Category Archives: Boston Construction

0 Boston Tops US in CMBS Loans

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745 Boylston Street office building in Boston

Office Building at 745 Boylston Street in Copley Sq.

Boston leads New York, D.C., Chicago and L.A. not only in the bid for the 2024 Olympics, but also for CMBS loans.

The Boston Business Journal is reporting the “percentage of Boston-area commercial mortgage backed security real estate loans with late payments is its lowest in months and is among the best in the country, according to new data from real estate information provider Trepp,,,According to Trepp, 2.84 percent of Boston-area CMBS loans were 30 days delinquent or more as of the end of November. A year ago, the rate was 4.02 percent. The decline has been more or less steady, with slight increases a few months…The Boston-area compares especially well with other major U.S markets.

You can find more information on the BBJ’s website.

 

0 Back Bay Project Progressing

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rendering of proposed renovations at Back Bay station in Boston

Rendering courtesy of the Boston Globe

Boylston Street in Back Bay is closer to adding a new address for a $330 million mixed use project.  This is known as Parcel 13, which is on the North East side of Mass. Ave. & Boylston Street.

From The Boston Globe:

Peebles Corp. was chosen over two rival bidders to develop Parcel 13, a rectangle of state-owned air rights at the intersection of Massachusetts Avenue and Boylston Street that stretches over the Massachusetts Turnpike. Peebles now needs to win both state and city approvals to move ahead with the project…The proposed development, designed by Handel Architects of New York and about a block long, would include a 156-room hotel, 88 condominiums, 138 parking spaces, community areas, and 26,000 square feet of retail space. The building’s footprint would stretch from Mass. Ave. to Dillon’s Restaurant & Bar on Boylston Street and would feature a distinctive squiggle shape.

0 Technology is Transforming Boston Commercial Real Estate

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big data

Credit: analyticsweek.com

The commercial real estate industry has truly benefited from technology.  I entered the industry in 2002 and from then to now is dramatically different; today I can walk down the street, open my tablet and find out what space on what floor is available in any commercial building.  This was unheard of 5 years ago and only gets better with version updates of various apps. Not to mention the infusion of data, real-time analytics, and crowdfunding.

The BBJ notes “while data can’t predict the future just yet, big data can tell us the probability of future decisions, which can lead to actionable decision-making.” The article also mentions the benefit to “accredited and non-accredited investors, through a multitude of platforms, have the ability to invest in early-stage companies. What this means for commercial real estate is that everyone’s customer base broadens as fractional “ownership” increases. It also results in more capital outlets and providers for a more competitive landscape.”

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

0 Seaport Square: Construction Underway

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Seaport Sq in Boston

Credit: BostonsNewWaterfront.com

We have waited a long time for Seaport Square and now we can have a peak at what is underway.  Construction should take about 3.5 years and will provide retail and residential to the flourishing recent office developments.3

From the BBJ, along with a Seaport Square slideshow:

“Developer John Hynes of Boston Global Investors said, ‘It’s all systems go on Monday’ and the project should be complete in 3 1/2 years. Hynes said the scale of One Seaport Square will be rivaled in recent Boston development history only by the 1958 construction of the Prudential Center and the 1984 construction of Copley Place…Stephen Wood of Berkshire Group said the residential component, which his company is handling, will be aimed at people who want ‘a seamless transition between their personal and professional lives.'”

You can read about the groundbreaking of One Seaport Sq. on the Boston Business Journal.

0 How Do You Feel about Office Beacons?

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Office beacons in Boston real estate

Credit: OfficeBeacon.com

Does your office use beacons like Digitas to figure out your movement with the office?

From Digiday:

“DigitasLBi…has installed 120 beacons — devices that communicate with nearby smartphones via Bluetooth technology — in its Boston office in order to identify how and where its employees congregate. The goal is to learn how to improve office design and meeting scheduling.

‘the most immediate goal…was to use data collected from the beacons to establish a baseline for how the office’s 700 employees currently meet with one another.'”

Does this sound like a model for efficiency or will it yield a new mode of employee resentment?

