0 Copley Place will see $500M Expansion

Posted on October 29, 2013 by Wil Catlin

Copley place expansion, graphic rendering

Credit: Bisnow.com

Changes are coming to Copley Place, a 52-story tower to house rental apartments and condos. Currently there is no change to the existing office towers.

Bisnow is reporting that “Simon Property Groups $500M expansion of Copley Place–is advancing with the recent city approval of its revised plan to add rental apartments to the residential mix…Simon will build 433 rental apartments and 109 condos instead of 318 condos in the 625-foot, 52-story tower.”

Additional details are available online, here.

Related Property Listings
Copley Office Space for Lease

0 Boston Office Rents Climb 3.5 percent

Posted on October 9, 2013 by Wil Catlin

Credit: Boston Herald

This is only part of the story. True, rental rates have risen, but the overall occupancy cost has risen even more than just the rental rates. In a rising market, like we are currently in, landlord’s contribute less in tenant improvement costs and offer much less rent abatement. This then translates into a higher occupancy cost. During a down market, a landlord could offer 125 percent of the first years rent to go improvements of the space, that number now could be 75 percent of the first years rent.

The Boston Herald’s analysis notes “office rents in Greater Boston grew at an even higher rate — 3.9 percent — primarily due to strong growth in Cambridge, downtown Boston and the northwest submarket, the report found. And rents may begin to rise at an even faster rate because employment levels in office jobs are reaching pre-recession levels.”

The Herald article can be found here: Hub Office Rates Jump

0 400-foot Tower Considered at 40 Trinity Place in Back Bay

Posted on August 8, 2013 by Wil Catlin

What does $593.09 get you in Boston? Well that is the estimated price per square foot to construct the 379,370 square feet at 40 Trinity Place. According the Boston Redevelopment Authority’s web site, the Project includes the construction of a new, mixed-use structure at the corner of Trinity Place and Stuart Street. A portion of the Project will cantilever over the existing University Club parcel.

Rendering of 40 Trinity Place Tower (Credit: Banker & Tradesman)

Banker & Tradesman:

“The development team, a trinity of Boston hotel operators Jeffrey and Gary Saunders and Jordan Warshaw, plans to build 115 condos and 227 hotel rooms in a 400-foot tower at 40 Trinity Place…The project is currently being reviewed by the Boston Redevelopment Authority (BRA), which last night held its first public meeting about the $225-million tower. If approved, the building will contain three restaurants, with a lobby and banquet space on floors 18 and 19.”

0 Short-Term Retail Leases: The New Commercial Real Estate Trend?

Posted on August 7, 2013 by Wil Catlin

Credit: Boston Business Journal

This is a creative way on thinking of trying to full some of our retail vacancy’s around the city. Perhaps this would be better to put into context, like a retailer that focus on a holiday event like Halloween. It would be tough to support that annually, but for the 90 days prior to the holiday, it might be a great solution. This would also allow the Landlord to continue to market the space to a more permanent retailer. Some of the concerns might be the transactions costs of producing a lease agreement along with the lender’s concern about being a transient building.

Banker & Tradesman spoke with Storefront co-founder Tristan Pollock, noting “the concept is the commercial real estate equivalent of AirBNB, the popular website that allows consumers to find vacation rentals or apartments for the short term…Pollock said that the service would tackle a problem that plagues the commercial real estate industry across the country: the retail space vacancy rate is higher than it’s ever been (10 percent on average). It would also make it easier for potential tenants to connect with property owners.”

The complete article, and additional commentary from Storefront co-founder Tristan Pollock, are available on B&T: short-term leases for retail outlets

0 Boston Workforce Expected to Grow

Posted on June 20, 2013 by Wil Catlin

The Boston workforce is expected to continue to grow according to a survey of local CFO’s. 12 percent expect to be adding personnel in the 3rd quarter while the overall majority expressed confidence is their company’s growth.

An article on the Sacramento Bee, referencing a Boston Professional Employment Forecast from Robert Half, notes that “twelve percent of chief financial officers (CFOs) in the Boston area expect to add new professional-level positions in the third quarter..Fifteen percent of respondents will not be hiring, even to fill an open position, and 1 percent plan to reduce staff levels. Another 72 percent said they will hire for roles that open during the next three months.”

The full article is available here: Boston CFOs Reveal 3rd-Quarter Hiring Plans

0 BBJ’s Best in Boston Real Estate Awards

Posted on May 29, 2013 by Wil Catlin

Photo Credit: Boston Business Journal

What, another awards show? Well, no, the BBJ is recognizing projects within Boston Market that a stand out within their sectors. The Seaport submarket was the recipient of two: Visionary Award and Office Award.

To view images from the event, continue on to the Boston Business Journal.

0 40 Broad St. in the Financial District Sells for $110m

Posted on May 24, 2013 by Wil Catlin

40 Broad St. in the Financial District, Boston

Photo Credit: The Boston Globe

The Financial District in Boston sees another Class B trade; the lucky bidder was TIAA-CREF. Now all eyes move to 50 Congress Street as final bids are due next week.

An article today on The Boston Globe’s website, reporting on the sale of 40 Broad St., notes the larger trend, “prices on high-end commercial properties in Boston have shot up since the end of the recession. In January, the 12-story tower at 11 Beacon St. fetched $34.9 million — just three years after it sold for $16 million. Late last year, the rehabbed 11-story building at 2 Oliver St. went for $52 million. Its previous sale two years earlier was for $10 million.”

Follow the link to read the Globe’s full article on the sale of 40 Broad St.

Related Commercial Property Listings
Office Space for lease in the Financial District

0 Fidelity Puts Four Boston Office Properties Up for Sale

Posted on March 19, 2013 by Wil Catlin

office building at 82 devonshire street in Boston financial district

Photo Credit: Boston Herald

Will the Financial District be home to a new office tower? There is some speculation that the headquarters of Fidelity will be raised to make way for new construction.

Banker & Tradesman is reporting, “the real estate arm of Boston-based Fidelity Investments is putting four Boston office properties and a small land parcel in the city’s Financial District on the shopping block. The contiguous block of assets totals 343,000 square feet of space and includes 82 and 68 Devonshire St., 19 and 15 Congress St., and the land parcel at 54 Devonshire St.”

Details on the potential redevelopment site are available on the Banker & Tradesman website.

0 Is One Lincoln Street Stagnation a Sign of Larger Trend?

Posted on March 5, 2013 by Wil Catlin

State Street Financial Center at 1 lincoln

Photo Credit: Boston Business Journal

The office market is in the midst of an upswing as it pertains to rents, but from the value side, buyers are cautious. Have we peaked or is there more to come?

The Boston Business Journal article reported on the relative stagnation, noting that “twenty months after One Lincoln Street — also known as the State Street Financial Center — was put up for sale, the skyscraper remains on the market for $1.15 billion.”

Follow the link to read more about One Lincoln Street.

0 New Tower Considered in Back Bay

Posted on February 22, 2013 by Wil Catlin

Photo Credit: Boston Business Journal

Will Back Bay be home to another Boston Properties skyscraper? The location would be atop the John Hancock garage at Back Bay Station.

A report in the Boston Business Journal describes the proposal, “Boston Properties, owner of the John Hancock and Prudential towers, is floating a proposal for a skyscraper to be built on air rights atop its garage near Back Bay Station…a conceptual idea for a building could include office space and other mixed-uses above the parking garage at the corner of Stuart and Dartmouth streets.”

Related Commercial Real Estate
Back Bay Office Space for Rent