Category Archives: Commercial Real Estate Boston MA

0 Demolition to Begin on Filene’s in Downtown Crossing

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Demoliton on old Filenes building in downtown crossing

Credit: City of Boston (via BBJ)

More changes this week for Filene’s at Downtown Crossing. Parts of the historic structure will be incorporated into a new community park.

“On Saturday and Sunday, July 20 and 21st, workers from Suffolk Construction will demolish the remainder of the 1905 Jones, McDuffee and Stratton Co. building at the corner of Franklin and Hawley streets that housed Filene’s for many years…The new $615 million Millennium Tower will include 600 condominiums and apartments, up to 218,000 square feet of office space and 231,000 square feet of retail.”

Additional details are provided in the BBJ’s full article

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0 45 Milk Street Goes Under Agreement

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Office Building at 45 Milk st. in Boston financial district

Photo Credit: Banker & Tradesman

The Class B Office market continues to see trades within the Financial District.  At $302 per square foot this continue to push the market values up.

“Deutsche Asset & Wealth Management, formerly RREEF Real Estate, has agreed to buy the nine-story, 70,000-square-foot office building at 45 Milk St. for about $21.2 million, or more than $300 per square-foot, industry executives told Banker & Tradesman. Anglo Irish paid nearly $34 million for the asset in 2007, just before the financial markets came crashing down,” stated a report on Banker & Tradesman’s website.

The full article is available at B&T online

 

0 Twin Towers Proposed at TD Garden

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Rendering of proposed towers at TD Garden in Boston

Photo Credit: Boston Redevelopment Authority (via BBJ)

The North Station submarket area could be home to more than our beloved Celtic and Bruins. This project would bring more than just sports fans to the area, it would add 1.7 million square feet of office, retail, and residential space to that area.

According to a Boston Business Journal report, “a joint venture of Boston Properties and Delaware North Cos. have filed plans to build a pair of office and residential towers on Causeway Street next to the MBTA’s North Station…the 1.7-million-square-foot mixed-use development to be built on a 3-acre parcel will feature up to 300,000 square feet of multi-story retail space, 500 residential units in a 600,000-square-foot tower, a 200-room hotel, an office tower containing 600,000 square feet of Class A office space and 800 underground parking spaces.”

To read the full article, continue on to the Boston Business Journal online.

0 Boston Office Rents Climbing

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101 Arch street office building in Boston's financial district

Office Building at 101 Arch St, Boston

The Boston office market continues to see a reduction in vacancy alongside increased pricing.

A Boston Business Journal article specifies, “every Boston submarket with the exception of the Back Bay saw the vacancy rate fall as tenants leased 1.2 million square feet of office space from January through March with 354,457 square feet getting absorbed. Citywide, the overall vacancy rate dropped to 10.3 percent in the first quarter, down from 12.6 percent a year ago.”

For additional details and submarket specifics, head over to the BBJ online.

Related Commercial Real Estate Listings
Boston Office Space Available for Rent

0 Law Firm, Goodwin Procter, Moves Offices to Boston Waterfront

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Boston waterfront office space at fan pier

Photo: Original image Boston Business Journal; Illustration by BRA

Why do companies go through all the trouble of moving?  Many reasons, but that two that stand out are the opportunity to design space that reflects the company’s vision today, and the second is economics.

The design of office space today, compared with 10 years ago, show an evolution to more efficient layouts that incorporate green technology. The financial side is comprised of many factors that can range from rent abatement, tenant improvement dollars, base year expenses and the price per square foot.

The Boston Business Journal on December 21, 2012, reported that “Goodwin Procter signed a letter of intent this week to lease 360,000 square feet in an office building to be built next to the Institute of Contemporary Art in on the South Boston waterfront that Mayor Thomas M. Menino has dubbed the Innovation District. The firm would move 860 attorneys and support staffers to the new building, which would also include a 135-room hotel and retail space.”

The complete article, Goodwin Procter to Waterfront, is available on the Boston Business Journal’s website.

Related Commercial Listings
Office space for lease near the Boston Waterfront

0 Brown Brothers Moves Offices to 50 Post Office Square

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Rendering of 50 post office square boston

Photo Credit: Elkus Manfredi Architects via the Boston Globe

As the vacancy rate in the Financial District continues downward tenants seek out opportunities of value. Case in point, Brown Brothers is moving its offices to 50 Post Office Square. Brown Brothers took this opportunity to consolidate its workforce into one location and capitalize on a building that has been owner occupied since its construction in 1947.

The Boston Globe notes, “Brown Brothers Harriman & Co., the oldest privately held financial institution in the country, is moving to a historic building in Boston’s Financial District, signing one of the largest leases in the city in recent years.”

Additional details on the lease are available on the Boston Globe online.

0 Brookline Bank to Sell Financial District Office Building

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Financial District office building at 31-33 State St., Boston

(Photo Credit: Boston Herald)

The Class B market in Financial District has another asset trading hands.

According to the Boston Herald, “the bank [Brookline Bancorp] said yesterday that 31-33 State St., a slender structure built in the late 1800s, is under agreement to be sold to an unidentified buyer by the end of the year.”

This is another indication that Boston’s Financial District remains an active market for downtown office space heading into Q4.

For more information on the sale of Brookline Bank’s financial district office building, read the Boston Herald’s full report on the sale of 31-33 State Street.

Related Commercial Real Estate Listings
Financial District Office Space for Lease

0 Catalina Marketing Opening Offices in Boston’s Seaport

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Commercial Real Estate in Boston's Seaport DistrictStrong job growth continues in the Seaport District.  Catalina will be triple its size when its move to 75,000 of space at 24 Farnsworth Street.  Market rents have shot up in the past 18 months with Class B pricing now just over $40 per square foot.

Boston.com is reporting that the “Florida-based technology company is moving to Boston’s Seaport District, where it intends to triple its number of employees over the next several years.”

For more information, jump over to Boston.com for the full report.

Related Real Estate Listings
Commercial Office Space in Boston Seaport District

0 Liberty Mutual’s Back Bay Construction: Ranks Among Largest

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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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0 One Beacon Street Goes On The Market

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Office Space at One Beacon St. Boston MaAnother Class A Financial District tower comes to market. As Class A rents continue to march up it is still a great market to be a tenant with vacancy rates hovering around 15 percent.

“Jim Cronin of Banker & Tradesman reported that “Beacon Capital Partners is trying to unload its One Beacon Street property, and [the publication’s] sources say the expected price will be in the neighborhood of $450 million.”

Jump over to Bank and Tradesman’s coverage for more information