0 Is Boston Properties’ Recent Selling Activity Noteworthy?

Boston office building at 100 Federal Street

Credit: BBJ

Boston Properties is selling; should we be worried?  No, we are seeing may other institutional investors pouring dollars into the Boston Class A office market.

The Boston Business Journal offers some historical context on Boston Properties’ market activities, “A Bloomberg reporter recently noted that the last time this happened, the company cashed out of significant real estate holdings just before the 2008 crash…[however] In their Boston presentation to investors, Boston Properties executives sounded anything but alarmed about markets. An unofficial transcript made available by Bloomberg to subscribers quotes company leaders speaking effusively about the Cambridge and Waltham markets and positively, if in a more-reserved manner, about the Boston market for high-end tenants.”

The complete BBJ article is available, here.

0 Open Office Experiment in Boston Fosters Inclusion and Collaboration

open office space in Boston

Credit: Harvard Business Review/hbr.org

Looking for a new office?  Thinking you simple want private offices because that’s what you have always had?  Well, have a look at how that has changed for some companies.

According to the Harvard Business Review, a working ‘office experiment’ was carried out by The Bridgespan Group in its Back Bay offices, to determine what impact an open, shared workspace would have on employee collaboration and production. The HBR article includes the following:

At the end of our design lab, we handed off to our architects a “radical” plan which they built out over the next few months.

It included:

  • an open café, where staff bump into each other making coffee, or making sandwiches and catch up or take care of business
  • a “laboratory” space with tables, sofas and white boards at the heart of the office, where teams meet and discuss work previously done in closed conference rooms
  • a large, closed-off library space with lots of natural light that we call the “quiet car,” where people can work without interruption
  • several small comfortable seating clusters throughout the office for small-group conversations
  • a bank of small private rooms for people to use when they truly need privacy for meetings, phone calls, or individual work–but no private offices even for the most senior staff
  • sitting and standing work stations where people can park themselves day-to-day
  • glass-walled conference rooms so most meetings are seen by everyone, even if they aren’t heard
  • background noise masking, so that conversations in the open are heard as mild hubbub rather than distinct, distracting words
  • lockers in which staff can keep personal items

Six months in, we continue to be amazed at how differently we work in the new space and how much the spirit of our office has changed. We used to make appointments to see each other; now, we often just run into each other, and all kinds of new ideas emerge from these unplanned collisions of two or three or four people….Formal meetings are routinely held in the open areas, where it’s easy to bring in someone else on the spur of the moment—just because they’re passing nearby, or sitting in view.

0 State Requests Proposals for Parcel 13 in Back Bay

Back Bay Boston office space

Credit: BBJ

Is now the time for Parcel 13?  Well yes it is. Between residential, retail and office developments there is strong demand for more new development projects. Our city population continues to grow along with our daily workforce population.  More companies are seeking locations that allow their employees live, work play environments that don’t include driving, but rather rely on public transportation or models like ZipCar and HubSpoke.

From the Boston Business Journal:

Known as Parcel 13, the site represents 54,500 square feet of air rights over the Massachusetts Turnpike, adjacent to the MBTA’s Hynes Convention Center Station on the Green Line. State officials say the site will accommodate up to 320,700 square feet of development that could include a mix of housing, dorms, retail and hotel uses.

0 $500M Copley Plan nears Completion

Boston Copley Place

Credit: Bisnow

Simon is finalizing their plans for Copley to bridge over the Pike.

Biznow reports, “the interior of the 625-foot residential tower—109 condos and 433 apartments—that will accompany 115K SF of new retail is still undefined. But ODA founder Eran Chen intends for it to be contemporary, international, and elegant to echo Boston’s strong economy, growing global cache, and reflect the unique site that straddles the historic Back Bay and South End. To create a new level of luxury living, the vast interior space will also be intimate and personal through the choice of materials and space configuration. The amenities will provide a “world of activities”: perhaps a spa, wine storage, private entertaining, and meeting rooms.”

Additional information on the Copley Place Plan, along with a sequence of images, can be found on Biznow.

