0 Seaport Square Looks to Anchor Transformed Boston Neighborhood

Posted on November 24, 2014 by Wil Catlin

Credit: Banker & Tradesman

Movies, bowling and fitness are on their way to the Seaport. The Seaport transformation continues to evolve as more neighborhoods amenities are added, along with the designation of Seaport Square.

From Banker&Tradesman:

“Seaport Square master developer Boston Global Investors and Morgan Stanley acquired the 23-acre parcels, most covered with surface parking, from News Corp. in 2006. The full buildout would contain enough space to fill more than five Prudential Towers…The next phase will be a 450,000-square-foot office building on the parcel directly east of One Seaport Square. The site is currently occupied by Our Lady of Good Voyage chapel, which will be relocated to 51 Seaport Boulevard. Hynes said the office building could be built on speculation beginning in 2016.”

0 Plan Submitted for Site over Mass. Pike in Back Bay

Posted on November 24, 2014 by Wil Catlin

Developers continue to look for new sites and space above the Pike has is now entertaining a third developer. Office and retail rents are expected to continue to climb upward through 2015.

Credit: The Boston Globe

According to The Boston Globe, the third proposal entails building “student housing, a hotel, and retail space as part of a sweeping redevelopment of a state-owned parcel at the corner of Massachusetts Avenue and Boylston Street…Boston Residential Group’s plan calls for three buildings that would rise to 24 stories along Boylston Street. The complex would be linked to a nearby MBTA station and include a public rooftop garden.

More information is available on the Boston Globe website, here.

0 Boston Parking: A Growing Challenge for Hub Commuters

Posted on October 20, 2014 by Wil Catlin

Credit: The Boston Globe

How long does it take for you to find a parking space or have you given up. My father would say, as he combed the Financial District for the coveted spot, you have to believe. Believe that there is a spot for you. Well, for those that don’t follow that model, they have found that getting that spot is nearly unattainable. I rely on the T and Uber, during prime time and use the believe method for early morning meetings.

A recent Boston Globe article indicates that the daily plight for Boston commuters is only worsening. “Boston’s current parking crunch is the product of conflicting ambitions. City planners placed parking caps on downtown and South Boston years ago, hoping to reduce pollution and encourage the use of public transportation, while mayors and developers pressed for business and residential expansion…James Gillooly, interim commissioner of the Boston Transportation Department, estimates about 3,000 spaces have been eliminated in the Seaport area over the past several years, as offices, condos and hotels have replaced open lots…’As this neighborhood grows,’ said Gillooly, “there will be spaces that used to be used by people in the financial district, who now have to come up with a new strategy of how to come and go from work.’’

More information on Boston’s transforming parking landscape is posted on The Boston Globe’s website.

0 101 Seaport Boulevard Set to Open Oct. 2015

Posted on October 9, 2014 by Wil Catlin

Credit: Banker&Tradesman

The Seaport office marker continues to grow with 101 Seaport Boulevard scheduled to host its new tenant PwC in October of 2015.

Banker and Tradesman observes, “construction crews from Skanska and its subcontractors attended a ceremony Tuesday as the final steel beam was placed atop the structure to complete the framing phase of the project…The parcel is part of the 23-acre Seaport Square development that is permitted for 6.35 million square feet of residential and commercial development. Skanska acquired the one-acre 101 Seaport parcel for $33 million from Morgan Stanley and Boston Global Investors in 2012.”

The full B&T article is available here: Aggressive Timetable For PwC Tower In Seaport

0 Boston Office Market Growing in 2014

Posted on August 11, 2014 by Wil Catlin

Boston office market continues to see strong demand for space. The BBJ offers a breakdown by market:

“The Back Bay remains the highest priced submarket at $53.65 per square foot, but not much has changed from a year ago, when average rents were $53.35. Rents in the Seaport were flat at $38.46 per square foot. Charlestown rents dropped to $22.43, the lowest rate in the city, down from $23.10 a year ago, and Fenway rents were flat at $32.95 per square foot.”

Credit: Boston Business Journal

0 What’s your Building’s Wired Score?

Posted on August 9, 2014 by Wil Catlin

Credit: WiredNYC

“WiredNYC is an initiative of the Bloomberg Administration aimed at bringing transparency to broadband connectivity in NYC office buildings. Our core mission is to encourage landlords and tenants to share information about broadband infrastructure in their buildings.”

Why does this matter in Boston? Because they are coming.

The goal is for landlords to market the amenities they have, which have been verified by a 3rd party — wiredscore — while providing tenants with a 3rd party opinion of what the building is wired for.

0 Boston’s Newest “Innovation District” Emerging in Downtown Crossing

Posted on August 5, 2014 by Wil Catlin

office space for lease on Arch Street in Boston

33 Arch Street, Boston

Why are Tech and E-Commerce companies moving to Downtown Crossing?

Value – This seems easy, but a low to mid $30’s rent is still achievable within the Class B portfolio of options
Location – The neighborhood includes Class A office Towers, the new Millennium Place Condo’s, grocery store
Amenities – Live, Work, Play
Transportation – This area sits above the Red, Orange and Green Line and is a short walk to the Blue Line at State Street

From BostonSF.com:

“According to a new commercial real estate market report released by Cresa, Downtown Boston is still considered one of the country’s most dynamic office markets. As traditional industries, such as banking and financial institutions, in the Financial District continue to downsize and consolidate, large blocks of inventory are becoming available to tenants. And as technology and e-commerce companies continue to populate Downtown Crossing, the area is becoming Boston’s new ‘Innovation District.'”

0 Needham Crossing Progressing

Posted on August 2, 2014 by Wil Catlin

Credit: prnewswire

The Town of Needham is experiencing a boom in development. With an abundance of newly-constructed office buildings in Needham, recent zoning changes as well as the state’s add-a-lane highway project –- which will include on- and off-ramps for Route 128 at Kendrick Street -– Jeremy Freid, a partner in the suburban arm of Boston Realty Advisors, believes said change will send positive signals to the business community.

A Needham Times editorial on WickedLocal, Let Needham Crossing thrive, includes a progress report on the commercial development:

“The biggest boon to Needham Crossing came in late 2012 when TripAdvisor agreed to move its headquarters there after Needham Town Meeting approved $1.8 million in tax breaks for the company in exchange for construction of a new headquarters and the hiring of 250 additional employees over five years. The new headquarters is slowly coming to fruition. Its steel frame is already up, and the project is moving toward a 2015 completion date.”

0 Innovation and Design Building in Boston Marine Industrial Park Adds Commercial and Restaurant Space

Posted on July 18, 2014 by Wil Catlin

Credit: Boston.Citybizlist

The design center will be changing what it offers after receiving BRA approval. The change will be the conversion of industrial to commercial combined with dedicated retail and amenities such as vending trucks and Hubway bikes stations.

According to Banker & Tradesman, “the $15.5 million project will convert the space from industrial to commercial space, including 50,000 square feet that will be set aside for retail and restaurants.”

The full article is available on B&T’s website

0 The Boston Globe is on the Move, Literally

Posted on July 11, 2014 by Wil Catlin

Credit: The Boston Herald

The new ownership is in the midst of some significant changes on the look and feel along with the location. It will be interesting to see what becomes of the 16.5 acre complex in Dorchester that has housed The Globe since the ’50. Additionally, a 150K tenant in the market with garnish many developers and may be the catalyst to get another project out of the ground.

From the BBJ:

“Boston Globe owner John Henry has hiredColliers International to search for the space that would house the Globe’s editorial, advertising and administrative offices. Commercial real estate sources familiar with the search say Colliers has looked in the Seaport area, among other locations in Boston.”