0 Fidelity’s Financial District Office Space On the Market

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office building at 82 Devonshire street in the financial district in Boston

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.

0 Boston Offices Susceptible to Major Flooding?

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250 summer street in south bostonShould you worry about where your next office is located in Boston? Well, I would say no, but a Boston Business Journal editorial provides some real insight into what could happen on an extreme level. The real interesting piece of this is where do groups put data centers. Safe to say data centers are located outside these possible effect areas.

The complete BBJ article explores the plausibility that a “Sandy-strength storm could put nearly 7 percent of Boston underwater.”

0 Nationwide Rent Growth Expected in Office Sector

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CoStar Group LogoRent growth is expected nationwide in the office sector. According to a CoStar Group Year-End 2012 report, “tenant demand for office space ended 2012 on a strong note as occupancy gains spread across a broadening array of U.S. markets, opening the door for widespread rental rate increases this year.”

For complete details, jump over to Costar.com to read the full report. Continue on to our listings page to view available office space for rent in Boston.

0 Mobile App, Hailo, Dispatches Taxis in Boston

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Screenshot of a taxi dispatch app that operates in Boston, along with other cities across the US

Photo Credit: Hailo

Days of having your administrative assistant scheduling a car service to take you to the airport at 10:00 AM are perhaps a thing of the past.  Your meeting is running long, you need to text your admin and have her contact the limo service to have the car wait.  She texts you back, “OK”.  You reply, “thanks”.  Well, now simply reply on technology to work for you.

Hailo and a series of other apps are designed to deliver a taxi whenever you want wherever you are with two taps.

The Boston Globe wrote a detailed editorial on the Hailo’s expansion plans, following the closing of an investment round of $30.6 million.

0 Boston Commercial Real Estate Market Starts 2013 Strong

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Office building at 1 Financial Center in Boston massThe office market is strong within greater Boston and hasn’t this active with positive rent growth and absorption since 2007.  This is due to a couple of components; flight to quality, migration to Boston from suburban markets, new companies entering the market and companies within Boston expanding.

The Boston Business Journal notes, the strength of the market; “greater Boston’s office market achieved more than 2.8 million square feet of positive absorption last year, the strongest showing since 2007”

Specific areas of growth in the Boston office market are detailed on the Boston Business Journal’s article, here. Alternatively, follow the link to preview available office space for lease in Boston.

0 133 Federal Street To House 11,000 RSF CrossFit Facility

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Boston retail space at 133 Federal St.133 Federal Street is home to a new 11,000 RSF facility that was formerly FitCorp. CrossFit is not your gym experience from the past; the high intensity workouts have gone mainstream and become one of the hottest trends for those looking for more than simply picking things up and putting them down.

An article on the Boston Business Journal explains two central elements underlying the CrossFit craze, “first, it’s a deliberately decentralized business operation, giving gym owners wide latitude to set fees, lease space, purchase equipment and design programs….second, there is no prescribed exercise program, but rather a steady mix of drills intended to forge ‘elite fitness’.”

0 11 Beacon St. Sells for $35M

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11 Beacon St Boston Office Building

Photo Credit: Boston Business Journal

The Class B office sale market continues to move in 2013 with the recent closing of 11 Beacon by Synergy Investments for $35M. The acquisition offers the market an expanded footprint by a landlord with a proven track record to get deals done.

Market rents in the Class B market are ranging from the upper $20’s – low to mid $30’s PSF within the Financial District.

According to an article on the Boston Business Journal, “the 93-year-old building was put on the market last fall by DivcoWest Properties, a privately-owned real estate investment firm with offices in Boston, who paid $16 million for the property in 2010. Divco said it spent $4.9 million in capital improvements. The city has assessed the 12-story building at $20.8 million.

For more details on the sale of 11 Beacon Street, follow the link to the Boston Business Journal’s coverage.

0 40 Broad St. for Sale

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40 Broad Street office building

Photo Credit: Boston Business Journal via Jones Lang LaSalle

The Class B market continues to see assets brought to the sales market. 40 Broad Street, is the latest; it last traded in 2006 for $174.84 PSF and we will see how the market receives it today.

According to a report by Thomas Grillo on the BBJ, “Pearlmark bought the building from Prudential Real Estate Investors in 2006 for $50 million. Brokers say the sale could fetch twice that.”

Details on the property are available on the Boston Business Journal.

0 Leasing Agreement and Construction Activity at Filene’s Site

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Construction site at Filene's in downtown Boston

Photo Credit: Boston Globe

The stock market recently closed at levels just above the market high of December 2007, which points to our national recovery. Locally, the hole in the ground — formerly known as Filene’s in Downtown Crossing — should soon be filled in, as our economy continues to grow out of the hole created in 2008.

The Boston Globe notes the importance of the hub landmark, “the Filene’s redevelopment is crucial to the broader campaign of revitalizing downtown Boston and its shopping district. Positioned at the center of Downtown Crossing, it would bring an influx of new residents and stores to an area that has just begun to shrug off a reputation as a ­second-rate retail destination.”

Jump over to the Boston Globe for more information on the impending leasing agreement and restart of construction at Filene’s. Alternatively, click through to view office space for lease in the downtown area.

0 131 Clarendon Street Renovation Complete

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131 Clarendon St. Boston

Photo Credit: Banker & Tradesman

Brookline Bank’s newest location at 131 Clarendon Street is open for business. The building is now 100 percent leased in an office market with near record low vacancies.

Additional details on the Back Bay restoration project can be found in Banker & Tradesman’s complete coverage.

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