From flight paths to shadows, Winthrop Square continues to make headlines as the newest proposed tower in the Boston Financial District. Some speculate that the tower height will be reduced by 4 – 6 stories to lessen the impact.
Credit: Boston Globe
According to the Boston Globe, “A tower that tall, a Massport official wrote, would interfere with operations at Logan, blocking a popular takeoff corridor and probably leading to more noisy air traffic over Boston’s northern and western suburbs. Massport would object to anything taller than 710 feet on the site, which sits about two miles west of the airport.” The globe article continued, noting “cutting the tower by 65 feet would lop four or five stories off the 60-story tower, probably not a deal-killer for a project estimated to cost $1 billion. But that could reduce the city’s payday. Under Millennium’s deal with the BPDA, $50.8 million of the $152.8 million purchase price is tied to the sale of condos in the tower.”
For more information, jump over to read the full Globe article.
Boston Realty Advisors represented Christopher Kimball’s Milk Street search for a new location in the Financial District. According to Wil Catlin, Managing Principal at Boston Realty Advisors, 177 Milk Street was the perfect fit for Chris’s new venture. The building known as the Grain Exchange was completed in 1892 and sits one South from the Custom House on the Greenway. The space occupied by Milk Street is on the retail level with direct access from India Street with expansive ceilings and windows.
Client Testimonial Tenant Representation from Boston Realty Advisors on Vimeo.
Credit: Boston Magazine
Roof decks are on office tenants’ list of top 10 of amenities. When thinking about your next office space, consider these 5 roof decks with amazing views, courtesy of Boston Magazine.
1 Federal Street in Boston’s Financial District
1 Federal Street is headed for the sales block by Eastdil Secured. The building is expected to trade in excess of $682 per square foot.
According to Realert, “the 38-story tower is 98% occupied, with a weighted average remaining lease term of almost seven years. The largest tenant, law firm Morgan Lewis, occupies 301,000 sf on a lease that runs until 2023. Records-management company Iron Mountain is leasing 133,000 sf until 2024. Others tenants include Credit Suisse, J.P. Morgan, Oppenheimer & Co. and U.S. Bank.”
Additional information is available on realert.
Class B office space at 258-262 Washington St. and 85 Devonshire St. in Downtown Crossing could fetch in excess of $525 PSF. The Class B office market in the Financial District has seen strong rent growth over the last 36 months with prices ranging from the upper $30’s to the upper $40’s PSF.
From the Boston Business Journal:
The buildings together encompass about 92,000 square feet and span the stretch of Water Street between Washington and Devonshire streets near the State Street MBTA stop…Boston-based real estate investment and development firm KS Partners owns the property and has invested more than $5 million in the past three years to help rejuvenate it.
Marketing materials obtained by the Business Journal indicate that the the Washington and Devonshire property is “one of the last Downtown Class B repositioning opportunities” that is “an opportunity to capture momentum” for retail repositioning along Washington Street. The stretch of Washington Street fronts the Freedom Trail and is currently leased by a Subway and a Vitamin Shoppe.
The Boston office market is seeing strong rent growth in all classes and in all CBD submarkets. Landlords continue to try to differentiate their buildings by offering amenities and upgrades. Oxford is making a big splash in this space with lobby upgrade at 125 Summer Street in the Financial District.
According to the BBJ, Oxford is planning “a $10 million project to upgrade the building’s ground floor and lobby and reposition the entrance of the building to the confluence of Summer and High streets. The renovation was designed by ADD Inc., now with Stantec, while Turner Construction Co. is the general contractor…Oxford [recently] teased the renovation by erecting a two-story kelly green and navy blue banner at the site of what will become the entrance to 125 Summer St. with an all-caps proclamation: “Something big is coming.”
You can read the full article on the Boston Business Journal’s website.
Property Detail Page
125 Summer Street
Credit: Banker and Tradesman
The Winthrop tower development site can take a couple of different paths, mixed use or all residential.
