit: BetaBoston

Have a peek at how some of the shared workspace providers manage users and spaces locally and worldwide.

A BetaBoston article notes, “over the past several months, Workbar has partnered with Fields Corner Business Lab and five other regional co-working spaces to create the Workbar Network, which will link these independently run facilities into a larger community. Other participating sites are Work Station in Cohasset, The Entrepreneur Innovation Center at Framingham State University, Running Start in Worcester, and Groundwork! in New Bedford…As part of the network, these six sites are now using Workbar’s proprietary software to help manage their members, Cole says. The software provides tools for managers to check people in, coordinate conference room bookings, and promote events and happenings throughout the network at large. “It’s everything they need to run the space,” says Devin Cole, Workbar’s director of business development.

You can read the full BetaBoston article on its website, here.

0 Boston’s John Hancock Tower Nears 47

Posted on August 5, 2015 by Wil Catlin

Credit: Boston Globe

Boston is under a major construction boom which is evident as you look across our skyline. The John Hancock tower was a major milestone in our city when the project broke ground in August of 1968.

From the Boston Globe:

The groundbreaking ceremony for New England’s tallest building, the John Hancock Tower, was on Aug. 21, 1968. The 60-story minimalist structure was constructed with huge panes of reflective glass that proved to be a problem in the 1970s. Many panes of glass crashed to the ground with high wind speeds, causing street closures and huge safety concerns. After pane replacement and structural fixes that stabilized the tower, the actual cost of the construction nearly doubled the projected budget.

0 Cambridge Office Space Still Leads the Nation

Posted on July 28, 2015 by Wil Catlin

Lab and office space in Cambridge and Kendall Sq

Credit: Boston Business Journal

Great Boston leads the nation with the most expensive lab space.

From the BBJ:

Greater Boston’s life sciences rental rates have climbed 7.4 percent this year to reach an average rate of $47.40 per square foot, outstripping other top markets including Raleigh/Durham, North Carolina (up 12.4 percent year-over-year to $19 per square foot); San Francisco (16.9 percent, $37.30); San Diego (15.5 percent, $29.90); New York/New Jersey (8.3 percent, $24); and Los Angeles (4.9 percent, $30.70)…In Cambridge specifically, the average lab rent is $51.60 per square foot, the report said. The report also said tenants are currently on the hunt for around 1.3 million square feet of space in the city.

0 BRA Approves Six Office Building Projects in Boston

Posted on July 27, 2015 by Wil Catlin

Credit: Boston Globe

Six buildings in Boston’s Financial District, Congress Square, are set for complete renovation by Related Beal.

According to the Boston Globe, the BRA approved six projects in total, “the agency gave the go-ahead to some $515.6 million in development…One of the biggest projects is Congress Square, the renovation of an entire city block of buildings in the Financial District, between Congress and Water streets. Developer Related Beal plans to turn six office buildings into a boutique hotel, new housing, and office space…Also approved was Clippership Wharf, which would put 492 apartments and condos on 12 acres on the waterfront in East Boston. Developer Lend Lease plans to move forward on the long-stalled project and won approval to add housing units and subtract parking spaces from a plan approved in 2003.”

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

0 A Roadway Naming Debate Surrounds The Boston Greenway

Posted on July 20, 2015 by Wil Catlin

The Greenway Boston and surrounding roads

Credit: BostInno

Yes, this should be renamed as it has become a landmark in our city. Boston is confusing to navigate; Uber, Google and Waze have helped, but let’s give one of our new attractions a simpler address.

The debate, and subsequent argument for renaming the roads surrounding The Greenway is articulated by Bostinno.Streewise.co, noting “the Rose Kennedy Greenway is flanked by two parallel streets that run in a different direction. Atlantic Avenue winds northbound while on the other side, headed southbound, is a single street known at different points as John F. Fitzgerald Surface Road, Purchase Street, Surface Road and again John F. Fitzgerald Surface Road…By renaming what we’ll refer to here in this article as Surface/Purchase, pedestrians and non-natives would have an easier time making their way through Downtown, while the Greenway’s brand recognition would significantly increase—and that in turn would benefit the surrounding area and buildings.”

You can read the full article here: Bostinno.Streetwise.co – why this busy downtown Boston road should be renamed after The Greeenway.

0 Boston High-Rise Office Space: Rents Exceeding $90 per sq. foot

Posted on July 20, 2015 by Wil Catlin

Credit: Bizjournals.com

Boston office rents continue to grow as tenants continue to migrate to downtown Boston high-rise office buildings.

From the Boston Business Journal:

Low-rise and Class B offices are now commanding rents in the mid- to upper $40s range, while high-rise rents are reaching well past the $90 per square foot range, according to second-quarter research from commercial real estate services firm DTZ. Class B office rents are up 21 percent from last year in the Financial District, 12 percent in the North Station region and 20 percent in South Station, DTZ said.

“It’s also worth noting that nearly 25 percent of Boston’s office inventory has traded hands in the past 12 months,” the research report said.
Meanwhile, Cambridge also maintained its post as the strongest real estate market in Massachusetts, with $2.2 billion in sales activity. That’s more than half of the overall $4 billion in total sales volume so far this year, according to recently released second-quarter research from JLL..Direct average rents rose more than 5 percent year-over-year in nine out of 12 of Boston’s submarkets, topping out with 16.3 percent growth in East Cambridge.

0 Boston Office Rents up 7.6%

Posted on July 20, 2015 by Wil Catlin

One Broadway in Kendall Square (click for property details)

Fewer options exist on the Boston office market, and what is available is more expensive then previous quarters. Combined with fewer concessions offered by landlords, local tenants are feeling the pinch.

From the Boston Globe:

Boston’s office market is hopping, according to reports issued by real estate brokerages Transwestern and Jones Lang LaSalle. Driven by strong employment gains and growing companies in need of additional space, rents are rising all across Greater Boston, up 7.6 percent in the last 12 months. Throughout Cambridge, there are just three vacant office spaces of 20,000 square feet or more on the market, and rents in Kendall Square are averaging above $70 per square foot. Along Route 128, vacancy rates are at record lows, while office rents along Interstate 495 are at seven-year highs.