Photo Credit: The Boston Herald
With a view from the top, crane operators see it all. During the construction phase of Seaport’s Vertex headquarters the crane operators will have a 360 degree view of Boston that sits above the height of the new building.
Check on the Seaport views via video and photos on The Boston Herald.
The market has over $1.2 billion dollars in commercial real estate sales activity that is expected to change hands by the end of the year. The opportunities include; Financial District Class A office tower, Seaport Class B office portfolio, Lab Space in East Cambridge and many more.
A report in Banker and Tradesmen notes that “several properties around Boston and Cambridge are expected to potentially change hands before the end of the year as brokers and buyers get back to work.”
Click here for the full article.
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Another Seaport portfolio is poised for the market with rents now of $40 PSF and vacancy at a record low.
Banker & Tradesman is reporting that, “in response to rising rents and hot investor activity, National Development is attempting to unload a six-building portfolio in Boston’s Fort Point district…The assets, totaling more than 407,000 square feet of office space, are in the so-called Innovation District, where some rents have jumped significantly over the last year, more than five percent in some places.”
For the full report, continue reading Banker & Tradesman’s complete coverage.
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How high will Boston rise above the waterfront? That is the question for soon to be hired $300,000 consultant by The Boston Redevelopment Authority.
Reporting on the development study, The Boston Herald cautioned that “downtown waterfront property owners face a wave of scrutiny as Hub planners launch a lengthy study that will influence their development ambitions and outline potential public benefits.”
For additional details on the study, read the full report on The Boston Herald.
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The Seaport continues its strong construction growth by introducing new condominiums. Vertex’s two new office buildings will come online by the end of 2013, bringing the need of more amenities to the ever-expanding workforce.
According to an article in The Boston Globe online, the “developer of the massive Fan Pier complex in Boston’s Seaport District is planning to build one of the city’s first new condominium buildings since 2009, a sign of an improving housing market and the success of the burgeoning waterfront.”
The Boston Globe’s complete article expands on the project and the rebounding waterfront area.
The Seaport continues its reach with DivcoWest’s investment of $105 million for four buildings off Congress Street. Market vacancy is less than 5 percent while rents have just reached the $40 PSF mark.
Casey Ross, of The Boston Globe reports, “DivcoWest made its name in Silicon Valley, buying and developing properties that house some of the nation’s most prominent technology firms, including Apple Inc. and cellphone maker Motorola…Now it is trying to replicate that tech success in the Boston area by snapping up properties in the Seaport District and East Cambridge.”
Jump over to The Boston Globe to read the complete story.
Blue Ginger has been a mainstay in Wellesley for 14 years and consistently delivering East-West cuisine to their lunch and dinner guests. The addition of Blue Dragon — a new restaurant from Ming Tsai — in the Seaport will be a welcome selection for the business occupying the 31M RSF of office space within a .5 mile radius of 324 A Street.
The Boston Herald reports, “the host of PBS’ “Simply Ming” TV cooking show is slated to soon meet with the neighborhood about an eatery at 324 A St., site of the long-closed A Street Deli.”
Read more about Ming Tsai’s South Boston restaurant.
Vacancy in the Financial District dropped to 14.8 percent with rents up 1.25 percent to just over $45.60, while Back Bay is just over $55.25 and the Seaport District is $51.00.
Banker & Tradesman states, “the Greater Boston office market enjoyed a strong second quarter, according to a new quarterly research publication released this morning by Richards Barry Joyce & Partners LLC (RBJ&P).”
To read the complete article, click through to Banker & Tradesman.