0 40 Broad St. in the Financial District Sells for $110m

Posted on May 24, 2013 by Wil Catlin

40 Broad St. in the Financial District, Boston

Photo Credit: The Boston Globe

The Financial District in Boston sees another Class B trade; the lucky bidder was TIAA-CREF. Now all eyes move to 50 Congress Street as final bids are due next week.

An article today on The Boston Globe’s website, reporting on the sale of 40 Broad St., notes the larger trend, “prices on high-end commercial properties in Boston have shot up since the end of the recession. In January, the 12-story tower at 11 Beacon St. fetched $34.9 million — just three years after it sold for $16 million. Late last year, the rehabbed 11-story building at 2 Oliver St. went for $52 million. Its previous sale two years earlier was for $10 million.”

Follow the link to read the Globe’s full article on the sale of 40 Broad St.

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Office Space for lease in the Financial District

0 40 Broad Street Under Agreement

Posted on May 3, 2013 by Wil Catlin

40 Broad Street office building in the Boston Financial District

Photo Credit: Boston Business Journal

The Class B office market continues to see trades within the Financial District; 40 Broad will be traded for $378 PSF. The Financial District has seen tremendous absorption over the last 4 quarters within the Class A low and mid-rise space and Class B assets. Current vacancy is just below 10 percent overall.

“Located on a city block near the Rose Fitzgerald Kennedy Greenway, the largest tenant is advertising agency Mullen Communications which leases 105,000 square feet. About 25,000 square feet is available on the seventh floor, and nearly 12,000 square feet of retail space is available at Broad and Milk streets,” reports Thomas Grillo, real estate editor at the Boston Business Journal.

Follow the link to read the full BBJ coverage of the sale of 40 Broad St.

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Boston Financial District Office Space for Lease

0 Fidelity Puts Four Boston Office Properties Up for Sale

Posted on March 19, 2013 by Wil Catlin

office building at 82 devonshire street in Boston financial district

Photo Credit: Boston Herald

Will the Financial District be home to a new office tower? There is some speculation that the headquarters of Fidelity will be raised to make way for new construction.

Banker & Tradesman is reporting, “the real estate arm of Boston-based Fidelity Investments is putting four Boston office properties and a small land parcel in the city’s Financial District on the shopping block. The contiguous block of assets totals 343,000 square feet of space and includes 82 and 68 Devonshire St., 19 and 15 Congress St., and the land parcel at 54 Devonshire St.”

Details on the potential redevelopment site are available on the Banker & Tradesman website.

0 Boston Office Spaces: Rent and Construction Climbs in 2013

Posted on March 13, 2013 by Wil Catlin

The price per square foot for office space in Boston is headed up in all sub markets and in all building classes. Last year many areas rebounded while others continued to lag behind. 2013 marks the change; with demand strong, rents will continue to rise.

A Boston Business Journal report on the 2013 market growth, referencing a Jones Lang LaSalle’s Spring Skyline Review, notes, “Boston is seeing favorable trends in demographics and exposure to growth sectors…The Hub’s downtown submarkets appear to be entering a new chapter in each of their respective history books with the Financial District seeing results in filling up the low-rise portions of towers, as well as a transformation into a true work-play-live submarket.”

For more information perspective on the national office market, read the BBJ’s Supply and demand to tip scales in 2013.

Related Commercial Real Estate Listings
Current office space available in Boston

0 Facebook Interested in Cambridge Office Space

Posted on March 7, 2013 by Wil Catlin

Is Facebook returning to its roots? The Kendall Square office market is vacancy rates at a record low with Class A rents in the $50’s per square foot.

An exclusive report on the Boston Business Journal quotes a source with knowledge of Facebook’s growing interest in Cambridge office space, “they want to have a larger footprint here…they want to be near MIT to recruit staff and they want to be next to similar firms.”

The article also notes that Facebook currently has four employees in a temporary office space at 711 Atlantic Ave. in Boston’s Financial District.

For additional details on Facebook’s search for Cambridge office space, click through to the BBJ exclusive.

0 Is One Lincoln Street Stagnation a Sign of Larger Trend?

Posted on March 5, 2013 by Wil Catlin

State Street Financial Center at 1 lincoln

Photo Credit: Boston Business Journal

The office market is in the midst of an upswing as it pertains to rents, but from the value side, buyers are cautious. Have we peaked or is there more to come?

The Boston Business Journal article reported on the relative stagnation, noting that “twenty months after One Lincoln Street — also known as the State Street Financial Center — was put up for sale, the skyscraper remains on the market for $1.15 billion.”

Follow the link to read more about One Lincoln Street.

0 Jos. A. Bank Signs Lease in Boston Financial District

Posted on February 25, 2013 by Wil Catlin

Office building at 70 Franklin Street in Boston

Photo Credit: Boston Business Journal

Men’s clothing retailer Jos. A. Bank has moved in the retail space on the corner of Franklin Street and Arch Street in Boston’s financial district.

According to an article on the Boston Business Journal, the fashion retailer “has signed a 10-year lease for nearly 5,000 square feet at 70 Franklin St. in Boston’s Financial District.” Additional details on the space and terms of the agreement are available on the BBJ.

To view available commercial real estate listings in Boston’s financial district, follow this link.

0 Startup Launchpad, Bolt, to Stake HQ in Boston’s Financial District

Posted on February 22, 2013 by Wil Catlin

The newly funded venture, Bolt, has found a home at 110 Chauncey Street in Boston’s Financial District.

According to an article on the BBJ, “the Boston program aiming to launch new hardware startups, has raised $3.52 million in funding.”

0 Fidelity’s Financial District Office Space On the Market

Posted on February 8, 2013 by Wil Catlin

office building at 82 Devonshire street in the financial district in Boston

Photo Credit: affordablehousinginstitute.org

82 Devonshire St. in an iconic address in Boston as well as money managements circles worldwide. As I was walking past the building yesterday and client of mine commented on how he used to make sales calls there many years ago, I replied, I did as well. Many decisions have been made there that have guided Fidelity to the beacon of success that it is known as today. In the near future the ownership will change along with the occupants.

A Boston Business Journal article notes that the investment company, “has reportedly hired a real estate broker to market its former headquarters at 82 Devonshire St. in Boston’s Financial District for sale or lease.”

More details can be found on the BBJ, here.

0 Boston Commercial Real Estate Market Starts 2013 Strong

Posted on February 5, 2013 by Wil Catlin

The office market is strong within greater Boston and hasn’t this active with positive rent growth and absorption since 2007. This is due to a couple of components; flight to quality, migration to Boston from suburban markets, new companies entering the market and companies within Boston expanding.

The Boston Business Journal notes, the strength of the market; “greater Boston’s office market achieved more than 2.8 million square feet of positive absorption last year, the strongest showing since 2007”

Specific areas of growth in the Boston office market are detailed on the Boston Business Journal’s article, here. Alternatively, follow the link to preview available office space for lease in Boston.