Category Archives: Commercial Real Estate in Boston

0 Franklin and Federal Street Office Buildings sell for for $177M

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Franklin offices for lease

70 Franklin St.

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.

Additional Property Information
175 Federal Street office space
70 Franklin Street offices for lease

0 Boston Office Market Closes 10th Consecutive Quarter of Positive Absorption

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Boston office market trends

Credit: TransWestern.net

The Boston Office market continues ahead with its 10th positive quarter of absorption.

From TWurls.com:

Greater Boston’s office market closed its 10th straight quarter of positive growth, albeit at a much slower pace than the 15-year record high of 2 million square feet absorbed during second-quarter, according to “officeSTATus — Q3 2015,” a new research report from Transwestern | RBJ. Despite tenants absorbing only 36,000 square feet of office space during third-quarter 2015, the market has seen a robust 3.6 million square feet of positive absorption during the past 12 months Ë•’ a more accurate indicator of market strength.

“We were unlikely to maintain the pace that was set during the second quarter, which had the highest absorption rate since the dot-com boom in 2000,” said Northeast Research Director Chase Bourdelaise. “An important contributor to the robust 12-month absorption growth is the continued positive gains to the region’s office-using employment, which has increased 12.0 percent since 2009.”

0 New Boston Skyscrapers will Make — or Brake — the Skyline

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Copley square office buildings in Boston

Credit: Boston Globe

The greater Boston audience has an opinion about just about anything, including our skyline. This poses a challenge to Boston’s strongest developers and architects to reshape our city into something elegant, energizing, and functional.

From the Boston Globe:

No matter how elegantly they may be paved or planted, urban plazas are boring, windy, and little used, especially in weather like ours. The Prudential, back before its Arctic plazas were filled in with shopping arcades, was a good example. The Federal Reserve Bank, next to South Station, is another. It’s a handsome, eloquent Diva tower behind a plaza that has the charm of a recently abandoned battlefield.

As far as the public is concerned, cities aren’t made of buildings and plazas, anyway. Cities are made of streets and parks. From the point of view of urban design, the buildings are there to shape those public spaces and feed them with energy.

0 186 Lincoln Street Sells for $20.6M

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Lincoln Street office building in Boston

Credit: Banker&Tradesman

Building trades continue with Brickman of New York acquiring 186 Lincoln Street for just over $300 per square foot.
Banker&Tradesman offered context on the sale, indicating “the 68,526-square-foot multi-tenant office building near South Station is 70 percent leased, with tenants including Roche Diagnostics, Full Contact and Greystone Solutions…The South Station submarket contains 1.3 million square feet of office space in 22 buildings, 85 percent of which is class B product.”


You can read the full B&T article, here.

0 Boston Landing Station Has Official Groundbreaking

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Boston newest commuter rail station groundbreaking occurred today.  Metro West commuters can add another stop to the local train service starting in the fall of 2016.

rendering of Boston Landing station

Credit: ArchPaper.com

Residing on the MBTA’s Framingham/Worcester Line, B&T notes “the Boston Landing station is projected to cost between $14 million and $16 million and is funded by New Balance, which also funded the $500-million mixed-use complex in Brighton anchored by the 250,000-square-foot New Balance headquarters, near the station…The Warrior Ice Arena, the new practice facility for the Boston Bruins at Station Landing, will be completed in September 2016. The development will also include 80,000 square feet of retail space, a 175-room boutique hotel, housing and an athletic facility. It has approvals for an additional 450,000 square feet in office space.”

You can read the full article on Banker & Tradesman, here.

 

0 The Landmark Building at 160 Federal St. Sold to Beacon Capital

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Landmark Building, 160 Federal St.

Credit: BBJ

Beacon Capital continues to add to their portfolio by purchasing 160 Federal Street with is located at the corner of Federal St. and High St.

According to the BBJ, “the deal for the 351,000-square-foot, 24-story Landmark Building “was financed with a $96.2 million mortgage from Metropolitan Life Insurance Co., a separate Suffolk County record shows. The mortgage was executed April 10…Taurus bought 160 Federal St. in April 2007 for $101.4 million, Suffolk County records show.”

Additional details are available on the Bizjournals.com.

0 Notable Tenants Looking for Office Space in Boston

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What large office tenants in the city of Boston are looking for a new home? Biznow offers its take on the top tenants looking for space in 2015 in the Boston office market. Included in their list are the following:

Office space in post office square Boston

Credit: Bisnow

 

  • Putnam Investments (One Post Office Square)
  • BNY Mellon (One Boston Place)
  • Wells Fargo (Two International Place)
  • Digitas (33 Arch St.)
  • Houghton Mifflin (222 Berkeley /500 Boylston St in Back Bay)
  • PwC (125 High St.)
  • Goodwin Procter (53 State St.)
  • State Street (Hancock Tower)

 

0 ​Roxbury Retains Suffolk Construction

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Suffolk Construction decides to stay put in Roxbury. In a conversation with the Boston Globe, “Suffolk CEO John Fish said his company spent around $600,000 ahead of the planned South Boston move but ultimately reversed course for a variety of operating as well as cultural reasons. ‘We studied the hell out of it,’ Fish told the Globe. ‘At the end of the day, it’s not us. We are a very proud organization, and I think Roxbury is a home we’re very proud of.'”

Suffolk Construction building in Roxbury

Credit: The Boston Globe

You can read the full article on the Boston Globe’s website.

0 Co-Working Office Space Coalition Opens in Downtown Crossing

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co-working coalition in downtown crossing Boston

Credit: Bostinno.Streetwise.co

Coalition is the latest to enter the shared workspace environment, opening in Downtown Crossing at 101 Arch Street.

Coalition opened in Boston’s Downtown Crossing neighborhood in February. “The setting is no doubt part of Coalition’s charm. At 101 Arch St., the 7,060-square-foot office boasts a fantastic view over The Hub and no shortage of restaurants and bars nearby for post-work winding down. (The area has also attracted collaborative working spaces in the area including WeWork, Techstars and even CIC Boston/Space with a Soul.),” according to an article on Bostinno.Streetwise.co. “Coalition aims to differentiate by partnering with MIT Enterprise Forum of Cambridge and other similar organizations to give young entrepreneurs the chance to work with seasoned local professionals. It’s a pretty impressive community, too, with venture capital and private equity investors and veteran entrepreneurs (with two to four founded firms under their belts) alike.”

Follow the link to read the complete Bostinno.Streetwise.co article.

 

0 Looking for Coworking Office Space in Back Bay?

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shared office space in Boston's back bay

Credit: The Metro

Not ready for prime time space, but ready to get out of the garage?  The Back Bay submarket appeals to a wide variety of firms for a number of reasons. Access to transportation, an educated vast work force, and a large concentration of employers in a small area all contribute to this submarket’s popularity among Boston office space users.

In an interview with the Metro, Oficio co-founder and managing partner Nima Yadollahpour notes, “because an entrepreneur needs less to run a business (a laptop and cell phone), it only makes sense to keep their overhead low, and using a shared co-working or office space is the perfect answer to that…It’s economical, efficient and communal.”

Prominent Coworking Office Space in Back Bay Boston:

Oficio
30 Newbury St. 3rd Floor
or
129 Newbury St. 4th Floor

Idea Space
867 Boylston St., 5th Floor

LearnLaunch
31 St James Ave. #920

Unfamiliar with the area? Read our submarket page to learn more about Back Bay Office Space.