0 40 Broad St. for Sale

Posted on February 2, 2013 by Wil Catlin

Photo Credit: Boston Business Journal via Jones Lang LaSalle

The Class B market continues to see assets brought to the sales market. 40 Broad Street, is the latest; it last traded in 2006 for $174.84 PSF and we will see how the market receives it today.

According to a report by Thomas Grillo on the BBJ, “Pearlmark bought the building from Prudential Real Estate Investors in 2006 for $50 million. Brokers say the sale could fetch twice that.”

Details on the property are available on the Boston Business Journal.

0 Leasing Agreement and Construction Activity at Filene’s Site

Posted on January 31, 2013 by Wil Catlin

Construction site at Filene's in downtown Boston

Photo Credit: Boston Globe

The stock market recently closed at levels just above the market high of December 2007, which points to our national recovery. Locally, the hole in the ground — formerly known as Filene’s in Downtown Crossing — should soon be filled in, as our economy continues to grow out of the hole created in 2008.

The Boston Globe notes the importance of the hub landmark, “the Filene’s redevelopment is crucial to the broader campaign of revitalizing downtown Boston and its shopping district. Positioned at the center of Downtown Crossing, it would bring an influx of new residents and stores to an area that has just begun to shrug off a reputation as a second-rate retail destination.”

Jump over to the Boston Globe for more information on the impending leasing agreement and restart of construction at Filene’s. Alternatively, click through to view office space for lease in the downtown area.

0 Two Liberty Square in Boston’s Financial District Sold for $18M

Posted on January 15, 2013 by Wil Catlin

Two liberty square office building in boston's financial district

Photo: courtesy of Jones Lang LaSalle via Boston Business Journal

Another Class B Financial District office building is said to have traded hands; 2 Liberty has reportedly been acquired by Urdang.

Coverage on the Boston Business Journal offers the following background on the building:

“Built in 1913, the 64,357-square-foot boutique office building was designed in the Beaux Arts style by Peabody & Stearns. It was renovated in the 1990s and combines historical architecture with modern infrastructure. It is located near Post Office Square, Faneuil Hall Marketplace and the Rose Fitzgerald Kennedy Greenway. The property is 81 percent occupied with nine tenants, according to brokers.”

0 ‘Vibrant’ Retail Plaza Considered in Post Office Square

Posted on January 11, 2013 by Wil Catlin

Plaza at 100 federal st in boston's financial district

Photo Credit: John Tlumacki via Boston Globe/Boston.com

Boston Properties is mulling options on how to integrate retail amenities and a host of restaurants into the tremendous presence in the Financial District, at 100 Federal Street.

Boston Globe writer, Casey Ross, wrote on Boston.com, “the project at 100 Federal St. is still in its preliminary stages. But owner Boston Properties Inc. is seeking to create a more vibrant gathering space by adding new retail offerings at the base of the tower, which stands across from Post Office Square Park…The company is weighing several different options, including enclosing a portion of the plaza in a glass structure for restaurants and food-oriented retail businesses.”

Complete details of the potential Financial District renovations are covered on Boston.com via BostonGlobe.com.

0 Brown Brothers Moves Offices to 50 Post Office Square

Posted on January 10, 2013 by Wil Catlin

Rendering of 50 post office square boston

Photo Credit: Elkus Manfredi Architects via the Boston Globe

As the vacancy rate in the Financial District continues downward tenants seek out opportunities of value. Case in point, Brown Brothers is moving its offices to 50 Post Office Square. Brown Brothers took this opportunity to consolidate its workforce into one location and capitalize on a building that has been owner occupied since its construction in 1947.

The Boston Globe notes, “Brown Brothers Harriman & Co., the oldest privately held financial institution in the country, is moving to a historic building in Boston’s Financial District, signing one of the largest leases in the city in recent years.”

Additional details on the lease are available on the Boston Globe online.

0 Financial District Shows Improvement; Seaport Reigns Supreme

Posted on January 8, 2013 by Wil Catlin

The office market continues to tighten, but the best value opportunities still exit in the Financial District with Class B Rents in the low to mid $30’s.

Banker and Tradesman reports that “Boston’s Financial District registered a vacancy rate of 11.9 percent at the year’s end, an improvement of four percentage points over the year.”

Additional details are available on the Banker and Tradesman website.

0 Arnold Worldwide Considers Relocation To Filene’s Building in Downtown Crossing

Posted on January 4, 2013 by Wil Catlin

Photo Credit: Banker & Tradesman

Will they or won’t they? If Arnold Worldwide takes the plunge, it would be great move for the community; bringing a large workforce to the once famed Burnham building that has been vacant for years. With market rents in the Financial District hovering about 15 – 20 percent below Back Bay, this could create an interesting domino effect.

According to an article on Banker & Tradesman, “a marquee anchor tenant like Arnold for the property known as the Burnham building could be the golden ticket project developer Millennium Partners needs to secure financing and start construction of a 625-foot, 600-unit residential skyscraper adjacent to the Burnham.”

0 Downtown Crossing to Get Posh Walgreens

Posted on December 14, 2012 by Wil Catlin

Rendering of Walgreens in Downtown Crossing, Boston

Credit: Walgreens

How times have changed in our neighbor drugstore; from a soda fountains to sushi.

The Boston Business Journal reports, “contractors are at work restoring a portion of the building that once housed the bookstore and the historic Boston Five Cents Savings Bank. The new space in the former bank will feature marble and limestone walls, dark wood paneling and a porcelain floor. The store is one of three such Walgreens stores in the country. The others are in New York and in Chicago.”

For more information, click through to the BBJ’s article.

0 Boston Address A Strong Lure for Prospective Employees

Posted on December 14, 2012 by Wil Catlin

Tenants continue to migrate downtown from neighboring submarkets as well as the suburbs. Downtown rents offer a great value combined with a strong talent pool and great area amenities. Employers are finding that a Boston address has become what today’s prospective employee values when seeking out job opportunities.

Available Downtown Office Space
Boston Commercial Real Estate Listings

0 MassDOT: The Development Prevention Team?

Posted on December 10, 2012 by Wil Catlin

If history is any clue into the future, it would be safe to assume that MassDOT is on the development prevention team. Many of these projects, such as this, provide a necessary “Bridge” between two neighborhoods of our city. For example, the suppression of the Central Artery and the creating of the Greenway links the North End and Waterfront with the Financial District.