0 Downtown Crossing Embodies Boston’s Modernization

Posted on June 14, 2016 by Wil Catlin

Credit: BBJ

Boston’s Downtown Crossing (DTX) is ground zero for development and change in Boston. The $3.9 billion invested in the past decade is evident by transformations to the streetscape and skyline.

According to the Boston Business Journal, “the Downtown Boston Business Improvement District recently issued a report titled ‘The Transformation of Downtown Crossing’ to provide a progress report about the district’s development.”

“We have seen tremendous growth in a number of areas throughout the BID — from major new construction, such as 45 Province, Millennium Place and Millennium Tower, to a growing number of retail and new businesses that are attracting additional employees and clients to the area, to our status as one of the fastest growing residential neighborhoods in the city,” said Rosemarie Sansone, president and CEO of the BID, in the report. “The next phase of our development includes a strategic planning exercise, which will be under way soon.”

You can read the full article on the BBJ’s website.

0 Broomfield Street in Downtown Crossing in the Crosshairs of Change

Posted on June 7, 2016 by Wil Catlin

Credit: Wbur

Boston continues to grow and change, the result of which, is larger developments with big footprints. Change is at the forefront for some neighborhoods that are witnessing redevelopment on a grand scale.

Bromfield Street in Downtown Crossing is in the crosshairs of change, and it is possible that the two-block street might follow that of the 8-track player.

From Wbur:

On Wednesday night, the Boston Redevelopment Authority will consider plans for this new curved, irregular tower at 1 Bromfield St. And that could portend huge changes for the little street once described as Boston’s “hobby street,” where there’s still just a little bit of the old Boston left.

The proposed building would be 700 feet tall — as tall as Millennium Tower — which is in the final stretches of its construction across the street at 1 Franklin St. The New York developer, Midwood, would have to get the height restriction in the neighborhood changed to build the project.

0 Downtown Crossing Experiencing Major Redevelopment

Posted on May 6, 2016 by Wil Catlin

Boston office tower construction in downtown crossing

Credit: Curbed

The skyline of Boston’s downtown crossing have never seen so much change as we are witnessing now. This location simply makes sense for concentrated development due to direct access to the Red, Green, Orange and Blue lines combined with its walking distance to the core of the Financial District and Back Bay.

According to Curbed Boston, there are fewer areas of Boston seeing more large-scale development than relatively tiny Downtown Crossing. Spires such as the almost-done Millennium Tower and the proposed One Bromfield (and the nearby Winthrop Square Garage redevelopment) could finally pivot the neighborhood away from its 9-to-5 feel and toward a more 24-7, work-live environment.

The Curbed article also maps the five biggest developments impacting the available Downtown Crossing office space:

Millennium Tower
One Bromfield
171 Tremont St
533 Washington St
Winthrop Square Tower

0 Godfrey Hotel in Boston Set to Open its Doors

Posted on February 12, 2016 by Wil Catlin

Credit: Travel Weekly

DTX is getting its newest amenity online next week, The Godfrey Hotel opening at 505 Washington Street.

“The 242-room Godfrey Hotel Boston was redeveloped out of the adjoining Armory and Blake buildings in the city’s Downtown Crossing district, about a block east of Boston Common…This spring, the property will open a street-level cafe by George Howell Coffee, a local roaster. A 4,600-square-foot restaurant i scheduled to open this summer, but the Godfrey hasn’t announced the restaurateur yet,” according to TravelWeekly.

You can read more on Travel Weekly.

0 Two Glass Skyscrapers Approved for Government Center Garage Site

Posted on January 24, 2016 by Wil Catlin

Credit: Boston Globe

Government Center is schedule to make way to two glass towers would extend to 500 +/- feet tall. One tower would be dedicated for residential while the second would be for office space.

“The construction will unfold in phases over the next five years or so. And when done, the whole complex — six buildings and 2.3 million square feet — would be one of the biggest developments to come out of Boston’s current building boom. Opening up that section of Congress Street and adding a large public space within the retail plaza will help reconnect some of the most historic pockets of the city,” a Boston Globe article notes.

“We’re going to see just how significant that parcel is. It’s at the intersection of the Bulfinch Triangle, the North End, Beacon Hill, and Government Center,” said George Thrush, an architecture professor at Northeastern University. “That garage has been a real barrier and now it won’t be.”

