0 Newbury Street Real Estate Goes in ‘Hub Buying Spree’

Posted on January 28, 2015 by Wil Catlin

Credit: The Real Reporter

Urban Meritage closes on another piece of Newbury Street real estate by adding 50,000 rentable square feet.

Bringing its CRE holdings secured here to 11 properties in just 21 months, the partnership of Urban Meritage and Novaya Ventures (UMNV) has taken a giant step forth in purchasing the hulking six-story 126 Newbury St. from its longtime New York owner in an eye-popping $54.2 million deal consummated earlier today. Rudin Management’s trade brings UMNV’s portfolio of assets focused along the famed shopping boulevard to nearly $150 million, blowing past the $100 million level in one fell swoop and giving the firm three prime buildings between Berkeley and Exeter Streets, the latest on the third block up from the Boston Public Garden and next to the second block where UMNV began its platform via the $10.0 million.

0 Faneuil Hall Renovation Detailed

Posted on January 28, 2015 by Wil Catlin

Credit: BostInno

Faneuil Hall is looking to make some changes. A 180 room hotel, freshened up food court and a shake up of existing tenants.

From Bostinno.Streetwise:

The updates to Quincy Market, which include the new retailers, the hotel and more developments, are all part of Ashkenazy’s plan to make Faneuil Hall more attractive to those living in Boston…we also learned that Faneuil’s notorious brick walkways could be repaved with smooth granite, with benches replaced by movable chairs, drastically changing the marketplace’s familiar and historical facade – but making it easier to walk, especially for those in heels.

Past coverage of the impending changes in Faneuil Hall have filtered in from both the Boston Globe(in September) and the New York Times (in early December). While today’s City Council meeting was held in regards to the impact on pushcart vendors in Faneuil Hall, the conversation focused on the many alterations slated for the marketplace. The redevelopment is in its early stages, and some of the proposed changes would require the BRA’s Article 80 review.

0 Boston Tops US in CMBS Loans

Posted on January 28, 2015 by Wil Catlin

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 Boston Development Remains Strong into 2015

Posted on January 19, 2015 by Wil Catlin

In 2014 Boston benefited from some significant growth and 2015 looks to be more of the same.

The Boston Business Journal posted some numbers to illustrate Boston’s 2014 development:

$4 billion worth of new construction will have broken ground by Dec. 31, up 16.4 percent from the year before.
7.5 million square feet of total space will have been added.
12,000 construction jobs were supported this year.
3,859 housing units are under construction, on track to meet a target of 53,000 units by 2030.

One of the many contributing areas to the boom is the Boston Innovation District.

0 Tech Initiatives Set for Boston

Posted on January 19, 2015 by Wil Catlin

Credit: BBJ

Looking to use your smartphone to pay for parking in Boston? Thank the Mayor, who pushed a new app out the doors of city hall and launched in as a pilot in Back Bay. It was one of the Mayor’s six technology-centric initiatives announced recently. The full six tech initiatives are the following:

1.    Boston drivers can now feed their meters with a mobile app.
2.    Boston’s new partnership with SAP.
3.    The creation of “StartHub.”
4.    Leveraging big data.
5.    The unveiling of a “startup czar” position.
6.    New 3-1-1 upgrades.

You can read more on each of Mayor Walsh’s tech initiatives for Boston on the BizJournals website.

0 Downtown Boston Office Market Expanding Steadily

Posted on January 19, 2015 by Wil Catlin

Credit: B&T

Downtown Boston is the largest concentration North of New York City and is in the midst of strong rent growth across the Class A and B segments. Today’s technology and creative services companies are looking for easy access to public transportation combined with an open floor plan.

From Banker & Tradesman:

For the third straight year in 2014, the Greater Boston office market recorded more than 2 million square feet of positive absorption, in a steady expansion that boosted occupancy rates at properties ranging from suburban office parks to converted warehouses and downtown high-rises.

“There’s more office product than ever and it’s getting filled in a much more dense way than ever before,” said Brendan Carroll, vice president of research for Avison Young. “If you’re wondering why the T seems more packed, or why you can’t get a cab to take you across the (Fort Point) Channel, that seems to be the reason.”

0 Technology is Transforming Boston Commercial Real Estate

Posted on January 18, 2015 by Wil Catlin

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.

0 100 Cambridge St. Has a Buyer

Posted on January 8, 2015 by Wil Catlin

100 Cambridge St office building in Boston

Office building at 100 Cambridge Street in Boston

100 Cambridge Street has a buyer. Intercontinental is a Boston-based real estate firm that focuses on acquisitions, asset management, portfolio management, finance, development, construction management and property management.

From TheRealReporter:

“That’s what we’re hearing,” says one market observer who maintains suitors were drawn to the opportunity listed by Colliers International “in droves” for a unique 590,000-sf facility that includes commercial tenants and state agencies occupying a tower that was revamped from an aging state-occupied structure into a mix of private and public space a decade ago. The initiative has lower levels housing multiple agencies and high-rise floors leased to top-name companies including Cannon Design, a nationally known healthcare architect in 27,500 sf on Floor 14 and law firm Prince Lobel occupying the 21st and 22nd floors. American Student Assistance fills 151,000 sf on six floors and Massachusetts General Hospital is on a trio of leases expiring from April 2015 to June 2016.

Additional building details are available on the property page: 100 Cambridge Street Boston

0 Weissman: Boston Real Estate Superior to New York

Posted on January 8, 2015 by Wil Catlin

Jason Weissman, founder of Boston Realty Advisors

Credit: Bisnow

Why is Boston better than New York? Our own Jason Weissman chimes in at a Biznow Event.

From Bisnow:

Boston Realty Advisors founder Jason Weissman says Boston outshines New York because it has less exposure to a downturn in government spending. Based on fundamentals and cash flow, he expects to see lots more property sales in 3% cap rate territory in 2015. Retail and office rents still have room for appreciation and greater cash flow will boost asset values. So much so that investors will start searching for deals in outlier markets, namely I-495 and southern New Hampshire.

0 Perspective on the Boston Real Estate Tax Increase

Posted on December 30, 2014 by Wil Catlin

Credit: Bostinno.Streetwise.co

What are your taxes going up to in Boston? 200 Clarendon Street, The John Hancock Tower, takes the prize with the largest bill at $20,204,640 or $11.51 per square foot. The building last traded 4 years ago for $930,000,000.

To provide some perspective (or piece of mind) on the impending tax hike, Bostinno.streetwise.co posted stats on six notable Boston buildings:

Highest Gross Tax 
• Address: John Hancock Tower, 200 Clarendon St.
• Gross tax: $20,204,640
• Land assessed value: $111,925,200
• Building assessed value: $536,074,800
• Total: $648,000,000
• Land sf.: 73,143
• Year built: 1976
• Year remodeled: 2012
• Gross area: 2,082,040
• Floors: 62
• Owner: BP Hancock LLC
• Zip code: 02116
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