Category Archives: Back Bay Real Estate

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

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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 Boston Office Vacancy Rate among Lowest in U.S.

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1 Post Office Sq. Boston

Credit: Boston Business Journal

The Boston office market is tight, with vacancy rates among the lowest in the nation; Boston shared the 5th spot nationally with Portland, OR.

The BBJ notes, “the percentage of office space that’s vacant in greater Boston is lower than all but six other major U.S. cities…Boston recorded an 11.9 percent office vacancy rate in the third quarter, down 0.9 percent from the year-ago period, according to the third-quarter office report from commercial real estate research service Reis Inc. That vacancy rate ties Boston with Portland, Oregon as the fifth-lowest in the U.S., behind New York (9.2 percent), Washington, D.C. (9.3 percent), San Francisco (10 percent) and Seattle (10.8 percent).”

You can read more on the Bizjournals website.

0 Back Bay Office Market is Evolving

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Tech office space in Back Bay Boston

Image Credit: BankerandTradesman

Back Bay has options, many options due to the movement and relocation of various large tenants and the opening of 888 Boylston Street by Boston Properties.

From Banker&Tradesman:

You can go back two decades and we’ve never had a spike in vacancy of any sort in the Back Bay,” said Brendan Carroll, director of intelligence for Boston-based Encompass Real Estate Strategy. “Now all of a sudden, we’re starting to see some options.”

As of Sept. 30, Back Bay had the highest availability rate of any Boston submarket, according to Colliers International’s Market Viewpoint report. Including 434,419 square feet of sublease space, some 14.8 percent of the 13.3 million-square-foot inventory is now available.

Other factors include competition from build-to-suit projects such as Boston Properties’ 888 Boylston St. tower, where Natixis will relocate. Wells Fargo and Houghton Mifflin are moving to the Financial District, taking space vacated by tenants that in turn committed to brand-new towers in the sought-after Seaport.

0 Back Bay Towers from Liberty Mutual Go up for Sale

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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 The Fate of the Citgo Sign atop Kenmore Square Hangs in the Balance

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Back Bay Citgo sign

Credit: Boston Magazine

Boston is in the midst of a dramatic change of how we live, work and play within the city. The daytime and bedtime population is growing and the demand for services is far different than it was 20 years ago, but what hasn’t changed is how much we love our city and appreciate the history and culture that exists here. We are Boston and we love the quirks that makes this home.

Not all historic features and structures merit preserving, but some do. I am sure that prior to filling of what is now Back Bay was very controversial in 1857 when gravel and fill started arriving from Needham at a rate of twenty-five 35-car trains arrived every 24 hours.

With respect to the Citgo sign in Kenmore Square, Boston Magazine reports “the city’s Landmarks Commission met Tuesday night and granted the Citgo sign “pending designation” status. Next, the commission will prepare a report, and a public meeting will be held. If the commission approves its landmark status by a two-thirds vote, Mayor Marty Walsh has 15 days to approve or reject the proposal. If he rejects it, the City Council has 30 days to override his decision.”

You can read more on the status of the Citgo sign on Boston Magazine.

0 Boston Public Library Renovation Includes Cafe and WGBH studio

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Interior Renovation of Boston Public Library

Credit: BBJ

Established in 1852, the Boston Public Library is scheduled to open its newly renovated streetscape, Café and radio studio.

From the BBJ:

The library’s central branch this Saturday will unveil the second phase of its $78 million renovation of the Johnson Building, which opened at 700 Boylston St. in 1972. The renovation’s first phase, which included a new children’s library, teen central and reference space, debuted last year.

The color scheme of the new sections primarily features blues, greens and a red-orange color aptly named “tawny daylily,” which were inspired by the John Singer Sargent murals at the McKim Building.

0 Boston is Contemporizing Outward, not Upward

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Credit: B&T

Credit: B&T

Boston is clearly seeing a tremendous amount of new construction from office to multi-family in all areas of the city. Once you dig deeper into the numbers you come to realize that the height of the vast majority of new projects doesn’t exceed 200 – 300 feet. The exceptions are 1 Dalton and Millennium Tower at 700 feet and 690 feet, respectively. Boston developers instead are building what the market wants at a price point the market can support. Some of the challenges with going about 300 feet requires an additional elevator core which increases the add on factor.

According to Banker and Tradesman, “almost all of Boston’s true office skyscrapers – 500 feet and up – were built in the 1980s and before. The Hancock and Prudential towers may be gems of the Boston skyline, but they are also the last of a dying breed and one we are unlikely to see again anytime soon…Since 2000, Boston has seen 52 new office, condo and apartment buildings take shape. The vast majority of them – 36 – are between 200 and 300 feet.”

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

0 Car Bans for Select Boston Streets?

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Back Bay on a busy summer day

Credit: twitter

Imagine no longer hoping for a parking spot on Newbury Street in Back Bay…

What do you think?

From the Boston Globe:

During a “Twitter chat” Wednesday with Mayor Martin J. Walsh, where the mayor answers constituents’ questions on social media, a city official gave an intriguing response to one person’s question about whether Boston would ever limit traffic on certain streets to allow for a pedestrian takeover.

“How about closing streets like Newbury, Union, and Hanover to traffic on certain days in the Summer?” asked Adam Castiglioni, who runs a blog about Boston hospitality.

The city responded by saying the concept was already on their radar…”Stay tuned for [information] later this summer,” the City of Boston Twitter account replied.

0 South End Gateway Plotted above Back Bay Station

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rendering of Back bay real estate development

Credit: Boston Business Journal

Back Bay Station is poised to be far more than just a commuting station.  Boston Properties is proposing a 1.26 million square foot mixed use project.

From the BBJ:

Boston Properties (NYSE: BXP) on Tuesday filed a project notification form with the Boston Redevelopment Authority that outlines its plans for three separate commercial and residential towers and a renovated and expanded Back Bay Station. The total project, if approved, would include 575,000 square feet of commercial office space, up to 100,000 square feet of retail and restaurant space, and 600 residential units.

Boston Properties has dubbed the latest development the “South End Gateway” project. The development will span four air-rights parcels — that is, development built on top of existing buildings — atop Back Bay Station, and an existing parking garage at 100 Clarendon St. The development is bounded by Dartmouth Street, Stuart Street, Trinity Place and Clarendon Street in Boston’s Back Bay neighborhood.

0 One Dalton Street Poised to Become NE’s Tallest Residential Building

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1 Dalton Street Back Bay

Credit: Boston Magazine

If living in the tallest residential building in New England is you dream, 1 Dalton Street should be on your list.

One Dalton, by the numbers:

  • 740 feet: Height of One Dalton, the tallest residential building in New England.
  • 790 feet: Height of 200 Clarendon (the Hancock Tower), the tallest building in New England.
  • 61: Number of stories, including a private restaurant and bar on the 50th floor.
  • 360°: Panorama from Boston Harbor to the Cape at certain residences.
  • $5.5 million: Price of a two-bedroom, two-and-a-half-bathroom residence on the 42nd floor.

From Boston Magazine:

Daltonians will enjoy five-star amenities that would make a Back Bay brownstone dweller swoon. Want a martini at 3 a.m.? A bartender from the 50th-floor private restaurant will oblige. Longing for the links? Visit the golf simulation room. There’s also a private theater, spa, salon, and health club—plus a 24-hour valet, laundry services, and housekeeping.

At home, residents can take in unobstructed views of the city from floor-to-ceiling glass walls. Many units have private balconies; all have fireplaces. One-bedrooms start at 900 square feet, and four- bedrooms start at 4,000 square feet, with an average expected cost of about $6 million.

Additional information is available on Boston Magazine.