0 Greenway Condos to Fill Existing Parking Lot

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Location of Boston Greenway condos

Credit: Banker & Tradesman

Your favorite parking lot is going the way of residential condo’s on the Greenway.  Parking in the city continues to cost more and there are fewer available options. Back Bay’s monthly rate can range from $350 to $500, while the Financial District can be from $400 to $525.

From Banker & Tradesman:

“City officials have approved a $45 million condo project that will be built on a parking lot overlooking the Rose Kennedy Greenway…The 67,000-square-foot, 12-story building at 55 India St. will contain 44 one- to three-bedroom condos and 4,000 square feet of commercial space. The site consists of three parcels, two of which are privately owned and one acquired from the Massachusetts Department of Transportation.”

0 Boston Parking: A Growing Challenge for Hub Commuters

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boston garage closed

Credit: The Boston Globe

How long does it take for you to find a parking space or have you given up.  My father would say, as he combed the Financial District for the coveted spot, you have to believe.  Believe that there is a spot for you.  Well, for those that don’t follow that model, they have found that getting that spot is nearly unattainable.  I rely on the T and Uber, during prime time and use the believe method for early morning meetings.

A recent Boston Globe article indicates that the daily plight for Boston commuters is only worsening. “Boston’s current parking crunch is the product of conflicting ambitions. City planners placed parking caps on downtown and South Boston years ago, hoping to reduce pollution and encourage the use of public transportation, while mayors and developers pressed for business and residential expansion…James Gillooly, interim commissioner of the Boston Transportation Department, estimates about 3,000 spaces have been eliminated in the Seaport area over the past several years, as offices, condos and hotels have replaced open lots…’As this neighborhood grows,’ said Gillooly, “there will be spaces that used to be used by people in the financial district, who now have to come up with a new strategy of how to come and go from work.’’

More information on Boston’s transforming parking landscape is posted on The Boston Globe’s website.

0 Boston Landing Along the Mass Pike to House Bruins’ New Practice Rink

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Bruins mixed use practice facility in Brighton

Credit: Boston Herald

Not just tech companies are looking for new space, the  Bruins are coming to Boston Landing along the Pike. Combined with a new commuter rail station, our city continues to expand and offer services that address our growth.

The Boston Herald notes, “the Boston Bruins’ new Hub practice rink stands to get a prime location along the Mass Pike in New Balance’s $500 million Boston Landing project…Pending permitting approvals, New Balance hopes to start construction on the 75,000-square-foot rink complex — and an adjacent nine-story office building with a ground-floor Bruins pro-shop and other retail — no later than November, much earlier than the original planned spring start date…The Bruins’ practice facility will have seating for about 650 spectators, a VIP area, function room and concessions. It also will include locker rooms, a lounge, a strength and conditioning/rapid shot area, training rooms, video and conference areas and offices for the Bruins.”

More information on the project, along with the Bruins’ practice facilities, are available on the Boston Herald.

0 Government Center T Station Renovation Making Progress

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T station renovations at Govt. Center in Boston

Credit: The Boston Globe

The Government Center T Station is taking shape.  The glass entryway will be a welcome change for both above and below grade.

From The Boston Globe:

“The most visible sign of progress at the Government Center Station renovation project is the construction of an entryway called a ‘head house,’ which is set to be wrapped in glass and promises to brighten the underground transit hub when it reopens in the spring of 2016.”

“‘I love the project,’ said Brian P. Howland, a resident engineer for the Massachusetts Bay Transportation Authority. ‘This is an area that hasn’t had anything happen to it in over 45 years. Putting something like this in this area now is going to have a huge impact.’”

0 Boston’s Highest-Valued Commercial Real Estate, According to Uncle Sam

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Hancock tower office building in Boston

Credit: BBJ

We all look up and see new office towers in Boston and an abundance of high-priced commercial real-estate, but what are they taxed for all of that luxurious space? According to the BBJ, “the city’s commercial tax rate is $31.18 per $1,000 of assessed value, down from $31.96 last year. For fiscal year 2014, which ended June 30, the city collected $1.1 billion in commercial tax levies. The assessed value of a property does not always reflect the actual value since the data is lagging. For example, One Beacon, the 34-story tower at the edge of the Financial District, recently sold for $561.5 million, but is assessed at $341 million.”

A slide show exhibiting Boston highest-taxed buildings is available on the BBJ, here.