Category Archives: Financial District Boston Office Space

0 125 Summer St. Poised for ‘Big Upgrade’

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Summer Street commercial real estate in Boston

Credit: BBJ

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

0 Multiple Winthrop Square Proposals Under Consideration

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Rendering of Winthrop square development

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.

Related Property Listings
Current Winthrop Square Office Space for Lease

0 100 Federal Street Adding Restaurant and Amenities

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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.

Rendering of redevelopment at 100 Federal Street

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.

0 Modifications and Atrium Planned for 100 Federal Street

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atrium_100_federal_street_boston

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.

 

0 Boston Class A Office Space with at Least 50k Sq. Ft. Draws Interest

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101 seaport blvd boston

Credit: Skanska

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.”

Building Address Building Name Submarket Name Max Building Contiguous Space
200 Berkeley St Berkeley Bldg Back Bay                                    50,266
501 Boylston St Back Bay                                    62,644
200 Clarendon St John Hancock Tower Back Bay                                  121,989
2 Copley Pl Tower 2 Back Bay                                  122,606
101 Huntington Ave Back Bay                                    60,858
111 Huntington Ave Back Bay                                    70,191
31 Saint James Ave Park Square Bldg Back Bay                                    91,000
1 Beacon St One Beacon Financial District                                  105,786
1 Federal St One Federal Street Financial District                                    55,038
101 Federal St 101 Federal Street Financial District                                    69,873
160 Federal St Landmark Financial District                                    54,221
One Financial Ctr One Financial Center Financial District                                    59,106
125 High St High Street Tower Financial District                                    78,034
50 Milk St Financial District                                    39,644
50 Post Office Sq Financial District                                  117,200
53 State St Exchange Place Financial District                                  382,332
60 State St Financial District                                    57,897
100 Summer St Financial District                                  115,402
40 Water St Congress Square Financial District                                  363,834
101 Seaport Blvd PricewaterhouseCoopers Seaport                                    77,646

 

0 Boston’s Office Building Boom is Centralized

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200 Clarendon Back BayLast week I took a tour of the 48th floor at 200 Clarendon Street with Wayland Club Scouts, hosted by Patrick Mulvihill  of Boston Properties, and “wow” was the comment echoed by all the scout’s and their parents.  Now, the floor was completely shelled out with nothing but a cement floor, deck above and exterior windows. It was a great experience and the perfect perch to see how our city is growing vertically.

The growth, however, is consolidated in a few central areas – all of which were perfectly visible from the 48th floor.

From Curbed:

“Tim Logan broke down recent numbers from the Boston Redevelopment Authority that show 83 major projects going up in 19 of the city’s 25 neighborhoods for a total cost construction-wise of around $7 billion. “Yet they’re concentrated in a relative handful of places. About $4 billion worth of the construction — it includes everything from housing to hotels to new storefronts — is taking place in just three neighborhoods: the Seaport, downtown, and the Back Bay. Count the number of projects, and nearly a fourth are in two neighborhoods: South Boston and the Fenway.”

 

0 Putnam nearing HQ move in Boston’s Financial District

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100 Federal St. Boston office building

Credit: BBJ

Putnam appears to be in the final throws of swapping one side of Post Office Square for another and leaving their address of 1 P.O. Square that they have had since 1981.  Why move and why move now?

A number of reason play into this from how office space is used to overall economics.

According to the BBJ, “Putnam is close to signing a lease for 275,000 square feet of space at 100 Federal St. and vacating its offices a short walk away in PO Square…at One PO Square, Putnam occupies multiple floors and has lobby-level signage…The fund manager has more than 800 employees at the location, a workforce that includes its primary investment and trading operations as well as its senior executive team.”

You can read additional details on Putnam’s move on the Boston Business Journal.

0 Microsol Announces Expansion, Move to Boston Financial District

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Microsol logoRyan Hurd of Boston Realty Advisors assisted Microsol with their Boston expansion.

From PR Newswire:

Microsol Resources Corporation, an Autodesk Platinum Partner and a recognized leader in CAD and BIM Solutions serving the architectural, engineering and construction industries, is pleased to announce the move of its Boston office to a new location in the heart of the Financial District. Located on the tenth floor of 2 Oliver Street, the new facility features a state-of-the-art training center, capable of handling classes of up to 10 students.

“With the expansion and move to our new office at 2 Oliver Street we will be able to increase our ability to support the growing number of clients we have, not just in Boston and the Boston Metro area, but also in New England in general,” said Emilio Krausz, President, Microsol Resources. “We are now just a short walk away from the offices of many of our current and future clients and from South Station.”

0 ‘Jewel Box’ Building at 15 Broad Street goes up for Sale

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15 Broad Street in Boston Financial District

Credit: Pinterest

Trades continue to take place in the Class B office sector with 15 Broad Street coming to market.

From The Real Reporter:

“the 73,500-sf “jewel box” building that is 100 percent occupied and has a cachet one observer terms “exceptional,” so much so that market estimates are putting the anticipated price range for an exchange around $475 per sf, which if accurate would be in the range of $35 million…As to pricing prospects, the concept of a deal around $475 per sf is bolstered by a similarly sized trade of another nearby asset in May when JLL delivered its client $479 per sf on the sale of One Milk St. to Midwood Investment and the $438 per sf Capital Properties paid to ELV Associates via Cushman & Wakefield a month before that for 66 Long Wharf, a 77,600-sf waterfront building blocks from Broad Street that carried a capitalization rate of 5.0 percent. “I could see that,” one downtown specialist says when asked if 15 Broad St. could even eclipse that $34.0 million outcome. The industry veteran looks more to the building itself for that conclusion, citing its proven appeal to small- and medium-size companies who have 15 Broad St. filled to the rafters with leases ranging from under 1,000 sf to a 14,300-sf pact involving the top two floors that runs to March 2024.”

0 New Financial District Eatery: Serafina

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Serafina restaurant in Boston Financial District

Credit: Boston Globe

10 High Street in Boston’s Financial District is home to a new eatery, Serafina.  Fresh, modern Italian cooking.

At a glance, courtesy of the Boston Globe:

What
Some 30 black-and-white stills from Federico Fellini films, placed throughout the Financial District Italian restaurant.

Whose idea
Restaurant designer Petra Hausberger of Brookline’s Somerton Park Interiors wanted to festoon Serafina with shots from Fellini movies like “La Dolce Vita” and “8½” because they would “engulf the space in fantasy and glamour.” Helpfully, a close friend is an archivist at the Academy of Motion Picture Arts and Sciences in LA. Hausberger was sent digital copies of the stills, many of which feature actress Anita Ekberg.

Contact
10 High St.
Financial District, Boston
617-426-1234
Serafinaboston.com