0 Newbury Street Real Estate Goes in ‘Hub Buying Spree’

Posted on January 28, 2015 by Wil Catlin

Credit: The Real Reporter

Urban Meritage closes on another piece of Newbury Street real estate by adding 50,000 rentable square feet.

Bringing its CRE holdings secured here to 11 properties in just 21 months, the partnership of Urban Meritage and Novaya Ventures (UMNV) has taken a giant step forth in purchasing the hulking six-story 126 Newbury St. from its longtime New York owner in an eye-popping $54.2 million deal consummated earlier today. Rudin Management’s trade brings UMNV’s portfolio of assets focused along the famed shopping boulevard to nearly $150 million, blowing past the $100 million level in one fell swoop and giving the firm three prime buildings between Berkeley and Exeter Streets, the latest on the third block up from the Boston Public Garden and next to the second block where UMNV began its platform via the $10.0 million.

0 Faneuil Hall Renovation Detailed

Posted on January 28, 2015 by Wil Catlin

Credit: BostInno

Faneuil Hall is looking to make some changes. A 180 room hotel, freshened up food court and a shake up of existing tenants.

From Bostinno.Streetwise:

The updates to Quincy Market, which include the new retailers, the hotel and more developments, are all part of Ashkenazy’s plan to make Faneuil Hall more attractive to those living in Boston…we also learned that Faneuil’s notorious brick walkways could be repaved with smooth granite, with benches replaced by movable chairs, drastically changing the marketplace’s familiar and historical facade – but making it easier to walk, especially for those in heels.

Past coverage of the impending changes in Faneuil Hall have filtered in from both the Boston Globe(in September) and the New York Times (in early December). While today’s City Council meeting was held in regards to the impact on pushcart vendors in Faneuil Hall, the conversation focused on the many alterations slated for the marketplace. The redevelopment is in its early stages, and some of the proposed changes would require the BRA’s Article 80 review.

0 Back Bay Retail Development Boost Ahead

Posted on January 19, 2015 by Wil Catlin

Retail is getting a makeover in Back Bay. Boston Properties will making some major announcements as it pertains to their new building 888 Boylston Street and the neighboring retail spaces.

From Women’s Wear Daily:

The Shops at the Prudential Center are about to get a major overhaul complements of Boston Properties…Executives there declined to name any of the incoming tenants just yet, but vowed to identify the retailer that has been secured for a nearly 9,000-square-foot space in the mall in the next few months.

The Pru’s food atrium is [also] said to be getting a serious makeover and Boston Properties reportedly will build a grand-scale new building for office space, luxury condos and retail nearby at 888 Boylston Street near Gucci’s current location. As reported, the first Primark store will bow in Boston later this year at Downtown Crossing as part of the multi-million dollar Millenium Tower and Burnham Building development project. Millenium Partners plans to build a 60-story glass tower near where the original Filene’s once stood.

0 Boston Office Market Leads the Nation

Posted on December 4, 2014 by Wil Catlin

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 Boston Office Market is Positioned for Continued Growth

Posted on November 10, 2014 by Wil Catlin

The Boston office and retail market is expected to continue its upward march.

Credit: multihousingnews.com

According to an editorial on MultiHousingNews.com, “developers completed approximately 4.2 million square feet of office space over the last 12 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.”

For a detailed indicator of the Boston office market direction, jump over to the MultiHousingNews website.

0 WeWork Plans Café Across from South Station in Boston

Posted on September 21, 2014 by Wil Catlin

Credit: Bostinno.Streetwise.co

Café owners lookout; a new provider is opening up with its own customer base. WeWork continues to forge ahead and cater to the customer by offering additional services at street level The latest venue is a Café’, by no sense is this a new concept, but it is if you are in the temporary office space business. This fulfills two goals; first more services to its existing customer base. Second; a street level presence to attract new customers. Banking has also seen this in Café 360 by Capital One.