From Banker & Tradesman:
The two largest development proposals for Boston’s Winthrop Square have starkly different visions for an overlooked corner of the Financial District. Both developers Steve Belkin and Thomas O’Brien propose 725-foot-tall towers with a substantial allotment of luxury condominiums, reflecting the current market’s hottest category. But their approaches diverge in satisfying the Boston Redevelopment Authority’s requirements for an innovative economic development strategy and new downtown public spaces.
Six developers submitted mixed-use proposals for the 1-acre municipal garage site at 115 Federal St. The BRA will hear presentations from them in coming weeks with a goal of designating a developer by the end of June. That would set the stage for a review under the BRA’s Article 80 process for large developments later this year.
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Current Winthrop Square Office Space for Lease
Boston Properties has plans and approvals to add retail amenities to 100 Federal Street in the Financial District. 100 Federal Street was built in 1971 and renovated in 1992. The building consists of 1,323,000 rentable square feet in 40 stories with 205 parking spaces below grade. Boston Properties purchased the building in October of 2014 for $877.76 per square foot. The building only has availability on the 33rd floor of 20,095 square feet.
Credit: Curbed Boston
According to Curbed, the “commission just signed off on the plans, which include 8,500 square feet of retail, 500 square feet of kiosk space, and an 8,990-square-foot, street-level winter garden under plenty of glass.”
You can read more on the plans on Curbed’s Boston publication.
Credit: Boston Herald
More glass is proposed to head to Boston’s Financial District, with a new atrium planned for 100 Federal Street along with retail and restaurant space.
- Boston Properties purchased 100 Federal Street on March 13th 2012 for $610M
- The building consists of 1,323,000 RSF in 40 Stories with the average floor plate of 28,000 RSF
- 26 Elevators with 2 being freight
- The building was built in 1971
From the Boston Herald:
The designs also indicate plans to convert 69,845 square feet of basement space into parking at the 41-story Financial District tower known as the “pregnant building.”
“We are pleased to be working with the city to transform the plaza outside 100 Federal St. into an enclosed and vital gathering space for the downtown community,” said Bryan Koop, Boston Properties’ senior vice president and regional manager. “The weather-protected atrium … is planned to complement the outdoor space at Post Office Square Park and will be programmed with restaurants and events to bring a more active and lively streetscape to the base of the tower.”
Current designs include 8,500 square feet of retail, 500 square feet for kiosks and an 8,990-square-foot winter garden in an angled atrium with a glass facade.
According to CoStar there are 20 Class A properties that can offer 50,000 square feet or more of contiguous office space in the Seaport, Back Bay or the Financial District (see full chart below).
From the Boston Globe:
Despite Boston’s development boom, big chunks of office space are scarce right now. As of Oct. 1, there were 17 tenants looking for 50,000 square feet or more of top-end office space in downtown Boston, according to real estate firm JLL, and just 11 blocks big enough to house them. That means buildings with room are drawing interest.
Three would-be tenants have proposed leasing all 180,000 square feet that Boston Properties has at 120 St. James, in the base of the old John Hancock Tower, president Douglas Linde told analysts recently. The space PWC left behind for the Seaport, at 125 High Street, also went quick. And Goodwin Procter’s soon-to-be-former home at 53 State has seen strong interest.
One addition to that list may soon be Skanska, offering “brand-new space with all the bells and whistles.”
||Max Building Contiguous Space
|200 Berkeley St
|501 Boylston St
|200 Clarendon St
||John Hancock Tower
|2 Copley Pl
|101 Huntington Ave
|111 Huntington Ave
|31 Saint James Ave
||Park Square Bldg
|1 Beacon St
|1 Federal St
||One Federal Street
|101 Federal St
||101 Federal Street
|160 Federal St
|One Financial Ctr
||One Financial Center
|125 High St
||High Street Tower
|50 Milk St
|50 Post Office Sq
|53 State St
|60 State St
|100 Summer St
|40 Water St
|101 Seaport Blvd