0 Tower Considered at Back Bay Station

Posted on June 23, 2014 by Wil Catlin

rendering of proposed tower at Back Bay station

Credit: Boston Globe

The Back Bay skyline could see yet another change on the horizon. Plans state that there would be one high rise and at least one mid-rise tower on the site. The present building was designed by Kallmann McKinnell & Wood and opened in 1987. That building replaced the older station that opened in 1928 for New Haven Railroad.

The Boston Globe reported on the considered remodeling of Back Bay Station, nothing “the owner of the John Hancock Tower in Boston is negotiating with Governor Deval Patrick’s administration to renovate and manage the MBTA’s Back Bay Station in exchange for the right to build a towering complex of residences, stores, and offices… [it would include] a skyscraper and at least one other building above the rehabilitated station, which would get a new retail arcade, ventilation upgrades, and a glass facade along Dartmouth Street.”

The full Globe article is available online, here.

0 888 Boylston Street to Join Back Bay Skyline

Posted on May 23, 2014 by Wil Catlin

The skyline of Back Bay will see its newest member come out of the ground starting late this summer.

888 Boylston Street is Boston Properties final component of the Prudential Center that consists of: 800 Boylston Street (Prudential Tower), 101 Huntington Avenue, 111 Huntington Avenue along with the Shops at Prudential. This site is 23 acres that sits between Boylston Street and Huntington Avenue. It consists today of 2.6 million square feet of Class A office space, and 550 square feet of retail space, combined with underground parking for 3,660 cars.

Curious how Back Bay has changed over the years? Take a look at this aerial view of Copley Square taken from a plane in 1957, courtesy of BostonStreetCars.com:

Credit: BostonStreetCars.com

0 129 Tremont Street Lands New Capital One 360 Café

Posted on April 19, 2014 by Wil Catlin

Credit: BostonSF.com

A bank becomes a coffee shop. Well, I walked into this establishment for a quick meeting and I must admit, it was pretty cool. I got a cup of coffee and a quick bite to eat and I sat down to watch the comings and goings of the operation. In the 20 minutes I was there I noticed moderate coffee customers, but I didn’t notice any bank customers. Not sure why, but I sure this will become the rage as more of us are looking for service and convenience. After all, who would have thought 10 years ago that a bank would open in a supermarket and have office hours on Sundays.

An article on BostonSF.com notes additional details of the new establishment at 129 Tremont St.:

The café features a full service coffee bar, LCD video walls incorporated into an all glass façade, and a warm and inviting ambiance. Venetian plaster, faux brick walls and a wood slat ceiling define the space. Polished concrete floors are intricately inlaid with an elliptical reclaimed wood floor product. The café offers music and Wi-Fi to customers, as well as information on Capital One services via multiple LCD displays throughout the space. All of this while hiding the inner workings of a fully functioning café in the background.

0 Commercial Development in Boston is Strongest in Years

Posted on March 13, 2014 by Wil Catlin

office tower in Boston on Boylston Street

Credit: The Real Reporter

Office development within Boston is at its strongest in years, some might even say ever. Most of what we are seeing is large residential projects, but Boylston Street continues to evolve with 888 Boylston St. breaking ground this spring, which will add to the 3.2 million square feet of office space that’s part of the Prudential complex.

The BBJ, reporting on a panel discussion hosted by NAIOP, printed the following:

The group agreed that a perfect storm led by the Big Dig’s completion, a growing population, a flood of Baby Boomers who want to return to the city, lower unemployment and a rush of foreign capital is lending to the city’s multibillion-dollar development pipeline.

“We are seeing an unprecedented amount of development going on all around in the city … and many of these projects are very large, complicated developments that we haven’t seen in 20, 25 years,” said Raiz Cassum, the event’s moderator and a senior managing director at HFF. “

The full article is available on the Boston Business Journal.

0 MA Job Growth Strongest Since 2000

Posted on February 11, 2014 by Wil Catlin

Credit: The Boston Globe

Our local economy continues to grow and outperform the national average. This is mirrored by the increased price of office space per square foot that has surpassed pre-recession levels.

The Boston Globe reported on the strong year in 2013:

“Despite the impact of automatic federal budget cuts known as sequestration, the state gained more that 55,000 jobs in 2013, compared to about 49,000 in 2012 and 43,000 in 2011, the state Executive Office of Labor and Workforce Development reported Thursday. It was the best year of job growth since 2000, when the tech boom — shortly before it went bust — drove the creation of about 95,000 jobs.”

