Oxford Properties 125 Summer Street is new home for Analog Devices innovation lab. Citing ease-of-access to public transportation as a key influencer in its decision to move to 125 Summer Street in Boston’s Financial District.
From the BBJ:
Analog Devices Inc. is more than tripling the size of its startup incubator and emerging technologies lab in a move from Cambridge to downtown Boston — an expansion that will allow the Norwood-based multinational semiconductor company to hire an additional 80 to 140 workers for its emerging-technology group.
The [125 Summer St.] office provided the best mix of easy access to both the MBTA Red Line — a must for a company with roots at MIT, and an employee base that lives in Somerville and Cambridge — as well as what O’Doherty called the burgeoning startup culture of both downtown and the Seaport.
Credit: Boston Globe
Just because state-owned land near South Station is for sale, it doesn’t mean it will sell. The location is ideal, but the encumbrances make it far less attractive for any suitable bidder.
From the Boston Globe:
“It’s just a particularly complex site by virtue of its location and logistics. And it has a utility plant that needs to be incorporated into your development scheme,” [Curtis Kemeny, a veteran Boston developer who considered buying the site the last time the state tried to sell it, in the mid-2000s] said. “It’s especially complicated.”
The Baker administration used the site — which it dubbed SouthGate — last year to highlight its campaign to sell state-owned parcels to developers, unlocking new sites for housing in crowded Greater Boston and bolstering state coffers with the proceeds.
Transportation is a key driver to a city’s economic success. Former Massachusetts Gov. Michael Dukakis met with Gov. Charlie Baker to discuss a underground rail connection between North and South Station.
“It’s important to understand that both South and North station are getting increasingly congested,” [Former Governor Michael Dukakis] said. “We’re getting perilously close to a point where we’re not going to be able to get any more trains into those stations. Both of them, by the way. The answer from the [MBTA] over the course of the past few years, under administrations of both parties has been that we ought to expand South Station and add another seven tracks. We are paying consultants, even as we speak, to plan that for $1 billion or $600 million for seven tracks—that’s insane. Nobody in the railroad business is expanding 19th-century stations, they’re connecting them. There must be 50 major cities, all over the world, that have the same problem we do, and they’re connecting them. That’s exactly what we should do, not spend any more time on this foolishness about expanding South Station, it won’t solve the problem.”
To get from North Station to South Station, Amtrak and commuter rail passengers must travel through the city via other means— there is no commuter rail directly between the two stations. The North-South Rail Link, proposed by former Governors Dukakis and Bill Weld, would connect both stations, uniting both stations and bringing passengers North, as far as Maine.
South Boston office building at 281 Summer St.
Massachusetts ranks 3rd nationally behind California and New York for 2015 IPO’s from Tech Firms.
The BBJ notes, approximately “588 tech companies across the nation are in the IPO pipeline, running roughly equal to the 590 tech firms that were in the pipeline at this time last year, according to a new report by CB Insight…Massachusetts has the third most tech companies in the IPO pipeline: 44…The top Massachusetts companies include Bit9 of Waltham, Actifio of Waltham, Veracode of Burlington, Simplivity of Westboro, and Dataxu of Boston.”
You can read the full article on the Boston Business Journal’s website, here.
Credit: Boston Business Journal
Temporary workspace provider’s continue to grow to address the demand from the entrepreneurial clientele at 745 Atlantic Street. This comes in addition to news that it will also be adding its first Cafe in Boston at the location.
From the BBJ:
Months after opening a co-working space near Boston’s South Station, WeWork is expanding due to increased demand from startup founders looking to rent workspace in the Boston area. The New York-based boutique office space firm opened its 90,000-square-foot location at 745 Atlantic Ave. near South Station in February and will now add about 600 new desks and 48,000 square feet to that location later this fall. WeWork also has a 50,000-square-foot location in the Seaport District.