Photo Credit: Boston Business Journal
The Class B market continues to trade with the Seaport District to have new buyers, including Synergy.
According to the BBJ, Synergy’s recent acquisitions include, “319 A Street, a 48,000-square-foot office building, 327-337 Summer St., a 106,000-square-foot office building, and the 657-space Necco Street Garage.”
Full coverage of Synergy’s acquisitions is available on the Boston Business Journal
Photo Credit: Boston.com
The Seaport/Innovation area or district has an opening in June that serves food and beverages, but won’t be on Zagat’s list. The Innovation Center has been created for startups to have an place outside of their garage or apartments to move their idea to the next step.
The Boston Business Journal reports, “the one-story facility designed by Boston architect David Hacin is the first sign of life within the 23-acre Seaport Square mixed-use development being developed by John Hynes’ company Boston Global Investors and Morgan Stanley. When completed the project will a feature 6.3-million-square-foot neighborhood with apartments, offices, shops, a hotel and parks.”
For further details on the opening of the Seaport Innovation Center, follow the link to the BBJ
281 Summer St. in Boston’s Seaport
The Seaport continues to attract new construction in different production classes. Apartments and a hotel is the newest looking for approval.
The BBJ notes, “Madison Properties is seeking approval for a 22-story apartment tower that would include a 12,900-square-foot lobby with retail, and innovation space. The apartments would be a mix of studio, one-, two-, and three-bedroom units and parking for 132 vehicles.”
For more information on the proposed development, follow the link to the Boston Business Journal’s article: Seaport Apartments Proposed
Related Commercial Real Estate Listings
Available Office Space for lease in Boston Seaport
Photo Credit: Elkus Manfredi Architects (via Boston Globe)
The Boston Seaport, one of the hottest office markets nationally, continues its transformation with plans to build a pair of 22-story towers on Seaport Boulevard.
The Boston Globe posted an article earlier this morning, revealing, “a deal is emerging to build one of the South Boston Waterfront’s largest developments: a pair of 22-story towers on Seaport Boulevard that would include up to 800 apartments and a 300,000-square-foot retail and entertainment complex. The towers would be among the first major buildings at the long-planned Seaport Square project, a 23-acre complex that would eventually replace the district’s sea of parking lots with residences, office buildings, stores, restaurants, and public parks.”
The Boston Globe’s website offers additional details on the Seaport Square Project.
Related Office Space Listings
Boston Seaport Commercial Real Estate
The Seaport continues to attract tenants and residents as well as investors that want to partake in one of Boston fastest growing markets.
Biznow interviews various tenants and investors to get their direct take on the transformation of the Seaport and Innovation District. You can also jump over to our submarket overview of the Boston Seaport for more information on what the neighborhood offers local businesses.
Relevant Office Space Listings
Commercial Real Estate for Lease in Boston’s Seaport
After just attending the Bisnow 2nd Annual State of the Seaport District it is very clear that small business are in fact leading the recovery. Dave Greaney, president of Synergy Investment, who’s company caters to these firms, has seen an impressive upswing in new tenants gravitating downtown and specifically to the Seaport/Innovation District. Rents have risen more than 50% in the last 24 months and are expected to continue to climb.
The Boston Globe reports, “From a bread maker in Andover to an auto parts maker in New Bedford, small businesses are reporting growing demand, increasing sales, and an improving outlook.”
More information on the Boston recovery is available on the Boston Globe website.
Will landlords in the city of Boston start construction projects without a tenant in hand? The market is significantly different than it was a few short years ago and the Seaport has evolved into a destination location.
A Bloomberg editorial paints a glowing portrait of the flourishing Boston office market: “Boston’s real estate market, often overshadowed by the skyscrapers of New York and government-fueled growth in Washington, is seeing a boom in construction as developers financed with cheap debt seek to profit from a growing workforce of educated young adults and strength in the technology and life-sciences industries. The office-vacancy rate is among the lowest of major U.S. markets and tenants are occupying new space at almost triple the national average.”
Follow the link to read the full Bloomberg report, or continue on to view available office space listings in Boston and Cambridge.
Life really is good in the Fort Point and Seaport District! The influx of amenities and direct access to transportation had led the area to become a destination location for many office tenants. Vacancy rates have decreased and rents have risen, but employers along with employees love the vibrant atmosphere the area has to offer.
An editorial on the Boston Business Journal covering the relocation of the apparel company, Life is good, notes that the company is “taking 22,000 square feet in a renovated industrial building at 51 Melcher St. – space for about 70 workers.”
The BBJ coverage also expands upon the company’s expectations of Fort Point neighborhood.
Photo Credit: innovationdistrict.org
Rents are above $40.00 PSF, vacancy is below 4 percent for Class B space, but the good news is the Innovation District is humming. Companies are willing to pay a premium to be located among their technology peers; as it pertains to recruiting, applicants would much prefer to be there than outside the city.
A Banker & Tradesman report, quoting the Boston Redevelopment Authority, states “in the past three years, more than 200 new companies and 4,000 new jobs have moved to Boston’s Innovation District.”
The article also notes that technology companies are leading the charge, accounting for 30 percent of the area’s new job growth.
For more insight, jump over to Banker & Tradesman’s coverage of the growth of Boston’s Innovation District.
Photo Credit: affordablehousinginstitute.org
82 Devonshire St. in an iconic address in Boston as well as money managements circles worldwide. As I was walking past the building yesterday and client of mine commented on how he used to make sales calls there many years ago, I replied, I did as well. Many decisions have been made there that have guided Fidelity to the beacon of success that it is known as today. In the near future the ownership will change along with the occupants.
A Boston Business Journal article notes that the investment company, “has reportedly hired a real estate broker to market its former headquarters at 82 Devonshire St. in Boston’s Financial District for sale or lease.”
More details can be found on the BBJ, here.