0 Is Boston an Architectural Eyesore?

Posted on May 27, 2015 by Wil Catlin

Office Building in Back Bay at 111 Huntington Ave.

No Boston isn’t ugly and as a matter of fact, it’s beautiful. Opinions are just that, opinions and each of us are allowed to express ours despite who it might offend.

Boston Magazine has a strong one, noting “the dirty little secret behind Boston’s building boom is that it’s profoundly banal—designed without any imagination, straight out of the box, built to please banks rather than people…Renderings of 30 Dalton show how its panel-and-glass motif will create a relentless gridded box of windows from floor to sky: Click, copy, and paste. A few weeks after 30 Dalton’s miniature arrived on the site, the backhoes arrived to carve a foundation out of what had been a parking lot. A few feet away, the old brownstones of St. Germain Street—the ghosts of Boston’s long-lost architectural ambitions—hunkered down in 19th-century resignation.”

We must, however, remind everyone that the office market today is vastly different from decades past. Today’s tenant wants floor to ceiling light with as many corners on each floor. 111 Huntington Avenue is one most sought after address’s in Back Bay with its efficient floor plates combined with abundant amenities.

The only space available is a sublease on the 5th floor, so from Boston Properties’ perspective, the building is fully leased.

0 Boston Planning Effort Eyes 2030

Posted on May 27, 2015 by Wil Catlin

Credit: Boston Globe

Boston will be 400 years old in 2030 and Mayor Walsh in starting to plan now for the event. Well, not cake, but working on a city wide master plan. The last time this was addressed was on this scale was 1965 that launched development like Faneuil Hall, Government Center and highway infrastructure.

From the Globe’s website:

“With cranes dotting the skyline and the city in the midst of an unparalleled building boom, Mayor Martin J. Walsh has launched Boston’s first citywide planning effort in a half-century. The two-year initiative, Walsh said, will go beyond a technical assessment of zoning and land use and will encapsulate residents’ aspirations for what the city should become by 2030…Over the next two years, city officials hope to work with residents to tackle contentious topics such as urban density and parking, public transportation, and affordable housing. They anticipate discussion about art and schools and entertainment.”

0 Winter Gardens Becoming A Fixture in Boston Buildings

Posted on May 18, 2015 by Wil Catlin

rendering of Binney street winter gardens

Credit: Boston Globe

A nature walk has something for everybody and the concept of winter gardens should be embraced by all. The rentable square feet per employee is shrinking and collaboration space is growing.

According to the GSA’s “Washington headquarters is completed in 2013, the building will accommodate 4,500 workers — almost 2,000 more than a year ago — because of shared work spaces and telecommuting. GSA Headquarter office will average approximately 80 USF (92 RSF) per person of workspace.”

From the Boston Globe:

Prodded by tenants, residents, and city officials to create more parks and open spaces, developers are resurrecting an old architectural idea to beautify new buildings: “winter gardens.”

Alexandria Real Estate Equities has completed most of the work on its 6,000-square-foot winter garden at 75-125 Binney St., the future home of Ariad Pharmaceuticals Inc.

0 Belkin Pushes for Winthrop Square Tower

Posted on May 18, 2015 by Wil Catlin

Credit: Boston Globe

Belkin is one of eight developers chasing the development opportunity at the Winthrop Square parking garage site. His plan is after a 24/7 model that incorporates a live, work play them that embraces the “Café Culture” of today.

From the Boston Globe:

At the centerpiece of Belkin’s 740-foot office and residential tower is an innovation center, one designed for entrepreneurs and those who aspire to be one. The description itself may be eye-glazing or eye-rolling at a time when everyone claims to be innovative, but to hear Belkin explain it, you feel like he’s onto something big. It’s an idea that could go a long way to break down the walls that divide our business community, ones that keep Kendall Square and Innovation District types from mingling with those in the Financial District.

0 Towering Sculpture Installed in Greenway

Posted on May 18, 2015 by Wil Catlin

Credit: kirotv.com

The work of Janet Echelman, a Brookline Artist, is now on display in the Rose Kennedy Greenway through October.

According to ktul.com, “the 600-foot work by artist Janet Echelman [was installed] using a battery of cranes and scissor lifts…The orange and magenta netting made of polyethylene rope weighs a ton, and is designed to respond fluidly to wind and weather. It will remain suspended in the Rose Kennedy Greenway between two high-rise buildings across the Greenway.”

