0 Tech Companies Gravitate Back to Cities

Where do venture-backed companies focus when coming to the 617 area code? Unsurprisingly, the list focuses on the city core with areas like the Seaport, Financial District, Back Bay, Kendall Square and some clustered at the 90/95 interchange.

map of office space in Boston and Cambridge

Credit: City Lab

Here’s a national perspective from City Lab:

While many large, high-tech companies like Facebook, Google, Apple, and Microsoft have their main campuses in suburban areas, cities and urban areas house the majority of venture capital–backed startups. My own research estimates that 55 percent of all venture capital investment now flows to urban neighborhoods. In the Bay Area and Boston–Cambridge, more than 60 percent of venture capital investment gravitates to these neighborhoods.

Additional information is available on CityLab’s website.

0 Boston Office Rents Correlate to MBTA Access and Proximity

Your office rents in Boston are directly impacted by the distance to the nearest MBTA stop. Simply put, expect to pay more the closer you are.

MBTA map and corresponding office rent in Boston

Credit: Banker&Tradesman

Banker and Tradesman notes, “despite the departure of several large office tenants for the Financial District and Seaport, Back Bay still has Boston’s highest-priced office space. Buildings within a 5-minute walk of Hynes Convention Center station on the Green Line average $66.69 per square foot, partly reflecting the completion of Boston Properties’ 888 Boylston tower anchored by Natixis Global Asset Management.

You can read additional analysis on the impact of the MBTA on Boston office prices on B&T.

0 Prudential Center Security Robot? Yep!

Security is changing in our office and retail centers with the introduction of Robots. Boston Properties is a leader with the introduction of their robot at the Prudential Center in May.

Security Robot on patrol

Credit: Boston Globe

From the Boston Globe:

Dennis Crowley, senior vice president with Allied’s integrated technology group, said a similar robot in California recently used its thermal imaging technology to identify a hair curler someone had left on at a boutique kiosk after closing for the night.

The robot alerted security guards at the nearby command center.

“So they were able to prevent a fire,” Crowley said.

0 Available Office Space in Back Bay: 745 Boylston Street

Back bay office building

745 Boylston Street in Boston’s Back Bay

Boston Realty Advisors has been retained by Upland Capital to exclusively represent 745 Boston Street in Boston’s Back Bay. The building is a 112,000 square foot 8 story building with Verizon and Max Brenner as the retail tenants.

The building currently has just over 18,000 square feet available and can accommodate tenants from 1,700 – 12,000.

Building Details
• 745 Boylston Street Back Bay
• Property Brochure
• Floor plan

 

0 Back Bay Towers over Mass Turnpike at ‘1000 Boylston’

The air rights over the Turnpike might soon see the way forward for two new Back Bay Towers. The current plan for both buildings is residential with street-level retail.

rendering of office towers at 1000 Boylston

Credit: Curbed

According Curbed’s Boston vertical, “the whole affair hinges on building a 23,000-square-foot platform over the Turnpike…On that podium would go a six- to seven-story base for both towers. That base would contain 33,000 square feet of retail, amenities, and lobbies as well as 303 parking spaces.”

Additional info on 1000 Boylston is available on Curbed.

0 Back Bay’s Most Modern Office Building at 888 Boylston Continues to Attract Tenants

Back Bay office building on Boylston st

Credit: BBJ

Back Bay’s newest office building continues to attract tenants as Accenture announces its move into 52,340 square feet of space. 888 Boylston Street is Boston Properties’ new 17-story 425,000 building. The complex also includes 800 Boylston Street, 101 Huntington Avenue and 111 Huntington Avenue.

According to the BBJ, “Boston Properties developed 888 Boylston, a 17-story, $275 million office and retail building in Boston’s Back Bay. The property was designed to be ‘the most sustainable building in Boston,’ said Bryan Koop, Boston Properties’ executive vice president.”

More details on Accenture’s move to 888 Boylston Street are available on the Boston Business Journal, here.

 

0 Back Bay Towers from Liberty Mutual Go up for Sale

Back Bay office building for sale on 75 Arlington St

75 Arlington Street in Back Bay

Liberty Mutual Insurance is looking to take some cash off the table with their announcement that they will be selling 10 St. James Ave. and 75 Arlington St. in Back Bay.

10 St James Avenue
• 565,758 RSF
• 19,606 RSF/Floor
• 20 Stories
• Built in 2001
• 400 Parking Spaces
• Last sale was $342,700,287 in January of 2006

75 Arlington Street
• 244,000 RSF
• 25,000 RSF/Floor
• 00 Stories
• Built in 1914
• Last sale was $147,799,713 in January of 2006

From the BBJ:

The Boston-based insurer occupies about 40 percent of the 825,000 square feet of space in the two buildings, it said. In recent years, Liberty Mutual has moved some employees from the buildings into its new 22-story headquarters at 157 Berkeley St. that opened in 2013.

“We’re selling now because we fully occupy our new building,” spokesman John Cusolito said in an email. “The (St. James Avenue and Arlington Street) buildings are 96 percent occupied; however, owning and operating investment properties is not our primary business.”

0 Tesla to Open at 888 Boylston Street

Tesla retail store in Back Bay

Credit: Boston Business Journal

Tesla will be moving in Boston to Boston Properties newest building, 888 Boylston Street. Tesla will among strong peers in the retail tech space with the following neighbors: Apple, Microsoft, Verizon & AT&T just in a 2 block corridor.

From the BBJ:

Although Tesla spokeswoman Alexis Georgeson wouldn’t disclose many details, she told me that the company (Nasdaq: TSLA) is relocating its store from within the Shops at Prudential Center to the more visible Boylston Street space by the end of the year.

0 Hancock Tower Remains Largely Unoccupied

Hancock Tower in back bay

Credit: Boston Globe

New England’s tallest building has space for you. The tower has approximately 450,000 square feet available for lease.

From the Boston Globe:

About one-fourth of the space in 200 Clarendon — or what most of us still call the John Hancock Tower — is sitting vacant after leases expired and tenants such as John Hancock moved to new digs. Landlord Boston Properties Inc. acknowledged Wednesday that efforts to fill it have been going “a little bit slow.”

Rents at the top of the tower run $70 to $80 per square foot — among the priciest in town. Boston Properties has given no sign it plans to offer discounts to fill 450,000 vacant square feet. Still, the slowdown reflects a bit of a softening at the very top of Boston’s market. Real estate brokers say law firms, financiers, and others who seek trophy office space are pushing back against building owners who want to hike rents.

You can read the full Globe article, here.