Category Archives: Commercial Real Estate Boston MA

0 100 Cambridge St. Has a Buyer

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100 Cambridge St office building in Boston

Office building at 100 Cambridge Street in Boston

100 Cambridge Street has a buyer.  Intercontinental is a Boston-based real estate firm that focuses on acquisitions, asset management, portfolio management, finance, development, construction management and property management.

From TheRealReporter:

“That’s what we’re hearing,” says one market observer who maintains suitors were drawn to the opportunity listed by Colliers International “in droves” for a unique 590,000-sf facility that includes commercial tenants and state agencies occupying a tower that was revamped from an aging state-occupied structure into a mix of private and public space a decade ago. The initiative has lower levels housing multiple agencies and high-rise floors leased to top-name companies including Cannon Design, a nationally known healthcare architect in 27,500 sf on Floor 14 and law firm Prince Lobel occupying the 21st and 22nd floors. American Student Assistance fills 151,000 sf on six floors and Massachusetts General Hospital is on a trio of leases expiring from April 2015 to June 2016.

Additional building details are available on the property page: 100 Cambridge Street Boston

 

0 November 9th: 142nd Anniversary of the Great Boston Fire

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archive image of the great Boston fire in 1872

Credit: Wikipedia

The great Boston Fire started on November 9th in 1872 that started on the corner of Kingston and Summer Streets which is now the heart of Downtown Crossing (DTX).

The historic significance of the fire’s aftermath of the city’s commercial development is noted in The Daily Times:

On this day in 1872, a fire in Boston destroyed hundreds of buildings and kills 14 people. In the aftermath, the city established an entirely new system of firefighting and prevention. The fire also led to the creation of Boston’s financial district…The business community saw the burned area as an opportunity to expand its presence downtown. The city’s financial district was established where the fire had hit hardest and Boston soon became a key business center of the late 19th-century United States.

0 Is Boston Properties’ Recent Selling Activity Noteworthy?

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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 New Office Tower Proposed for Boston Financial District

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The skyline in Boston is getting some more airtime in Boston Financial District.  The parcel of late is the shuttered garage between Federal Street and Devonshire Street.

boston skyline

Credit: cognoscenti.wbur.org

According to Wbur.org, “entrepreneur Steve Belkin is again pushing a bold proposal for a new skyscraper in Boston’s Financial District. Somewhat more modest than previous designs, the still impressive building would stand 740 feet tall and feature a hotel, shopping venues, office space and, if permitted, 150 new condominiums.”

Details on the proposed tower in Boston’s Financial District are available on wbur.org.

0 Boston Innovation District Multiplies

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Boston Mayor Walsh announces 'Neighborhood Innovation District Committee'

Credit: BBJ

Innovation is moving beyond the Innovation District according to Mayor Walsh.  This is a great example of taking what has worked and duplicating it in other communities.

The BBJ observed that “Mayor Martin J. Walsh announced on Friday the formation of a ‘Neighborhood Innovation District Committee’ with one purpose: to expand innovation within the city of Boston. A news release states the Neighborhood Innovation District Committee ‘will seek to identify policies, practices, and infrastructure improvements to support the development of innovation districts throughout the city.'”

Additional information on the Innovation District Committee are available on the Boston Business Journal.

0 Office Buildings Planned Near Faneuil Hall

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rendering of office space on Quaker Lane in Boston

Credit: The Boston Globe

Quaker Lane in Boston?  Must admit, some would have no idea where it is located.  Well, changes are coming.  This road is surrounded by the former Fidelity headquarters that was sold and is located near the intersection of Congress and State Streets.  The proposed plan is to add retail services on the ground for, renovate the offices above and add residential component.

From the Boston Globe:

“A Boston real estate firm is proposing to redevelop a drab cluster of office buildings near Faneuil Hall into a more modern commercial complex with restaurants, stores, hotel rooms, and residences.”

“Our plan is to rejuvenate the entire block through a mixed-use redevelopment strategy,” said Stephen Faber, executive vice president of Related Beal. “These buildings and this location present us with the opportunity to . . . create a real destination.”

0 Boston Markets Blend History and Modernity

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seaport office space in Boston at night

Seaport office space at 281 Summer St.

For a 400 year old city, we are experiencing record growth with billions being invested into new office, residential, and retail projects in areas of the city that were previously left for dirt lots or industrial space.

Bisnow.com, offers some historical perspective on the alternation and modernization of the hub over just the past decade:

“A decade ago, the waterfront—just across Fort Point Channel from the downtown Financial District—was still seen as the home of a languishing commercial port. Now the Seaport, aka the Innovation District, has new infrastructure, new buildings like Hanover’s (above), and a flock of cranes bringing more product online. Skanska is building a new HQ for PwC; State Street recently completed its relo into Channel Center; The Drew Co is quickly leasing apartments at Waterside Place; and The Fallon Co is selling super luxury condos on Fan Pier. The Seaport has come alive, Douglass says, with spectacular views and a condo market that’s heating up.”

0 Boston Commercial Real Estate: Rife with Office Space Renovations

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230 Congress Street office building

Office building at 230 Congress Street

Landlords in Boston continue to make considerable upgrades to their buildings as part of the ongoing courting process for new tenants.  Beacon Capital has continuously made improvements to its Boston assets such as 1 Financial Center, and the newly acquired 230 Congress Street.

Another recent renovation is 177 Huntington Ave., following the departure of Wayfair. A Banker and Tradesman article notes some of the buildings modifications:

“To reposition 177 Huntington for new tenants, Beacon installed new art and signs and LED news strips in the elevator bays. On Monday, Varano Group will open a Caffe Strega breakfast and lunch cafe in the lobby. The owners wanted a name-brand restaurant operator to set the lobby apart, Gratton said.”

0 Tech Sector Hoping Walsh can Keep Downtown Office Space Affordable

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200 High St. Boston

Office space at 200 High Street in the Financial District

Mayor Menino departs in January for Mayor Elect Walsh.  Will our economy grow and prosper with the next administration?  Well, it is a delicate balance that will spur development while maintaining affordability.

Boston.com posted a dense, thought-proviking piece examining the impact of the mayorial change on small business locations and city-based office space. Here are a few notable quotes from the article:

I spoke with a half dozen tech entrepreneurs about their hopes for and expectations of the incoming Walsh administration, and picked up on two major themes…They want the new mayor to help keep office space affordable and to improve public transit in the Innovation District.”

IdeaPaint president John Stephans told me his business, which is moving from Ashland to Boston in January, would have liked to relocate sooner but found the cost prohibitive until it enjoyed several successful years.

“We always wanted to be in the city, as do a lot of companies,” he said. “But I think companies feel priced out, especially young, venture-backed start-ups.”

The full article is available on Boston.com, here.

0 Seaport District Lands Suffolk Construction

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suffolk construction logoThe Seaport continues to attract tenants along with owners. Suffolk Construction has tossed its hat in the ring to file plans with the Boston Redevelopment Authority for a new 125,000 RSF facility.

According to Bizjournals.com, “Suffolk Construction Co. is planning to leave its longtime headquarters on Allerton Street in Roxbury for a new building it proposes on Harbor Street in Boston’s fast-growing Seaport…Suffolk is planning to build a 125,000 square foot building in the Marine Industrial Park to house the company’s 450 workers.”

Jump over to the original article from the BBJ Morning Buzz, for additional details.

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Boston Seaport office space