Category Archives: Boston Skyscrapers

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 The Right Time to Move into a Larger Office Space

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small office space

Credit: Grrouchie.com

Simply put, you know when your business should move into a more formidable space when your business demands it.  This might mean annual cost or it might mean image, either way understand what is important to your organization and what amenities are necessary; cost is not always the driver.

Entrepreneur.com offers some general guidance for Boston businesses on the move:

“First, you’ll need to interview several real-estate brokers who have experience in the area where you’d like to rent. Second, identify exactly how much space you’ll need now and in the near future. Factor in growth, but be realistic in your estimate and don’t take on much more space than you need. Then you and the broker can begin looking for spaces that meet your space requirements, budget, location and office layout. Once you find a space you’d like to lease, then you should hire a real-estate attorney to review the agreement.”

0 Spec Office Construction Coming to Boston

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Boston Spec SuitesSpec office construction is coming to Boston In 2015 – for who?  Well, not for the smaller companies, their footprint would be far smaller than the new construction Class A can accommodate.  The recent 4 quarters has seen a tremendous migration to the Financial District from the Seaport and East Cambridge for the value oriented office tenant.  Rent within the Class B market still fall within the mid to upper $30’s per square foot.

Banker & Tradesman offers some perspective on the market shift in downtown Boston, noting “the office market continues to recover from the 2008 downturn because of an expanding tech sector and relocations of companies from Cambridge and the suburbs. Recent acquisitions of trophy office towers in Boston and Cambridge reflect the continuing interest of foreign investors seeking higher yields than government bonds, panelists said. In 2015, office investment sales are expected to slow, but overseas investors will continue to put money to work in Greater Boston, said Jessica Hughes, a managing director for JLL.”

You can read the B&T report, here, or check out our analysis of Boston Spec Suites.

0 Boston Harbor Garage Towers Discussion Continues

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Rendering of the proposed towers at Boston Harbor Garage

Credit: Bostinno/Streetwise

How many towers can the 1.3 acre site on the waterfront support?

Graphic renderings of the proposed Boston Harbor Garage towers were recently unveiled; the towers would replace the Harbor Garage on India Street.

From Banker & Tradesman:

“‘They told us that being allowed to build that much would be considered a valuable business opportunity by any experienced developer,’ Lee Kozol, chair of the Harbor Towers Garage committee, said in a statement. The economic analysis has been submitted to the Boston Redevelopment Authority, which is reviewing conceptual plans for the project…for the project to go forward in its current form, the BRA would have to waive maximum height and minimum open space limits for waterfront developments.”

0 Office Trends Among Boston Law Firms

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interior of Boston law office

Credit: Cannon Design

Boston, compared to our peers, has some of the most efficient lawyers. Boston law firms only occupy about 10 percent of the high end, Class A, real estate in the city.  Other cities those numbers range from 25 percent to 42 percent.

The BBJ has strewn together a ‘snapshot of office space trends’ among Boston law firms. The article remarks of the office environment in Boston, noting “legal employment is still down about 2,600 jobs from pre-recession numbers.”

The full article, containing a list of law firm office trends in Boston, is available on the Boston Business Journal’s website.

0 Boston Office Towers Experiencing Strong Leasing Activity

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Internation place in Boston

One International Place in Boston

Some of Boston’s largest office towers have experienced strong leasing activity in either attracting new tenants or renewing their existing ones.  Some building highlight are the following commercial spaces:

·         One Financial Center – Owned by Beacon Capital
·         One Federal Street – Owned by Tishman Speyer
·         International Place – Owned by The Chiofaro Company
·         John Hancock, 200 Clarendon Street – Owned by Boston Properties

“A Boston Business Journal analysis of some of the largest towers in the city shows that many are enjoying their highest occupancy rates in years, although the good times haven’t come easy. Financial filings indicate these landlords have been working on overdrive to keep their properties filled, with many having to thread some impressive needles in order to head off or counter major lease expirations before they bite.”

You can view the BBJ’s status update “based on recent loan-servicer filings, on some of the biggest office properties in Boston’s downtown market,” here.

0 Boston Harbor Towers: Rendering and Prospective View

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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 Boston Harbor Skyscraper Proposal Gets Revived

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Is smaller better or is the new mayor now open Chiofaro’s Harbor Garage Proposal?  No matter what side of this you are on our waterfront continues to evolve and buildings created decades ago are being razed to make way for new developments that are in line with today’s uses and environmental standards.

Photos from The Boston Globe:

Boston Harbor Skyscraper project Continue reading →