Category Archives: Boston Commercial Real Estate

0 Leasing Agreement and Construction Activity at Filene’s Site

Posted on by
Construction site at Filene's in downtown Boston

Photo Credit: Boston Globe

The stock market recently closed at levels just above the market high of December 2007, which points to our national recovery. Locally, the hole in the ground — formerly known as Filene’s in Downtown Crossing — should soon be filled in, as our economy continues to grow out of the hole created in 2008.

The Boston Globe notes the importance of the hub landmark, “the Filene’s redevelopment is crucial to the broader campaign of revitalizing downtown Boston and its shopping district. Positioned at the center of Downtown Crossing, it would bring an influx of new residents and stores to an area that has just begun to shrug off a reputation as a ­second-rate retail destination.”

Jump over to the Boston Globe for more information on the impending leasing agreement and restart of construction at Filene’s. Alternatively, click through to view office space for lease in the downtown area.

0 French Restaurant, Bastille Kitchen, to Open on Melcher Street

Posted on by
Dining room at Bastille Kitchen

Photo Credit: Grub Street Boston

The Seaport/Innovation District is not only a live/work area of the city, but now a destination location for a great dining experience. Restaurateur Seth Greenberg’s new bistro will add a touch of French flavor to Boston’s Fort point neighborhood.

Grubstreet.com quotes Greenberg’s vision, “Bastille Kitchen will be the destination dining anchor to Boston’s Fort Point neighborhood that Pastis is to New York’s Meatpacking District.”

0 Boston’s New Developments Showcased on the BBJ

Posted on by
Kensington apartment building on washington street in boston

Photo Credit: Boston Business Journal

Nine new Boston development projects are scheduled to open in 2013 and the calendar is filling up with 2014 openings as well.  Our city landscape is changing with new residential communities and office buildings.

The Boston Business Journal posted a preview of the upcoming buildings in a slide show, here.

0 800,000 SF of Christian Science Plaza Development Rights Sold

Posted on by
Exterior of Christian Science Plaza on Huntington Ave

Photo Credit: Wikipedia

The Back Bay skyline is poised to change with the addition of 800,000 SF, mixed use project by Carpenter & Company at the Christian Science Plaza on Huntington Avenue. The Back Bay office market continues to be one of the tightest with vacancy rates ending 2012 just below 5.8% and Class A rents nearly $56.00 PSF.

An article on The Real Reporter notes “the 800,000 sf that can be produced on the two sites could be in the $650 million range and would in one expert’s view “be perfect” for a hospitality use or mixed-use project similar to the Charles River Hotel across the river in Harvard Square.”

Additional details about the project are available on The Real Reporter’s website.

0 Eddie Merlot’s Restaurant Opening in Boston’s Seaport

Posted on by
Main dining room at Eddie Merlots restaurant

Credit: eddiemerlots.com

More steak choices are coming to the Seaport. Not long ago dining options were limited to a handful of high-end restaurants and business dining establishments; now the choices according to Zagat are up 35 including; French @ Menton, Italian @ Sportello, New American @ Aurajust, just to mention a few.

A Boston Herald article states, “Eddie Merlot’s, a Fort Wayne, Ind.-based chain of prime aged beef and seafood restaurants, is in the final stages of lease negotiations to open a 300- to 400-seat outpost at the Westin Boston Waterfront Hotel.”

The addition of the popular steakhouse chain would bring a midwestern dining alternative to Boston’s Seaport area.

Details on the proposed address, interior design, and menu items at the Eddie Merlot’s Seaport location are available on the Boston Herald website.

Related Commercial Real Estate
Boston Seaport Office Space for Lease

0 400-foot Towers Proposed at Boston Garden

Posted on by
Construction at the site of the old Boston Garden

Credit: The Boston Globe

The Boston Garden landscape is looking to make a change with the proposed addition of new office space, retail storefronts, and residences. The construction would yield a significant upgrade to the historic Beantown landmark, but what will it offer the true Celtics and Bruins fan? Modern places to work, eat, sleep and watch their teams bring home another championship, of course!

The Boston Globe reported yesterday that “owners of the TD Garden are resurrecting plans for a high-rise development in front of the arena that will include a pair of 400-foot towers containing offices, hundreds of residences, a hotel, and stores. The project, which would create a modern, retail-filled gateway to the North Station area, has gained new momentum in recent months, with Target Corp. and Stop & Shop negotiating plans to open stores in the complex.”

Follow the link to read the Globe’s full coverage of the TD Garden renovations, or view our listings of available North Station Office Space.

0 Two Liberty Square in Boston’s Financial District Sold for $18M

Posted on by
Two liberty square office building in boston's financial district

Photo: courtesy of Jones Lang LaSalle via Boston Business Journal

Another Class B Financial District office building is said to have traded hands; 2 Liberty has reportedly been acquired by Urdang.

Coverage on the Boston Business Journal offers the following background on the building:

“Built in 1913, the 64,357-square-foot boutique office building was designed in the Beaux Arts style by Peabody & Stearns. It was renovated in the 1990s and combines historical architecture with modern infrastructure. It is located near Post Office Square, Faneuil Hall Marketplace and the Rose Fitzgerald Kennedy Greenway. The property is 81 percent occupied with nine tenants, according to brokers.”

0 11 Beacon Street, Class B Office Space in Boston Trading Hands

Posted on by

Office building at 11 Beacon Street in Boston, MAAnother Class B Financial District assets is said to trade hands; 11 Beacon is reported to go the Synergy Investments. The Class B market continues to see trades along with increasing rents; currently B product is pricing in the upper $20’s too low to mid $30’s depending on location and improvement package. According to CoStar the vacancy rate for Class B in the Financial District is 11.9 percent as of 12/31/12.

This pdf created by TheRealReporter.com offers details on the Class B office transactions.

0 Demand for Services, Mixed-Use Developments Increase in Boston Commercial Market

Posted on by

Boston office skyline near sunsetBoston’s commercial real estate skyline will continue to change during 2013, with the debt market still eager to loan. Mixed-use projects are on the front burner as demand for services continues.

A recent Banker & Tradesman reader survey reports that, “more than 42 percent of developers and commercial construction professionals [that responded to the survey]…said laboratory and healthcare projects will likely be built this year. More than 50 percent said they expect financing to be available at reasonable terms for multifamily apartment construction.”

The complete commercial real estate survey is available Banker & Tradesman website.

Alternatively, follow the link to view available office space in Boston, or Cambridge.

0 Brown Brothers Moves Offices to 50 Post Office Square

Posted on by
Rendering of 50 post office square boston

Photo Credit: Elkus Manfredi Architects via the Boston Globe

As the vacancy rate in the Financial District continues downward tenants seek out opportunities of value. Case in point, Brown Brothers is moving its offices to 50 Post Office Square. Brown Brothers took this opportunity to consolidate its workforce into one location and capitalize on a building that has been owner occupied since its construction in 1947.

The Boston Globe notes, “Brown Brothers Harriman & Co., the oldest privately held financial institution in the country, is moving to a historic building in Boston’s Financial District, signing one of the largest leases in the city in recent years.”

Additional details on the lease are available on the Boston Globe online.