You can read more on the sculpture, here.

0 226 Causeway Street Sold to Invesco for $92M

Posted on May 18, 2015 by Wil Catlin

The Causeway

Invesco is the new owner of 226 Causeway Street for $476.68 per square foot. Tenants include the following:

• TripAdvisors
• Oxfam America
• Grant Thornton
• Stantec
• Boston Celtics
• March Communications

According to the BBJ, “the property was sold by Spear Street Capital, a real estate investment fund with offices in New York and San Francisco. Spear Street acquired 226 Causeway St. in 2011 for $43 million…First-quarter office rents averaged $32.95 in the North Station neighborhood, with 4.5 percent office vacancy, according to JLL.”

You can read more about the Causeway Street sale on the Boston Business Journal.

0 Shared Office and Lab Space in Cambridge for Life Science Ventures

Posted on May 12, 2015 by Wil Catlin

Shared space for life sciences is a has a new host, Mass Innovations Labs, in Kendall Square. The program offers everything from office and bench layouts to EH&S Programs.

From the Boston Globe:

Mass Innovation Labs said Monday that it was opening an “accelerated commercialization space” for companies trying to bring their drugs and devices to market. There also are specialized services available in-house, such as help setting up research contracts and an animal testing and scientific support area run by Charles River Laboratories…The three-story space hosts 10 suites containing a mix of lab and office space ranging from 2,900 to 18,000 square feet. It is backed by Breed’s Hill Capital, a Charlestown firm.

0 Boston Startup Events in May

Posted on May 12, 2015 by Wil Catlin

May is full of 150 startup events to add to your calendar. The Boston Business Journal has highlighted 10.

·         Growing and scaling a life science business, hosted by Constant Contact, on May 4.
·         TechHub Demo Night, where startups demo their product in front of a live audience, on May 5.
·         Startup Institute’s informational meetingon how to land a startup job you’re passionate about, on May 6.
·         Learning the Artistry of Startups, hosted by Johnson & Johnson Innovation, on May 7.
·         Growth Hacking for Startups, hosted by General Assembly, on May 7.
·         New England Venture Capital Association’s NEVY awards, presented by Johnson & Johnson Innovation, on May 13.
·         Mass Innovation Nights, where emerging startups showcase products at Mercedes-Benz of Burlington, on May 13.
·         Meet, network with and get advice from female startup founders at the Women 2.0 City Meetup, on May 14.
·         Boston Young Entrepreneurs host Boston “startup czar” Rory Cuddyer on May 19.
·         Startup rock climbing series with Ministry of Supply, hosted in partnership with Startup Institute, on May 26.

0 Boston Office Rents Expected to Rise through 2017

Posted on May 12, 2015 by Wil Catlin

Boston office rents continue to rise, and are expected to climb through 2017. What can you do to hedge your risk against leasing in the top of the market? Understand what you need and engage an advisor.

The BBJ notes, “Boston can expect its asking rental rate increase to average 10.1 percent per year during that timeframe…The office market in Boston’s central business district averaged a $46.60 per-square-foot rental rate last year…[with estimates for] those rates to increase to $52.83 by 2015, $59.48 by 2016 and $62.09 by 2017.”

You can read the complete article on the Boston Business Journal, here.

0 State Street Tower Offered to Public

Posted on May 12, 2015 by Wil Catlin

Credit: Boston Globe

Office buildings are trading at records levels and the influx of capital into Boston shows no sign of letting up. 1 Lincoln Street which is home to State Street is offering a new twist, you can own a piece.

From the Boston Globe:

[The] venture led by Fortis Property Group of New York, which bought the 1.1-million-square-foot tower for just under $900 million in 2006, would sell a 48.88 percent interest in the building through a real estate investment trust called ETRE REIT, according to documents that were filed with the Securities and Exchange Commission.

In the documents, ETRE said the State Street tower, built in 2003 and fully occupied by State Street Corp., is currently valued at $1.1 billion.

The move to hold a public stock offering for the building is the idea of ETRE Financial LLC, founded three years ago with the purpose of “facilitating the public listing of individual real estate assets to improve access, liquidity, and transparency in commercial real estate,” according to its website.