0 North Station Tower Complex: Construction Set to Begin Oct. 27

Posted on October 20, 2014 by Wil Catlin

Credit: Boston Globe

North Station’s first new tower is set to break grown. This will add 688,550 rentable square of office and retail.

“The first leg of the 1.9-million-square-foot North Station tower complex, one of Boston’s biggest mixed-use developments, is set to begin construction.
AvalonBay Communities will break ground Oct. 27 on Avalon North Station, a 38-story apartment tower located between the TD Garden and Nashua Street. The project was approved by city regulators in 2013. Plans call for 497 apartments in a 636,550-square-foot structure…The complex also will contain a 306-room hotel, 668,000 square feet of office space, restaurants and retail space including a supermarket. Developers received a $7.8-million, 15-year tax break from the administration of former Boston Mayor Thomas Menino.”

0 Boston Innovation District Multiplies

Posted on October 12, 2014 by Wil Catlin

Boston Mayor Walsh announces 'Neighborhood Innovation District Committee'

Credit: BBJ

Innovation is moving beyond the Innovation District according to Mayor Walsh. This is a great example of taking what has worked and duplicating it in other communities.

The BBJ observed that “Mayor Martin J. Walsh announced on Friday the formation of a ‘Neighborhood Innovation District Committee’ with one purpose: to expand innovation within the city of Boston. A news release states the Neighborhood Innovation District Committee ‘will seek to identify policies, practices, and infrastructure improvements to support the development of innovation districts throughout the city.'”

Additional information on the Innovation District Committee are available on the Boston Business Journal.

0 Boston Office Towers Experiencing Strong Leasing Activity

Posted on September 11, 2014 by Wil Catlin

One International Place in Boston

Some of Boston’s largest office towers have experienced strong leasing activity in either attracting new tenants or renewing their existing ones. Some building highlight are the following commercial spaces:

·         One Financial Center – Owned by Beacon Capital
·         One Federal Street – Owned by Tishman Speyer
·         International Place – Owned by The Chiofaro Company
·         John Hancock, 200 Clarendon Street – Owned by Boston Properties

“A Boston Business Journal analysis of some of the largest towers in the city shows that many are enjoying their highest occupancy rates in years, although the good times haven’t come easy. Financial filings indicate these landlords have been working on overdrive to keep their properties filled, with many having to thread some impressive needles in order to head off or counter major lease expirations before they bite.”

You can view the BBJ’s status update “based on recent loan-servicer filings, on some of the biggest office properties in Boston’s downtown market,” here.

0 Back Bay Office Building Sells to Blackstone for $117M

Posted on August 23, 2014 by Wil Catlin

Blackstone is the suitor for 399 Boylston Street in Boston’s Back Bay for $508.69 PSF. National coverage in Bloomberg, reports “Blackstone Group LP (BX) agreed to buy a 13-story office building in Boston’s Back Bay district for $117 million, seeking to increase income by re-leasing space in a strong market, said two people with knowledge of the deal…The seller of 399 Boylston St. is Shorenstein Properties LLC, which has owned the building since 2007…The brick-and-glass property, built in 1983, has about 230,000 square feet (21,400 square meters).”

399 Boylston St. office building in Boston

Credit: Shorenstein Properties

Follow the link to read Bloomberg’s article on the sale of 399 Boylston Street.

0 Parking App Haystack Gets Boot by Boston City Council

Posted on August 23, 2014 by Wil Catlin

Credit: ExpiredMeter

Information is power, but the Mayor’s office has shut down Haystack in the city of Boston.

Eric Meyer, CEO of the Baltimore-based company, offered a statement in reaction to the vote, which was posted on the BBJ:

“Although we think that Ordinance 1310 should not apply to Haystack (as Haystack does not sell, lease or reserve public parking spots), it seems clear to us that City Council has passed Ordinance 1310, at least in part, to challenge and end Haystack service in the City of Boston. We believe that taking actions against new ideas and passing legislation based upon hypothetical concerns that have not materialized in the actual implementation of the Haystack app is premature and does nothing to help solve Boston’s acknowledged parking issues. The passage of this ordinance is a step in the wrong direction for parking innovation, and for innovation of every kind. Nonetheless, it is our company’s mission to solve parking issues collaboratively. Accordingly, Haystack will suspend service in Boston this week until further notice in the hopes of engaging with the Office of New Urban Mechanics and local lawmakers to identify a modified approach to parking issues that can be supported by City Hall.”

0 Newton Among Top 10 MA Cities in Growth

Posted on July 11, 2014 by Wil Catlin

Despite being one of the oldest states in the country, Massachusetts is always inventing itself and continues to draw new residents and new businesses each year. According to a study done by NerdWallet to determine the top 10 cities on the rise throughout Massachusetts, Newton ranks in third with a 66.2% overall growth score from 2009-2012. With the indication that these numbers will steadily increase, it is believed that Newton will continue to grow and add new residents and businesses throughout the coming years. Commercial real estate agents will continue to stay active as an increase in businesses throughout the area will begin looking for Newton and Needham Office space.

Credit: NerdWallet