The full article is available on the Globe’s online outlet here: The Boston Globe

0 South Station Redevelopment: Back to the Drawing Board

Posted on November 15, 2013 by Wil Catlin

Credit: Boston Business Journal

The starts and stops at South Station redevelopment – will we see condos or more office space?

A recent article on the BBJ’s website, quotes a senior vice president in Hines’ Boston office:

Seven years after getting permits for a 1.9-million-square-foot mixed-use project anchored by a 47-story office tower, Houston-based developer Hines is headed back to the drawing board. It plans to reduce office space and eliminate a 200-room hotel while increasing the number of residential units, said David Perry, a senior vice president in Hines’ Boston office.

For the full article, head over to the Boston Business Journal.

0 PayPal’s Boston Office in International Place

Posted on October 18, 2013 by Wil Catlin

Credit: Boston Business Journal

Shark Tank, 160, PayPal Here, PayPal’s Boston incubator are the four standout items that are occurring at PayPal’s office at International Place. IP is no longer home to law firms, mutual fund companies, and accounting firms. Landlords have adapted to our new economy and rolled out the welcome mat.

A BBJ editorial observes, “while PayPal’s home base is in San Jose, California, the payments technology company’s Boston office continues to fill an important role…the group moved to a new 65,000-square-foot space, at International Place in the Financial District, more than doubling the size of PayPal’s previous office in Boston.”

For additional information on PayPal’s Boston Office or International Place in Boston, continue on to read the full Boston Business Journal article.

0 Boston Office Rents Climb 3.5 percent

Posted on October 9, 2013 by Wil Catlin

Credit: Boston Herald

This is only part of the story. True, rental rates have risen, but the overall occupancy cost has risen even more than just the rental rates. In a rising market, like we are currently in, landlord’s contribute less in tenant improvement costs and offer much less rent abatement. This then translates into a higher occupancy cost. During a down market, a landlord could offer 125 percent of the first years rent to go improvements of the space, that number now could be 75 percent of the first years rent.

The Boston Herald’s analysis notes “office rents in Greater Boston grew at an even higher rate — 3.9 percent — primarily due to strong growth in Cambridge, downtown Boston and the northwest submarket, the report found. And rents may begin to rise at an even faster rate because employment levels in office jobs are reaching pre-recession levels.”

The Herald article can be found here: Hub Office Rates Jump

0 Back Bay Office Tower Approved

Posted on September 13, 2013 by Wil Catlin

Credit: The Boston Globe

Our city continues to grow up. Literally. The newest building approved in Boston is 691 feet. The tallest current building in the city is the John Hancock, at 790 feet, built in 1976. Coming in second is the Prudential Tower at 750 feet, built in 1964. The only building to make the list and built in the 80’s, was One International Place at 600 feet built in 1987.

From 1987 to present we have not seen any new construction over 600 feet. Currently there are three projects that are all 600 feet plus.

The Boston Globe reported on the announcement:

“The 58-story building, at the corner of Belvidere and Dalton streets, will add another major peak on the high spine of the Back Bay and bring thousands of new residents and visitors to one of the city’s most celebrated landmarks…The 950,000-square-foot development also includes a 25-story tower with 255 apartments; both buildings will have retail and restaurant spaces. Construction is scheduled to start early next year.”

Jump over to the Boston Globe’s website to read the full editorial.

Available Commercial Real Estate
Back Bay Office Space

0 Financial District Tower Proposed Again

Posted on August 28, 2013 by Wil Catlin

Proposed office tower location in Financial District Boston

Credit: Boston Business Journal

Round two for the proposed tallest building in Boston; the BRA might be offering the 47,738 square-foot parcel up for sale. The market rents in Class A Financial District buildings continue to move up as vacancy rates continue to drop.

According to the BBJ, “Mayor Thomas M. Menino, who had previously sought proposals to build a 1,000-foot tower with 1.3 million square feet of office space at the Winthrop Street Garage site on Devonshire Street between Winthrop Square and Federal Street, confirmed the BRA’s plan to seek a developer for the 47,738-square-foot parcel.”

Additional details can be found on the Boston Business Journal’s article, Menino Tower to get Second Chance