Change could be coming to the Leather District in the form of development.
From Banker and Tradesman:
125 Lincoln St. includes office space on the top floor…The property, occupying an entire block in the transforming Leather District, could be suitable for a mixed-use redevelopment, said Matthew Pullen, an executive managing director for NGKF. Current zoning allows up to 223,880 square feet of development on the site.
The property is 100 percent leased and generates net operating income of $2 million. Leases have landlord termination options that would enable a redevelopment to begin as early as 2018, according to marketing materials.
Credit: Boston Globe
The South Station tower moves closer to reality despite some obstacles. The tower would be built on spec.
From the Boston Globe:
The Boston Planning & Development Agency board approved plans for a 51-story office and condominium tower over the busy rail hub…Development firm Hines would build the tower above the rail shed at South Station, with a lobby along Atlantic Avenue. That lobby would fill in the gap between South Station’s main concourse and its bus terminal, and would expand the bus facilities by 50 percent. It would also expand a parking garage, adding 527 spaces.
Above that, Hines would build 1.1 million square feet of office space and condos in what, at 677 feet high, would rank among the city’s tallest buildings. Later phases would add two mid-rise buildings atop the station.
Credit: Banker and Tradesman
Digitas is on the move, literally; the ad agency DigitasLBi recently signed a lease at 40 Water Street to lease 200,000 RSF.
According to Banker and Tradesman, Digitas has “been shopping for office space for more than two years, with its 200,000-square-foot lease at 33 Arch St. set to expire in 2017. Related Beal is renovating 40 Water St. to make way for open-format offices topped with a 6-story glass addition and tree-lined roof deck overlooking Post Office Square.”
More information is available on B&T.
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.
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.
Credit: Boston Business Journal
The Chinatown section of Boston’s Mid Town is slated to get a new 225 room hotel from Westbrook partners.
According to an article posted on the BBJ, “the site at 73-79 Essex St. is a corner lot at the intersection of Essex and Oxford streets in Chinatown. The existing low-rise building on the property has previously housed industrial, light manufacturing and retail uses, the development team said…The site is located about a block and a half away from the MBTA Chinatown Orange Line stop and two blocks away from the Ritz-Carlton Boston Common at 10 Avery St. and the Hyatt Regency Boston at 1 Avenue de Lafayette.”
Additional details are available on the Bizjournals website, here.