Category Archives: Office Tower Boston

0 Cambridge Street Tower Nets Close to $50m for the Commonwealth

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office space in boston at 100 Cambridge Street

Click on the image to view property details on 100 Cambridge Street in Boston

100 Cambridge Street is under agreement to be sold by the Commonwealth of Massachusetts.

The Boston Globe published details on the sale, noting  “MassDevelopment has found a buyer for its ground lease at 100 Cambridge St…Mark Sternman, a spokesman for MassDevelopment, declined to disclose the total sale price or the buyer, citing the fact that the deal has not yet been completed. He said the fully occupied tower includes 565,000 square feet of office space and 35,000 square feet of retail space…MassDevelopment redeveloped the tower and reopened it in 2004. The agency regularly received more than $20 million a year in lease revenue from the tower, reporting nearly $23 million for 2013.”

100 Cambridge Street Building Specs
• RBA:  565,157 SF
• Office:  530,618
• Retail:  34,539
• Stories:  22
• Typical Floor:  25,255
• Year Built:  1965
• Year Renovated:  2004

Partial Tenant List
• Ac Ppa Holdings, Llc
• Advance Auto Detailing
• American Student Assistance-Financial
• Barron & Stadfeld, P.C.
• Bright Horizons Family Solutions
• Brooks Pharmacy
• Cannon Designmove
• Citibank Llc
• Department of Revenue
• Dewey Square Group
• Dunkin Donuts
• ECG Management Consultants, Inc
• Energy and Environmental Affairs
• Mass General Hospital Corp
• Life Solutions Group
• Masiphumelele Corporation
• Massachusetts Clean Energy Center
• Miller Wachman LLP
• Penn Mutual Life Insurance
• Prince Lobel Tye LLP
• Rite Aid

 

0 Boston Office Market Leads the Nation

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office market trends in Boston

Charts courtesy of Marcus & Millichap via MHN Online

Boston continues to lead the nation with one of the most stable office markets which is due to a strong local economy.

Research data from Marcus & Millichap, published on MultiHousingNews.com, reaffirms this claim:

“Over 38,500 jobs were created in 2013 in the city, increasing payrolls 1.5 percent. By the end of 2014 employers will add 40,200 new jobs, of which 14,000 will be office-using positions—a 2 percent increase from last year…Developers completed approximately 4.2 million square feet of office space over the last twelve months as compared to merely 1.4 million square feet in the previous year. Around 5.2 million square feet currently under construction in the metro area is expected to come online throughout 2016.”

“According to Marcus & Millichap, approximately 3.2 million square feet of office space is set for completion by the end of 2014—a 1 percent increase from 2013—with new inventory being heavily concentrated in the Boston/Suffolk County and Route 128 North submarkets.”

You can read the full report on MHN Online.

0 Spec Office Construction Coming to Boston

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Boston Spec SuitesSpec office construction is coming to Boston In 2015 – for who?  Well, not for the smaller companies, their footprint would be far smaller than the new construction Class A can accommodate.  The recent 4 quarters has seen a tremendous migration to the Financial District from the Seaport and East Cambridge for the value oriented office tenant.  Rent within the Class B market still fall within the mid to upper $30’s per square foot.

Banker & Tradesman offers some perspective on the market shift in downtown Boston, noting “the office market continues to recover from the 2008 downturn because of an expanding tech sector and relocations of companies from Cambridge and the suburbs. Recent acquisitions of trophy office towers in Boston and Cambridge reflect the continuing interest of foreign investors seeking higher yields than government bonds, panelists said. In 2015, office investment sales are expected to slow, but overseas investors will continue to put money to work in Greater Boston, said Jessica Hughes, a managing director for JLL.”

You can read the B&T report, here, or check out our analysis of Boston Spec Suites.

0 Sales of New Boston Office Towers to Boost Rent Prices

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Office space for rent in Boston

Credit: Banker&Tradesman

Office rents will continue to rise and I expect this to continue through 2015 and into 2016.  The buyers of the recent office buildings will be looking for their return on investment and that will come from increasing the price per foot they charge tenants.

Banker & Tradesman reports the stage was set “for the big rent hikes to come has been a frenzy of office tower sales in the Financial District, Back Bay and Seaport over the last six months…More than 5.5 million square feet of office tower space changed hands or has been placed under contract between July and September, Collins and Regensburg note in a piece for the New England Real Estate Journal. Another 4 million square feet has hit the market or is about to.”

Additional details on the new office towers and projected office rent rates is available on Banker&Tradesman’s website, here.

0 Boston Harbor Garage Towers Discussion Continues

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Rendering of the proposed towers at Boston Harbor Garage

Credit: Bostinno/Streetwise

How many towers can the 1.3 acre site on the waterfront support?

Graphic renderings of the proposed Boston Harbor Garage towers were recently unveiled; the towers would replace the Harbor Garage on India Street.

From Banker & Tradesman:

“‘They told us that being allowed to build that much would be considered a valuable business opportunity by any experienced developer,’ Lee Kozol, chair of the Harbor Towers Garage committee, said in a statement. The economic analysis has been submitted to the Boston Redevelopment Authority, which is reviewing conceptual plans for the project…for the project to go forward in its current form, the BRA would have to waive maximum height and minimum open space limits for waterfront developments.”

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

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rendering of North Station tower

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.

From Banker & Tradesman:

“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 New Office Tower Proposed for Boston Financial District

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The skyline in Boston is getting some more airtime in Boston Financial District.  The parcel of late is the shuttered garage between Federal Street and Devonshire Street.

boston skyline

Credit: cognoscenti.wbur.org

According to Wbur.org, “entrepreneur Steve Belkin is again pushing a bold proposal for a new skyscraper in Boston’s Financial District. Somewhat more modest than previous designs, the still impressive building would stand 740 feet tall and feature a hotel, shopping venues, office space and, if permitted, 150 new condominiums.”

Details on the proposed tower in Boston’s Financial District are available on wbur.org.

0 101 Seaport Boulevard Set to Open Oct. 2015

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New office tower in Boston Seaport

Credit: Banker&Tradesman

The Seaport office marker continues to grow with 101 Seaport Boulevard scheduled to host its new tenant PwC in October of 2015.

Banker and Tradesman observes, “construction crews from Skanska and its subcontractors attended a ceremony Tuesday as the final steel beam was placed atop the structure to complete the framing phase of the project…The parcel is part of the 23-acre Seaport Square development that is permitted for 6.35 million square feet of residential and commercial development. Skanska acquired the one-acre 101 Seaport parcel for $33 million from Morgan Stanley and Boston Global Investors in 2012.”

The full B&T article is available here: Aggressive Timetable For PwC Tower In Seaport

 

 

0 888 Boylston Street to Bring New Office Space to Back Bay

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office_space_on_boylston_st_back_bay

Credit: Bisnow

888 Boylston Street will offer the newest office space in Back Bay in 10 years. This building will have a strong green initiative that will incorporate onsite solar and wind power generation. Additionally, “those working in this mid-rise will have enough natural light 60% of the time to forgo artificial lighting thanks to 14-foot ceilings and other technology. It will use 37% less potable water and 45% less energy than a traditional office. Bryan…who has a long time commitment to sustainability, says in addition to solar-energy generated on-site, this will be Boston’s first commercial office tower to use wind turbine energy,” Bisnow reports.

Click through for additional details on the proposed newest Back Bay office building.