Photo Credit: innovationdistrict.org
The Innovation District continues to attract tenants from other markets despite increased rates and dropping vacancy.
The Boston Globe reports “the law firm Finnegan, Henderson, Farabow, Garrett & Dunner is the latest business to join the exodus from East Cambridge to Boston’s growing Innovation District.”
Further property details, along with the additional information on the firm, are available at The Boston Globe online.
Where is the best value for office space in Boston? The Financial District, rents are 20 percent below Back Bay with vacancy rates at 14.9 percent.
Banker & Tradesman reports that a “six-quarter streak of positive absorption in Boston’s Financial District has increased occupancy there by 848,000 square feet…Back Bay rental rates are now at a record 20 percent premium over asking rates in the Financial District.”
Further analysis is available at Banker & Tradesman.
More boots to Newbury Street; the nation’s oldest continuously operated footwear brand, Frye Boots, is opening their 2nd U.S store on the corner of Newbury and Gloucester.
The Boston Globe is reporting that Frye Co. “plans to open a three-story flagship store on Newbury Street next spring. It will take over the space formerly occupied by Charley’s restaurant, which closed Sunday after being unable to negotiate a new lease with the building’s owner.”
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What’s changing in Post Office Square? The $40 million renovation of the former Verizon building at 185 Franklin Street which is a joint venture between Commonwealth Ventures and Kennedy associates.
A report in the Boston Business Journal confirmed the news, stating that “a$40 million renovation is set to begin on the former Verizon building at 185 Franklin St. in Boston’s Financial District.”
More information is available at the BBJ website.
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Since Commonwealth Ventures has secured State Street for Channel Center their next focus will retail and rental apartments to cap off their 13 year project.
A report in The Boston Herald notes that “the State Street office project may effectively cap off Channel Center, but the developer still has work to do to bring more residents and retailers into the Fort Point Channel complex…renovations will begin soon in two buildings to create 39 apartments, 33,000 square feet of office space and additional storefronts.”
More information is available in the Boston Herald’s coverage of the Channel Center.
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Strong job growth continues in the Seaport District. Catalina will be triple its size when its move to 75,000 of space at 24 Farnsworth Street. Market rents have shot up in the past 18 months with Class B pricing now just over $40 per square foot.
Boston.com is reporting that the “Florida-based technology company is moving to Boston’s Seaport District, where it intends to triple its number of employees over the next several years.”
For more information, jump over to Boston.com for the full report.
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One Channel Center has secured its $170 million construction loan to build State Street’s 500,000 square foot headquarters. The Seaport continues to be a destination for companies both big and small with rents now firmly over the $40 asking price.
Dailyfinance.com reports that HFF “has arranged a $170 million construction loan for One Channel Center, a 500,000-square-foot office building currently under development by AREA Property Partners and Commonwealth Ventures in Boston’s Seaport District.”
For more on the transaction, continue on to dailyfinance.com’s full report.
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Photo Credit: Thomas Grillo, Real Estate Editor, Boston Business Journal
Another building in Boston achieves 100 percent occupancy in Boston’s Financial District.
According to the Boston Business Journal, “McKinsey & Co, a global consulting firm, is taking 35,000 square feet on 1 1/2 floors in Boston Properties’ 31-story glass tower..[while] Altisource, a mortgage services company, has also negotiated a deal to take nearly 12,000 square feet in the building.”
The two leases combine to bring occupancy of the Financial District building up to 100 percent.
Read the complete article on the Boston Business Journal’s web site.
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After years of delay and political wrangling the Boston Redevelopment Authority has approved Millennium Partners new towers at the formers Filene’s site.
Read our complete coverage of Millennium Tower Boston on our corporate site, BRAdvisors.com.
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Liberty Mutual’ s new Back Bay headquarters ranks third among the 10 largest construction project currently underway.
The new address, known as 157 Berkeley street will look like the follow sketch:
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