0 Boston Experiencing Historic Commercial Building Boom

Posted on June 16, 2015 by Wil Catlin

rendering of office tower at Belvidere and Dalton East

Credit: Boston Globe

The Boston skyline is on the move. A Boston Globe editorial notes, “Boston is in the midst of a building boom never seen in its history, with an influx of new residents and companies giving rise to skyscraping towers, thousands of homes, and retail businesses that are redefining commercial districts citywide.” The Globe followed the article with a list of 50 of the largest development projects organized by expected square feet.

Among these office developments are projects at the Government Center Garage, South Station air rights, Tremont Crossing, and Landmark Center in Fenway.

Jump over to the Globe to read through its complete list of the top Boston Office Developments in progress.

0 745 Atlantic Ave. Purchased by Oxford Properties for $114.5M

Posted on June 16, 2015 by Wil Catlin

Office building at 745 Atlantic avenue in downtown Boston

Credit: BBJ

Oxford Properties continues its buying spree by plunking down $114.5 million for 745 Atlantic Avenue or $657 per square foot. 745 Atlantic Avenue is home to WeWork and Dain Torphy as well as a number of companies. WeWork will be building out a Café on the 1st floor as part of their future expansion.

From the BBJ:

“It really fits our profile of what we like to buy for the long-term: Class A assets in downtown cores near transit-oriented locations,” said Chad Remis, the head of Oxford Properties’ Boston office.

Its $114.5 million acquisition of 745 Atlantic, which closed May 29, is more than double the $54.65 million sale price 745 Atlantic fetched in 2003. The property sold again in 2008 as part of a $1.7 billion office property acquisition invovlingBeacon Capital Partners and Charter Hall Office REIT of Sydney, Australia.

You can read the full article on the Boston Business Journal website.

0 Boston Office Forecast: Meaningful Moves Ahead in Financial Sector

Posted on June 2, 2015 by Wil Catlin

Boston financial district office buildings

Credit: B&T

The Boston office market has big movers that need to make some real estate decisions. The market continues to tighten and blocks of 100,000 square feet and above are harder to find.

From Banker and Tradesman:

Banks continue to move employees into smaller workspaces, with the industry average now 150 square feet per employee, down from 225 square feet in 2009…many banks are [also] choosing to relocate offices. Only 25 percent of the financial services office deals tracked by JLL in 2014 were lease renewals, while 46 percent were relocations.

That trend is likely to continue in Boston, with three major financial institutions responsible for 33 percent of the total active requirements in the market. But the result likely will be a net decrease in occupied space.

Putnam Investments and Wells Fargo are in the market for 280,000 and 220,000 square feet, respectively, while BNY Mellon is seeking to downsize to 350,000 square feet. And available build-to-suit parcels in the Seaport District provide competition to existing office towers in the Financial District.

0 Boston Landing Station Has Official Groundbreaking

Posted on May 27, 2015 by Wil Catlin

Boston newest commuter rail station groundbreaking occurred today. Metro West commuters can add another stop to the local train service starting in the fall of 2016.

Credit: ArchPaper.com

Residing on the MBTA’s Framingham/Worcester Line, B&T notes “the Boston Landing station is projected to cost between $14 million and $16 million and is funded by New Balance, which also funded the $500-million mixed-use complex in Brighton anchored by the 250,000-square-foot New Balance headquarters, near the station…The Warrior Ice Arena, the new practice facility for the Boston Bruins at Station Landing, will be completed in September 2016. The development will also include 80,000 square feet of retail space, a 175-room boutique hotel, housing and an athletic facility. It has approvals for an additional 450,000 square feet in office space.”

You can read the full article on Banker & Tradesman, here.

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 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.