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The Seaport in Boston is not only home to tech, life science, law firms and luxury condos, but now with be home to MassMutual with room for 1,000 workers. The new office building will be a 300,000 SF building on Parcel E.
Roger Crandall, MassMutual’s chairman, president and CEO “said the decision to expand in Boston and upgrade its Springfield office followed ‘a thorough strategic assessment of our operations and footprint.’ Following that, MassMutual ‘concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term’…The Boston office will be developed on property MassMutual jointly owns with The Fallon Co., a Boston-based real-estate development firm. Fallon Co. and MassMutual together acquired the Fan Pier development zone in 2005 for $115 million, and Parcel E has remained undeveloped since.”
You can read the full Boston Business Journal article on its website, here.
Innovative architecture is proposed for the Seaport section of Boston curtesy of WS Development and their architect OMA based out of the Netherlands.
88 Seaport will feature 18 floors with nearly 425,000 square feet of office space, approximately 60,000 square feet of retail on the first two floors, and 5,000 square feet of civic/cultural use space. The building design features a unique series of cascading exterior terraces and a grand architectural gesture towards Fan Pier Green and the water’s edge.
Yanni Tsipis, senior vice president with WS Development, told the Business Journal on Tuesday that the proposed design of the 88 Seaport Blvd. office is a game-changer for Seaport architecture. Shohei Shigematsu, a partner with Dutch architecture firm OMA, conceived the design for 88 Seaport, the firm said.
“It’s exciting to engage with the innovation migration to the Seaport District, and work with WS Development on a building positioned to be the nexus between historic Fort Point and the emerging waterfront developments,” Shigematsu said in a statement. “Our design for 88 Seaport slices the building into two volumes, creating distinct responses for each urban scale of old and new, while also accommodating diverse office typologies for diverse industries with demands for traditional and alternative floorplates. The slice also generates an opportunity to draw in the district’s public domains, linking the waterfront and Fan Pier Green with a continuous landscape.”
The city of Boston gives the “Green Light” for Chiofaro’s 600 foot Harbor Tower project.
From the Boston Business Journal:
The city-approved plan allows for a 600-foot tower at the site of the Boston Harbor Garage, a 1,380-space, 70-foot parking garage owned by Chiofaro, with 50 percent of the project site required to be open space. It also allows for a 305-foot, 22-story tower at the site of James Hook & Co. seafood restaurant on Northern Avenue, which would call for 30 percent of the lot as open space.
The plan covers 42 acres of downtown waterfront — of which about 22 acres is filled tidelands, while the remainder is the harbor — and 26 separate land parcels. The public process to develop a planning vision for the waterfront began in 2013.
The evolution of a Seaport submarket through the lens of Boston Globe photographer David L. Ryan from 1982 to present.
According to the Boston Globe, “more than $1.5 billion worth of apartments, condos, storefronts, and office space is under construction in the Seaport right now, all within the span of a few blocks. Another $850 million in projects is set to break ground soon.”
Click over to view a the evolution of the Boston Seaport as captured by the Boston Globe.
To dig or not to dig? Seth Moulton says ‘dig’ between North Station and South Station.
According to a Boston Globe article, “Moulton is increasingly convinced that connecting the two stations is the way to go. The link would finally bring uninterrupted service to the Northeast Corridor, which means a person who gets on in Washington could ride all the way to Portland, Maine, without switching trains. It also means people on the commuter rail could more easily travel to either North or South stations without needing to hop onto the T.”
You can read the full Globe article, here.
As it stands now the city and state are at a no vote for the Harbor Garage development of 2 skyscrapers.
From Banker and Tradesman:
A state official dealt a blow to Chiofaro Cos.’ plans to build two skyscrapers on Boston Harbor, siding with city officials in setting a maximum size of 900,000 square feet and height of 600 feet…Matthew Beaton, the secretary of energy and environmental affairs, backed the Boston Redevelopment Authority’s guidance for the maximum buildout on the 1.3-acre parcel currently occupied by an eight-story parking garage. Developer Donald Chiofaro has stated that his original proposal for two towers totaling 1.3 million square feet is the minimum for a financially viable project.
The skyline in the Seaport continue to change with the approval of 3 more towers Boston Civic Design Commission.
According to a recent Boston Globe article, “the Boston Civic Design Commission gave its approval to the plans for three 22-story condo and apartment towers and retail along Seaport Boulevard. It’s the final city approval needed for the $700 million project, said Nick Martin, a spokesman for the Boston Redevelopment Authority…Unlike many developments in the Seaport, which have been criticized for being overly boxy, these buildings are designed with staggered heights and different shapes arrayed around an elevated podium with retail on the 3.5 acre site. It would include about 1,100 condos and apartments,- with the exact mix to be determined by market conditions – and 125,000 square feet of retail space. The buildings will be built on two blocks between Seaport Boulevard and Congress Street, between B Street and East Service Road.”
You can read the full article on the Globe’s website.
What will the next piece of Fallon Co’s project look like? Designs have been released according to the plans submitted by Elkus Manfredi Architects.
City officials are reviewing designs for 50 Liberty Drive, a 14-story complex on the South Boston waterfront. The L-shaped condo tower would be built on parcel D, which sits directly east of the 109-unit Twenty Two Liberty condo tower now under construction. The new building would include 15,000 square feet of civic and retail space, including areas used by the New England Aquarium, Boston Children’s Museum and the Boston Harbor Island Alliance.
The 21-acre Fan Pier project will contain up to 3 million square feet of mixed-use development. The Boston Fan Pier development, a 252,000-square-foot condo tower, is expected to break ground in late summer.
Boston Rents continue its upward push with four office markets leading that charge: Back Bay, East Cambridge, Financial District and Seaport. The Class A market within Back Bay is clearly leading the way, while some value still exists within the Class B market. A real driver in the increased rents is the cost of tenant improvement dollars going from shell space to fix up space. Not uncommon to see those numbers north of $75 per square foot.
According to the BBJ, “the Back Bay’s average rents hovered over $60 last year [while]…Midtown New York commanded about $130 per square foot, and both San Francisco and Washington rents topped $75 per square foot.”
You can read the full article on the Boston Business Journal.