Photo Credit: The Boston Herald
With a view from the top, crane operators see it all. During the construction phase of Seaport’s Vertex headquarters the crane operators will have a 360 degree view of Boston that sits above the height of the new building.
Check on the Seaport views via video and photos on The Boston Herald.
The market has over $1.2 billion dollars in commercial real estate sales activity that is expected to change hands by the end of the year. The opportunities include; Financial District Class A office tower, Seaport Class B office portfolio, Lab Space in East Cambridge and many more.
A report in Banker and Tradesmen notes that “several properties around Boston and Cambridge are expected to potentially change hands before the end of the year as brokers and buyers get back to work.”
Click here for the full article.
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Photo Credit: Thomas Grillo, Real Estate Editor, Boston Business Journal.
The bear has moved to the entrance of the Floating Hospital for Children, at Tufts Medical Center in Boston. The silver of Shreve, Crump & Low has found a new address at 39 Newbury Street. Now, bring on Bank of America at the corner of Berkeley and Boylston Streets.
Thomas Grillo, of the Boston Business Journal, reports that “the bank will occupy about 8,500 square feet on two floors at 440 Boylston St. at the Berkeley Street intersection, one of the most visible locations in the Back Bay, said people familiar with the transaction.
Click here to read the full report on the modifications at 440 Boylston St.
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Back Bay has another fully leased building coming to market at 28 Newbury Street.
According to The Real Reporter, “the owner of 28 Newbury St. has retained Holliday Fenoglio Fowler to harvest the four-story, 19,050-sf building, according to industry sources, with one estimate suggesting that pricing could approach the $25 million range.”
Follow the link to the The Real Reporter’s article, detailing the history and attributes of the Back Bay property, along with its prime retail space.
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The Back Bay office market seems to be to pushing north of pre-cash pricing and vacancy rates, but there is still concern for construction of spec office buildings.
“Despite a single-digit vacancy rate in Boston’s Back Bay offices, two major developments remain idle, waiting for better market conditions,” a Boston Business Journal report notes.
The editorial on the Boston Business Journal web site, offers specifics on vacancies in the Back Bay real estate market, along with information on the delayed office developments.
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The migration away from private offices to open plan layouts is in full swing from tech startups to mutual fund companies. Pioneer Investments at 60 State Street has captured this in their recent renovation of 100,000 square foot renewal.
According to a report from the Boston division of CityBizList.com, “MPA [Margulies Perruzzi Architects] substantially updated the office design and additional support space consisting of five floors at Pioneer’s Boston office located at 60 State Street.”
For more information on the development, read the complete report detailing MPA’s update on the office space at 60 State Street.
The Back Bay office and retail markets continue to push valuations to pre-recession pricing, while maintaining the lowest vacancy rate in both segments. Pricing for Class A upper floor tower space is up to $80 a square foot.
A New York Times editorial on the boom of back bay commercial real estate notes that “last fall, Jamestown Properties paid $226 million for a 130,000-square-foot portfolio spread over 28 buildings, mostly on Newbury Street…Jamestown bought in Boston’s Back Bay because the district had long been a sound property market, said Michael Phillips, chief operating officer at Jamestown. The current boom “is an added benefit,” he said.
More information on Jamestown Properties, continue reading the complete NY Times editorial.
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Another Seaport portfolio is poised for the market with rents now of $40 PSF and vacancy at a record low.
Banker & Tradesman is reporting that, “in response to rising rents and hot investor activity, National Development is attempting to unload a six-building portfolio in Boston’s Fort Point district…The assets, totaling more than 407,000 square feet of office space, are in the so-called Innovation District, where some rents have jumped significantly over the last year, more than five percent in some places.”
For the full report, continue reading Banker & Tradesman’s complete coverage.
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How high will Boston rise above the waterfront? That is the question for soon to be hired $300,000 consultant by The Boston Redevelopment Authority.
Reporting on the development study, The Boston Herald cautioned that “downtown waterfront property owners face a wave of scrutiny as Hub planners launch a lengthy study that will influence their development ambitions and outline potential public benefits.”
For additional details on the study, read the full report on The Boston Herald.
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Liberty Mutual’ s new Back Bay headquarters ranks third among the 10 largest construction project currently underway.
The new address, known as 157 Berkeley street will look like the follow sketch:
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