Bostinno.StreetWise.co is reporting a “Small scoop here: In the midst of a Boston expansion, WeWork has also taken street-level retail space in the Hub. The company plans to open a coffee shop at 745 Atlantic Ave., a few floors below its shared workspace in the same building…This sets up a potential barista duel for the hearts and minds of downtown Boston’s startup set. Cambridge Innovation Center, another shared workspace, is also developing a café project on the ground floor of its 60,000-square-foot Boston facility at 50 Milk Street. CIC’s founder and chief executive, Tim Rowe, demurred about a date for its opening.”

The full article details WeWork’s cafe project as well as how it fits in with its larger corporate strategy. You can read it on Bostinno.Streetwise.

0 Downtown Crossing Farmers’ Market: Roche Bros. Can’t Wait

Posted on September 18, 2014 by Wil Catlin

Roche Bros. farmers market in downtown crossing

Credit: Boston Business Journal

The newest tenant to downtown crossing has opened, kinda, even though their space isn’t ready yet. Looking for fresh fruit an vegetables, stop by daily from 10 AM to 6 PM!

Roche Bros. to set up a farmers’ market outside of its coming Downtown Crossing location to introduce itself to the neighborhood until the store officially opens in early Spring, 2015.

According to a news release today, printed in the BBJ, “the grocer is setting up five fresh produce stands outside the historic Millennium Tower/Burnham Building where construction is currently underway on the company’s 25,000 square-foot flagship supermarket. The open-air offerings are scheduled to operate seven days a week, from 10 a.m. to 6 p.m. The produce stands will primarily feature fresh fruits, as well as some vegetables, flowers, and seasonal baked goods. The Roche Bros. team will keep the stands open through October.”

You can read the complete statement and related article on the Boston Business Journal’s website.

0 Boston Harbor Skyscraper Proposal Gets Revived

Posted on June 27, 2014 by Wil Catlin

Is smaller better or is the new mayor now open Chiofaro’s Harbor Garage Proposal? No matter what side of this you are on our waterfront continues to evolve and buildings created decades ago are being razed to make way for new developments that are in line with today’s uses and environmental standards.

Photos from The Boston Globe:

Continue reading →

0 44 Luxury Condos to Line Greenway

Posted on June 23, 2014 by Wil Catlin

rendering of proposed luxury condos on the Boston Greenway

Credit: The Boston Herald

What do you want to see on the Greenway? Are you a fan of keeping the green space or providing more housing, retail and office. This plan calls for market condos and 4,000 RSF of retail space to be added to Boston’s Greenway .

From the Boston Herald:

“A Boston developer is looking to build a 12-story luxury condominium building to fill in one of the missing “teeth” facing the Rose Fitzgerald Kennedy Greenway…Boston Residential Development’s plans for the estimated $40 million India Street project call for 44 condos and some 4,000 square feet of restaurant/retail space on a 7,100-square-foot site that’s now a small parking lot.

The condos would be a mix of one- to three-bedrooms from 600 square feet to 1,750 square feet.“

0 Tower Considered at Back Bay Station

Posted on June 23, 2014 by Wil Catlin

rendering of proposed tower at Back Bay station

Credit: Boston Globe

The Back Bay skyline could see yet another change on the horizon. Plans state that there would be one high rise and at least one mid-rise tower on the site. The present building was designed by Kallmann McKinnell & Wood and opened in 1987. That building replaced the older station that opened in 1928 for New Haven Railroad.

The Boston Globe reported on the considered remodeling of Back Bay Station, nothing “the owner of the John Hancock Tower in Boston is negotiating with Governor Deval Patrick’s administration to renovate and manage the MBTA’s Back Bay Station in exchange for the right to build a towering complex of residences, stores, and offices… [it would include] a skyscraper and at least one other building above the rehabilitated station, which would get a new retail arcade, ventilation upgrades, and a glass facade along Dartmouth Street.”

The full Globe article is available online, here.