0 Back Bay Office Building Sells to Blackstone for $117M

Blackstone is the suitor for 399 Boylston Street in Boston’s Back Bay for $508.69 PSF. National coverage in Bloomberg, reports “Blackstone Group LP (BX) agreed to buy a 13-story office building in Boston’s Back Bay district for $117 million, seeking to increase income by re-leasing space in a strong market, said two people with knowledge of the deal…The seller of 399 Boylston St. is Shorenstein Properties LLC, which has owned the building since 2007…The brick-and-glass property, built in 1983, has about 230,000 square feet (21,400 square meters).”

399 Boylston St. office building in Boston

Credit: Shorenstein Properties

Follow the link to read Bloomberg’s article on the sale of 399 Boylston Street.

0 Boston Office Market Growing in 2014

Boston office market continues to see strong demand for space. The BBJ offers a breakdown by market:

“The Back Bay remains the highest priced submarket at $53.65 per square foot, but not much has changed from a year ago, when average rents were $53.35. Rents in the Seaport were flat at $38.46 per square foot. Charlestown rents dropped to $22.43, the lowest rate in the city, down from $23.10 a year ago, and Fenway rents were flat at $32.95 per square foot.”

Boston at sunset

Credit: Boston Business Journal

0 Boston Among ‘Most Walkable’ US Cities

people walk the streets of Boston

Credit: The Boston Globe

Boston makes big claims about sports, education, medical and financial services.  If you’re from here you have very strong opinions about how our town is better than all the rest.  Well, we have a new one, most walkable.

The BBJ, citing a report from a Washington D.C.-based research group and George Washington University, claims, “the report concludes, the most-walkable cities will be, in order: Boston, Washington D.C., New York, Miami and Atlanta.”

The criteria for walkability, according to the research group:

“The report’s executive summary states: ‘Walkable urban development is characterized by much higher density and a mix of diverse real estate types, connected to surrounding areas via multiple transportation options, such as bus and rail, bike routes, and motor vehicles. For those living or visiting a walkable urban place, everyday destinations, such as home, work, school, stores, and restaurants, are within walking distance.'”

0 Boston Harbor Towers: Rendering and Prospective View

The new proposed look of Chiofaro’s Waterfront project was unveiled last night.  What does a $1B 1.3milling square foot project look like?  Well, like the envisioned Harbor Towers.

The Boston Globe offers a “rendering showing a view of the new Harbor Towers buildings from the harbor. The new buildings are at the center of the rendering, to the right of the existing Harbor Towers buildings”:

rendering of Boston harbor towers

Credit: The Boston Globe

Continue on to the Globe’s website for additional photos of the view from the water, towards the Financial District.

0 Boutique Hotel Plotted for Canal Street Near North Station

prospective Boutique Hotel planned for Canal St. in Boston

Credit: Flickr

What do you do with an old bank?  Well, on Canal Street in North Station perhaps the best use would be an 80 room hotel.  The current zoning in that area is 100 feet the existing single story building would demolished for new construction.  What’s nearby?  Boston Realty Advisors represent 90 Canal Street which is a 77,976 square foot building with 23,349 square feet available and across the street is new residential construction.

The Boston Business Journal offered an early report on the prospective boutique hotel near North Station:

“Boston’s Bulfinch Triangle, the West End neighborhood across Causeway Street from North Station, could be getting a new hotel…A Woburn-based developer is floating a plan for a boutique hotel with about 80 rooms that would replace the shuttered Bank of America building at 104 Canal St…Somnath Hospitality bought the former bank building in January for $3 million, according to public records. Under the proposal, the one-story, 3,417-square-foot building would be razed to make way for the hotel. Zoning in the neighborhood is limited to 100 feet.”

0 Downtown Crossing Office Building May Become Boston Landmark

Downtown Crossing office space on Washington Street in Boston

Credit: Boston Business Journal

As I tour the Financial District with clients many ask about this building located and 276-278 Washington Street or 7 Water Street which is bordered by Washington, Water and Devonshire Street.  According to public record, the ownership is a Fidelity Company.

The Boston Business Journal reports that in order for the 9-story building at 276-278 Washington St. to become a historic landmark, “the process in Boston can take up to a year. The designation procedure is initiated by the submission of a petition, which is followed by a preliminary hearing before the commission, the preparation of a study report on the proposed landmark, and another public hearing. To be designated, a property must receive a two-thirds majority vote from the commission and be confirmed by the mayor and City Council. When a property is designated a landmark, any physical changes must be approved before they are undertaken.”

Additional details on the building are available in the full BBJ article, here.