- CONSIDERING MULTIPLE MARKETS
- CLUSTER MENTALITY
- HEDGING GROWTH
- OPEN CONCEPT
- MORE CONCERN ABOUT HVAC CAPACITY AND BATHROOMS
- FLEXIBILITY IS PARAMOUNT
- CASH IS KING
- ACCESS AND UNIQUE AMENITIES
The Class A & B office space in Boston has never been closer than what we are experiencing now. The rents low rise Class A and Class B are near identical with the differentiators being loss factor, amenities and fit up from union versus nonunion general contractors.
Click to download the full Rising Market report.
Boston Mayor Marty Walsh is pushing for the Winthrop Square Tower and is offering tighter restrictions on future tower developments as a concession.
Mayor Marty Walsh’s proposal would bar future developments (except Millennium’s) from casting a shadow over the Common, Public Garden and Back Bay’s Copley Square. The plan would also call for new zoning in the Financial District and Downtown Crossing. The shadow change also needs state approval by Gov. Charlie Baker and the state legislature due to the changes it would bring to the Massachusetts’ 1990 shadow law.
Seven new projects are scheduled to break ground in ’17 in Boston. Fears of a slowdown are not adopted by developers of Boston real estate.
Curbed, Boston outlines the 7 new projects slated for this year. Six of the properties are located in the Greater Boston area and one in Watertown, MA:
Boston’s City Hall Plaza is in the midst of a transformation into a winter wonderland regardless of temperature.
According to the Boston Globe, “the dreary landscape will [soon] turn into something unrecognizable — a winter wonderland, with a giant ice skating loop, ‘chalets’ selling ornaments, chocolate fountains, and copious holiday decorations…’Boston Winter,’ which debuts Friday, seems like a smaller version of New York’s impressive Bryant Park. Though less ambitious than originally planned — the restaurant and ‘iconic observation wheel’ proposals envisioned for next spring were scrapped due to logistics and finances — the site is the realization of Mayor Martin J. Walsh’s vision to reinvent the plaza.”
The full article is available on the Globe, here.
Boston appears to be ready to welcome a new 1,000 room hotel to the Seaport District on Summer Street, directly across from the Convention Center.
According to Curbed, “a development team that includes the folks behind the Omni brand have emerged as the top bidder to construct an inn with at least 1,000 rooms on a 2.1-acre site in South Boston…the Massachusetts Port Authority is expected to award the bid within the next three months…The hotel would be one of the biggest in Boston.”
For more information, jump over to Curbed Boston.
From parking cars to a place to park yourself for a good night’s rest in a 15-story boutique hotel on North Washington Street.
According to an article on the Bizjournals Boston site, “Tom MacKay of LIMAC LLC and consultant Fred Mannix, who has developed the 112-room Hotel Onyx in the Bullfinch Triangle, filed the proposal March 17 with the Boston Redevelopment Authority that calls for a 74-room hotel at 88 North Washington St…The hotel will be developed on the 2,100-square-foot site along with a lobby and cafe.”
You can read the full article on the Boston Bizjournals website.
The Boston Skyline is expect to change by 2020 and here’s what it might look like. The interesting part of this is 3 of the top 10 are residential, where is years past the top 10 have always been office.
Curbed, Boston recently published a projected list of the 10 tallest buildings in 2020, including the following three:
You can find the full list on Curbed Boston
Lyft is on the move for a new office in Boston. CIC provided a good foothold to start the operation, but now a permanent home is in the cards according to Tyler George.
From the Boston Business Journal:
“We wanted to start at the CIC where we could integrate ourselves with a lot of really forward-thinking businesses in Kendall Square and Cambridge, but we wanted to have a permanent office to continue to grow our staff and have in-person support for our drivers,” [Lyft’s Boston General Manager Tyler George] said in an interview.
“We want to be able to have a big enough space to hold events and parties for drivers and passengers,” he said. “It’ll be a significant piece of real estate.” Venture-backed Lyft was founded in 2012 and earlier this year landed another $1 billion from investors including General Motors Corp., valuing the company at $5.5 billion.
Office trades continue with the sale of 175 Federal Street and 70 Franklin Street to Deka Immobilien Investment GmbH’s of Germany in excess of $177 million.
According to multiple sources, Deka Immobilien has been tabbed as winning bidder on both assets, committing in excess of $135 million for 175 Federal St. and more than $42 million to secure the Franklin Street property which dates to 1910. The German-based sponsor of several open-end real estate funds buying on a global basis and with assets in the Northeast “definitely” has 175 Federal St. under agreement, one source insists, a notion supported by others, and the same entity has been named winning bidder for 70 Franklin St., multiple sources further maintain.
More information on both properties is available on The Real Reporter.