Photo Credit: Banker & Tradesman
New Yorker’s appetite for our sports teams may not be as strong as our Real Estate. Newbury Street is expected to see a trade in excess of $1,400 per square foot.
According to a report in Banker & Tradesman, the “investor is expected to pay about $27 million for a 19,041-square-foot retail building in Boston’s Back Bay.”
How are large law firms saving money in today’s global economy? Well, moving back office jobs to less expensive domestic locations.
The Boston Business Journal reported the following information, this morning:
When it opens next spring, Bingham McCutchen’s shared-services center in Lexington, Ky., is expected to spark a flood of law firms to move back-office jobs to less expensive locations in an effort to slash costs and pass savings on to clients.
A handful of Boston law firms have already shifted so-called back-office jobs — such as finance, human resources and information technology positions — into one office. Those firms include WilmerHale and Nixon Peabody. The shifting of those jobs is part of the ongoing transformation of law firms, which have been trying to slash overhead and become more efficient after the Great Recession caused a drastic slowdown in legal services.
To read more on the transition to remote areas, real the Boston Business Journal’s Real Estate blog.
Photo Credit: Mark Garfinkel, Boston Herald
Some developers of new mixed-use projects are cautious when it comes to the Boston office market market.
A Boston Herald report notes:
A New York developer who filed plans for a 28-story apartment and retail tower on Washington Street four years ago — in the teeth of the Great Recession — is not yet sold on the shopping district’s recovery.
“We wouldn’t consider doing anything until that hole across the street is filled,” said John Usdan, president of Midwood Management, referring to the partially demolished Filene’s block.
To read the Herald’s full coverage, click through to their piece, Developer not sold on downtown
Photo Credit: Boston.com
The Seaport skyline continues to change with the ground breaking of the 396-unit Pier 4 development in South Boston. The residential building, near the waterfront, is expected to be complete by 2014.
Click through to read Boston.com’s article tracking the Pier 4 development progress.
Iron Mountain, an information and data storage company, recently signed an 11-year lease to situate its headquarters at One Federal Street. This is another indication that the Financial District remains a strong value play among neighboring submarkets — like the Seaport and Back Bay — with vacancy rates just below 14.9 percent.
Click through to view available office space in the Financial District
Photo Credit: Manulife Financial Corp. via Boston Business Journal
We all have seen the John Hancock Weather Beacon, but how many of us know what it means?
The Boston Business Journal cites a poem that can help you decode it:
Steady blue, clear view.
Flashing blue, clouds due.
Steady read, rain ahead.
Flashing red, snow instead. (or in summer, Red Sox game is cancelled)
What is the profile of today’s workspace and how has it changed over the last 20 years? Well, employees are doing more with less and gone are the days of the private offices. Now people work in more collaborative environments.
Mike Hoban of Boston Business Journal reported “Boston’s downtown office market may be gaining significant momentum, but a second storyline emerging this year is one that will have longer lasting implications for landlords — the size of the deals are shrinking.”
More information is available on the BBJ’s “Tenants find small is beautiful.”
Related Listings
Boston Office Space
Photo Credit: Wikipedia
Good news for local startups: for a small allotment — space and resources — PayPal is assisting fledgling companies to help grow the community.
According to a report in the Boston Business Journal, “the new Boston office for eBay’s PayPal business will be home to more than just its staff, with plans to provide space for at least five local startups and potentially house a separate business unit for eBay.”
For more on PayPal’s new office space and the startup incubator, jump through to the BBJ’s article, here.
Related Commercial Real Estate
Financial District Office Space for Lease
The Financial District continues to attract large tenants due to its value pricing compared to neighboring submarkets. As of November 8th, 2012, only 21 buildings in the Financial District have 50,000 square feet or more of contiguous space available.
Apparel company, Puma, Inc., recently signed a 60,000-square-foot lease at One Congress Street, adding another established brand to Boston’s Financial District.
Photo Credit: The Boston Business Journal
185 Dartmouth Street will be a welcome addition to the Back Bay office market. This building, formerly referred to as 441 Stuart Street, has been dark for years and with Synergy’s reinvestment into the asset, the Class B office tenant will now have more choices.
A report in the Boston Business Journal notes, “the 11-story facility houses a 40,000-square-foot health club and more than 12,000 square feet of ground floor retail. Synergy bought the building with gutted space on floors four through 11. The Boston-based company is restoring the 13,000-square-foot floor plates on each of those floors and have completed one floor as a showroom for brokers and potential new tenants.”
Follow the link to read the BBJ’s report on Synergy Investments’ renovation of 441 Stuart Street.