0 Weissman: Boston Real Estate Superior to New York

Posted on January 8, 2015 by Wil Catlin

Jason Weissman, founder of Boston Realty Advisors

Credit: Bisnow

Why is Boston better than New York? Our own Jason Weissman chimes in at a Biznow Event.

Boston Realty Advisors founder Jason Weissman says Boston outshines New York because it has less exposure to a downturn in government spending. Based on fundamentals and cash flow, he expects to see lots more property sales in 3% cap rate territory in 2015. Retail and office rents still have room for appreciation and greater cash flow will boost asset values. So much so that investors will start searching for deals in outlier markets, namely I-495 and southern New Hampshire.

0 Mayor Walsh Focuses on Four Neighborhoods for Boston’s ‘New Innovation District’

Posted on January 7, 2015 by Wil Catlin

Where will our next round of innovators set up camp? Some hot spots in Boston and Cambridge are simply too expensive so Marc Bernsau of the BBJ has provided a great comparison of various Boston locations with their respect pro’s and con’s combined with market price. Where can you find a low $20’s rent per square foot?

In a previous post on Boston’s new innovation district, we discuss Mayor Marty Walsh’s recently-formed task force, which is considering an innovation district in four specific Boston neighborhoods: Bowdoin-Geneva and Fields Corner in Dorchester, Dudley Square in Roxbury, and East Boston.

Credit: FieldsCorner.org

The accompanying article on the Boston Business Journal notes, “Gilad Rosenzweig, founder and executive director of Smarter in the City, thinks Roxbury has the potential to be a home for startups.”

0 Faneuil Hall and Quincy Market: Marked for an Overhaul

Posted on November 6, 2014 by Wil Catlin

Faneuil hall and quicy market in downtown boston

Credit: ABCNews

Faneuil Hall is set for change. Ashkenazy Acquisition Corp will be looking to convert some of the office space to a boutique hotel in the South Market Building.

From ABCNews:

“Quincy Market, the granite-columned marketplace just behind red-brick Faneuil Hall, is part of one of the world’s top tourist destinations, attracting visitors seeking a taste of revolutionary history and a cup of New England clam chowder…after four decades, the market’s operator says Quincy Market — along with the two brick buildings along either side that house office space and retail chains — is past due for an overhaul.”

“Among its early plans are transforming existing office space in the South Market building into a new, 180-room boutique hotel; installing the Japanese clothing retailer Uniqlo on the top floor of Quincy Market; and redesigning the building’s crowded food court with more open space, sit-down restaurants and, possibly, moveable bars. Along the marketplace’s familiar cobblestone paths, the company wants to possibly introduce ping pong tables, shuffleboard and performance spaces for live music and poetry and book readings.“

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 Government Center T Station Renovation Making Progress

Posted on October 5, 2014 by Wil Catlin

T station renovations at Govt. Center in Boston

Credit: The Boston Globe

The Government Center T Station is taking shape. The glass entryway will be a welcome change for both above and below grade.

From The Boston Globe:

“The most visible sign of progress at the Government Center Station renovation project is the construction of an entryway called a ‘head house,’ which is set to be wrapped in glass and promises to brighten the underground transit hub when it reopens in the spring of 2016.”

“‘I love the project,’ said Brian P. Howland, a resident engineer for the Massachusetts Bay Transportation Authority. ‘This is an area that hasn’t had anything happen to it in over 45 years. Putting something like this in this area now is going to have a huge impact.’”

0 Boston’s Highest-Valued Commercial Real Estate, According to Uncle Sam

Posted on September 7, 2014 by Wil Catlin

Credit: BBJ

We all look up and see new office towers in Boston and an abundance of high-priced commercial real-estate, but what are they taxed for all of that luxurious space? According to the BBJ, “the city’s commercial tax rate is $31.18 per $1,000 of assessed value, down from $31.96 last year. For fiscal year 2014, which ended June 30, the city collected $1.1 billion in commercial tax levies. The assessed value of a property does not always reflect the actual value since the data is lagging. For example, One Beacon, the 34-story tower at the edge of the Financial District, recently sold for $561.5 million, but is assessed at $341 million.”

A slide show exhibiting Boston highest-taxed buildings is available on the BBJ, here.

0 BBJ Posts First-look at Wayfair’s new Copley Place HQ

Posted on August 23, 2014 by Wil Catlin

Want to see what Wayfair’s new HQ look like? Jump over to the Boston Business Journal for a peek at Wayfair’s new office in Back Bay’s Copley Place.

Credit: Boston Business Journal

The BBJ’s accompanying article notes Wayfair’s “new office space totals 275,000 square feet and all of the company’s employees in Massachusetts will have moved into the space by next summer. Copley Place is a mixed-use complex with 845,000 square feet of Class A office space in four towers. On-site amenities include 75 shops, two hotels, and 1,500 parking spaces.”

0 Boston Wharf Co. Building at 51 Melcher Sells for $52.7M

Posted on August 23, 2014 by Wil Catlin

For $513.49 PSF Synergy Investments has sold 51 Melcher Street to Zurich North America. The building went through a complete renovation and was delivered fully leased to WeWork, Life is Good, and NetSuite.

According to Banker & Tradesman, “Synergy spent millions of dollars repositioning the building in the market, including base building renovations, a new main entrance and lobby, HVAC systems, new and restored windows and new roof, restrooms, plumbing, electrical service and elevators.”

Pricing with the Seaport Class B Market now is running in the upper $30’s to low $40’s PSF.

Click to view the full size graphic

0 Downtown Crossing Redevelopment Progresses: Roche Bros. Nears Opening

Posted on July 28, 2014 by Wil Catlin

office space in downtown crossing rendered

Credit: BBJ

The transformation of what was once the busiest pedestrian intersection in the city continues. Roche Brothers answers the call to fulfill the long awaited hope for Downtown Crossing.

From the Boston Business Journal:

“renovation of the 102-year-old property began a year ago. Its restoration is part of Millennium Partners’ $689 million redevelopment of the shuttered Filene’s site. Adjacent to the Burnham will be Millennium Tower, a 625-foot building comprised of 442 luxury residences above 95,000 square feet of additional retail space on its lower floors.”

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