Category Archives: Back Bay Office Space

Office Space in Boston’s Back Bay area.

0 MassDOT Approves Back Bay Hotel, Retail, and Condo Project

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Back Bay development project

Credit: Banker & Tradesman

At Boylston Street and Mass Ave a new project has just gotten approvals from MDOT.

Details on the new project are available in Banker & Trademan, and included the following overview:

“A project at the corner of Boylston Street and Mass. Ave. in Boston’s Back Bay neighborhood involving the construction of a hotel and residential development over the MassPike received approval from the Massachusetts Department of Transportation today…The 99-year lease agreement between MassDOT and ADG Scotia covering two plots of land, known as Parcels 12 and 15, will provide the Commonwealth project value of $18.5 million for the two parcels in the form of fixed payments early in the lease period combined with annual rent payments.”

The full article can be found here on B&T.

0 Copley Place will see $500M Expansion

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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.

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0 Back Bay to get Nantucket Restaurant Lola 41

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More food choices are headed to Back Bay, including Nantucket restaurant, Lola 41, owned by Marco Coelho. Lola 41 is moving towards an agreement on a location at 50 Gloucester St. in Boston’s Back Bay.

Lola 41 main food course

Credit: Lola 41

According to the Boston Business Journal, “a restaurant called Ambrosia on Gloucester was recently reported to be opening at 50 Gloucester St,” however, the sushi, seafood, and burger restaurant from Nantucket apparently got the location.

More details on the restaurant and its new location are available on the BBJ.

If you’re excited for the new restaurant and want to check out office space available in the area, continue on to view our Back Bay offices for lease.

0 Back Bay Office Tower Approved

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Back bay office tower graphic

Credit: The Boston Globe

Our city continues to grow up. Literally. The newest building approved in Boston is 691 feet. The tallest current building in the city is the John Hancock, at 790 feet, built in 1976. Coming in second is the Prudential Tower at 750 feet, built in 1964. The only building to make the list and built in the 80’s, was One International Place at 600 feet built in 1987.

From 1987 to present we have not seen any new construction over 600 feet. Currently there are three projects that are all 600 feet plus.

The Boston Globe reported on the announcement:

“The 58-story building, at the corner of Belvidere and Dalton streets, will add another major peak on the high spine of the Back Bay and bring thousands of new residents and visitors to one of the city’s most celebrated landmarks…The 950,000-square-foot development also includes a 25-story tower with 255 apartments; both buildings will have retail and restaurant spaces. Construction is scheduled to start early next year.”

Jump over to the Boston Globe’s website to read the full editorial.

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

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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.

tower in back bay

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 Landscape Art

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public art outside of liberty mutual office building

Credit: Boston Business Journal

What is art and who should be the judge?  Well, one dictionary calls it,  “the creation of beautiful or thought-provoking works, e.g. in painting, music, or writing.” Using that simple definition, this one hits it out of the park. I’m a fan of something that provokes an opinion or starts a conversation. Perhaps it is better said that, “one person’s trash is another person’s treasure.”

A BBJ article, with accompanying slideshow, reports on Liberty Mutual’s new  headquarters Back Bay, noting, it “features an indoor-outdoor sculpture made of waterjet cut stainless steel and aluminum, titled, Uplift. Uplift will act as a metaphorical bridge between the new Liberty Mutual headquarters and the surrounding streetscape, visually linking the Liberty Mutual and local communities together.”

The article and slideshow are available on the website of the Boston Business Journal.

0 157 Berkeley Street is 8th Largest Office Building in Back Bay

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Berkeley Street office building in Boston's Back Bay

Photo Credit: Boston Business Journal

Back Bay’s newest address unveiled in a big way; in fact, 157 Berkeley Street opened as the 8th largest office building in Back Bay.

Here’s the complete list:

1.      John Hancock Tower – 200 Clarendon Street – 1,755,398 RSF

2.      The Prudential – 800 Boylston Street – 1,207499 RSF

3.      111 Huntington Avenue – 859,053 RSF

4.      500 Boylston Street – 760,000 RSF

5.      200 Berkeley Street – 747,000

6.      131 Dartmouth Street – 609,000 RSF

7.      501 Boylston Street – 607,685

8.      157 Berkeley Street – 580,000

The newly completed 157 Berkeley St. will serve as the new Back Bay HQ of Liberty Mutual. The Boston Business Journal covered the ribbon cutting ceremony at the new 22-story office building in the Back Bay, and described the scope of the project:

“Liberty Mutual broke ground on the $300 million expansion project in 2010. The 590,000-square-foot building at 157 Berkeley St. building will accommodate more than 600 new, full-time Liberty Mutual Insurance employees at the expanded Boston offices.”

The complete BBJ article is available on the Boston Business Journal website.

0 Boston Office Vacancies Decreasing in Majority of Markets

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Office building in Government Center in BostonTenants that are in the market flock to value; over the last four quarters that value play has been the Financial District.  As those vacancies have been eroded, rents have pushed upward.  What will this mean tomorrow and beyond?  Those tenants that signed leases three plus years ago in the now tight and expensive Seaport Market will seek value options elsewhere if they feel that low $40’s rents for Class B is too much to burden in the Seaport.  

Markets that have benefited and that will continue to do so are Mid Town and North Station.

A post on the Boston Business Journal notes that Back Bay is lagging behind its neighboring submarkets:

“‘the only market where there has been an increase in vacancies is in the Back Bay…there continues to be uncertainly in the city’s most expensive office market with State Street Corp. downsizing considerably, [Debra Gould, a broker at Cushman & Wakefield] said. “They also have 400,000 square feet in Copley and it’s still not clear what will happen to that space … and obviously they are vacating the low-rise portion of the John Hancock Tower and there are price concerns … activity in the Back Bay will be slow.'”

You can read the full BBJ article, here.

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0 ‘Life is Good’ Moving from Back Bay to Fort Point

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Office building in fort point bostonLife really is good in the Fort Point and Seaport District! The influx of amenities and direct access to transportation had led the area to become a destination location for many office tenants. Vacancy rates have decreased and rents have risen, but employers along with employees love the vibrant atmosphere the area has to offer.

An editorial on the Boston Business Journal covering the relocation of the apparel company, Life is good, notes that the company is “taking 22,000 square feet in a renovated industrial building at 51 Melcher St. – space for about 70 workers.”

The BBJ coverage also expands upon the company’s expectations of Fort Point neighborhood.

0 Back Bay Building Purchased by Fisher College for $12M

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Back Bay building on Arlington St in Boston

Photo Credit: Boston Business Journal

 

Another office building trade has occurred in Back Bay. This sale falls outside of what we have seen in the recent past by investors, this in an owner occupant as well as an expanding college.

The Boston Business Journal reports that Fisher College has purchased 10-11 Arlington St. for $11.7 million. The article contends the building “will be able to provide offices for faculty and staff, as well as additional services and resources to its students.”

For more information on the specifics of the purchase of 10-11 Arlington Street, follow this link to the Boston Business Journal.