You can read the full Boston Globe article on its website: Government Center Garage Gets Final Approval.

0 500 Boylston and 222 Berkeley Sold for $1.3B

Posted on August 31, 2015 by Wil Catlin

Credit: BBJ

Equity Office continues to shed Boston Class A towers with the announcement or the $1.3B sale of 500 Boylston and 222 Berkeley Streets to a partnership between JP Morgan Chase & Co. and Oxford Properties Group.

From the Boston Business Journal:

The two office buildings at 500 Boylston St. and 222 Berkeley St. take up the same square block in the Back Bay, one block up from Copley Square. 222 Berkeley is a 22-story office and retail complex, and 500 Boylston is a 25-story, 1.3 million-square-foot office.

500 Boylston Street is a 760,000 square foot 25 story tower with a typical floor size of 28,275 square feet.

222 Berkeley Street is a 524,195 square foot 22 story tower with a typical floor size of 51,655 square feet.

0 Franklin Street in Downtown Crossing is Closed to Vehicles for Year

Posted on August 31, 2015 by Wil Catlin

Credit: Boston Business Journal

The cost of construction means jobs and detours. We all see the cranes in the air and the parade to cement mixers on our city streets, now we have one less street to drive on. Franklin Street will be closed till July of 2016.

An article from the BBJ notes “Pedestrian access will remain open. The Boston Transportation Department suggests the following detour route: right on Hawley Street past 33 Arch St., left on Milk Street past the Old South Meeting House, right on Washington Street, left on Court Street past the Old State House and left on Tremont Street.

“The closure is necessary due to construction activity in the area as well as a roadway reconstruction project,” the city said.

0 745 Atlantic Ave. Purchased by Oxford Properties for $114.5M

Posted on June 16, 2015 by Wil Catlin

Office building at 745 Atlantic avenue in downtown Boston

Credit: BBJ

Oxford Properties continues its buying spree by plunking down $114.5 million for 745 Atlantic Avenue or $657 per square foot. 745 Atlantic Avenue is home to WeWork and Dain Torphy as well as a number of companies. WeWork will be building out a Café on the 1st floor as part of their future expansion.

From the BBJ:

“It really fits our profile of what we like to buy for the long-term: Class A assets in downtown cores near transit-oriented locations,” said Chad Remis, the head of Oxford Properties’ Boston office.

Its $114.5 million acquisition of 745 Atlantic, which closed May 29, is more than double the $54.65 million sale price 745 Atlantic fetched in 2003. The property sold again in 2008 as part of a $1.7 billion office property acquisition invovlingBeacon Capital Partners and Charter Hall Office REIT of Sydney, Australia.

You can read the full article on the Boston Business Journal website.

0 226 Causeway Street Sold to Invesco for $92M

Posted on May 18, 2015 by Wil Catlin

The Causeway

Invesco is the new owner of 226 Causeway Street for $476.68 per square foot. Tenants include the following:

• TripAdvisors
• Oxfam America
• Grant Thornton
• Stantec
• Boston Celtics
• March Communications

According to the BBJ, “the property was sold by Spear Street Capital, a real estate investment fund with offices in New York and San Francisco. Spear Street acquired 226 Causeway St. in 2011 for $43 million…First-quarter office rents averaged $32.95 in the North Station neighborhood, with 4.5 percent office vacancy, according to JLL.”

You can read more about the Causeway Street sale on the Boston Business Journal.

0 State Street Tower Offered to Public

Posted on May 12, 2015 by Wil Catlin

Credit: Boston Globe

Office buildings are trading at records levels and the influx of capital into Boston shows no sign of letting up. 1 Lincoln Street which is home to State Street is offering a new twist, you can own a piece.

From the Boston Globe:

[The] venture led by Fortis Property Group of New York, which bought the 1.1-million-square-foot tower for just under $900 million in 2006, would sell a 48.88 percent interest in the building through a real estate investment trust called ETRE REIT, according to documents that were filed with the Securities and Exchange Commission.

In the documents, ETRE said the State Street tower, built in 2003 and fully occupied by State Street Corp., is currently valued at $1.1 billion.

The move to hold a public stock offering for the building is the idea of ETRE Financial LLC, founded three years ago with the purpose of “facilitating the public listing of individual real estate assets to improve access, liquidity, and transparency in commercial real estate,” according to its website.