0 Known Restaurateur Launches Seaport Location

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253_summer_street_SeaportThe missing piece of the puzzle has been solved at 253 Summer Street with a new food concept.

From Bizjournals.com:

The 253 Summer St. project has received a $2.25 million building permit to “build out (a) new restaurant along basement area/new exterior storefront facing Harborwalk.” Leaf said early plans for the restaurant include adding windows to what’s now a painted concrete wall, with the restaurant’s entrance facing the Harborwalk. There are also tentative plans to have a patio dining area on what’s now pavement along Necco Court — a spot that will directly abut GE’s headquarters campus.

 

0 Boston to NYC Acela Service May be at Risk

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Amtrak Train

Credit: BBJ

Looking to go to and from NYC on the Acela? Those days might be numbered. It appears the financial obligations of various agencies are not being honored.

From the BBJ:

In a court filing this week, Amtrak signaled that it may not be able to offer rail service to riders in the Bay State unless the MBTA begins meeting its obligations under what is known as the Attleboro Line Agreement.

“MBTA’s refusal to honor its contractual payment obligations has resulted in financial harm to Amtrak, which could potentially jeopardize Amtrak’s ability to provide rail service in Massachusetts,” Amtrak said. “Amtrak depends on timely payments from MBTA for services rendered to ensure its financial stability, fund its operations, and provide service to rail customers traveling to and from Massachusetts. No business partner should have to wait over five years to receive payment on a valid, authorized, and undisputed invoice that is contractually required to be paid within 30 days.”

You can read the full article on the Boston Business Journal’s website, here.

0 177 Huntington Ave. Goes Up for Sale

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Office building for sale at 177 Huntington Ave in Boston

Photo Credit: The Real Reporter

177 Huntington moves to the sale block from Beacon Capital. The building anchors the First Church of Christ plaza and has become a destination for boutique Class A tenants.

From The Real Reporter:

Acquired under a 99-year ground lease almost four years ago, the 26-story, 206,625-sf building should yield “way over” $700 per sf by one account, possibly eclipsing $725 per sf by other sources.

Observers say they anticipate 177 Huntington Ave. will draw from a wide geography of heavy hitters…One factor likely mitigating the 177 Huntington Ave. mark in that area is the leasehold structure of ownership, a format certain funds are unable to pursue. Either way, it appears Beacon is in line for a hefty return on the asset.

0 Seaport District Construction Continues

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Construction continues to march forward in the Seaport District of Boston.

Construction planned in the Boston Seaport

Credit: The Real Reporter

According to The Real Reporter, “the continuance of cranes over Boston’s Innovation District grew, with the News of GE choosing it’s New HQ in the Seaport, while vacancy rates saw a slight rise over the previous quarter. According to the Latest Report from, Vacancy rose to 7.5 percent from 7.1 percent on 37,000 sf of negative absorption, while lease rates for existing Class A and B properties remained near previous quarter levels.”

Additional information is available on The Real Reporter’s website, here.

0 Tesla to Open at 888 Boylston Street

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Tesla retail store in Back Bay

Credit: Boston Business Journal

Tesla will be moving in Boston to Boston Properties newest building, 888 Boylston Street. Tesla will among strong peers in the retail tech space with the following neighbors: Apple, Microsoft, Verizon & AT&T just in a 2 block corridor.

From the BBJ:

Although Tesla spokeswoman Alexis Georgeson wouldn’t disclose many details, she told me that the company (Nasdaq: TSLA) is relocating its store from within the Shops at Prudential Center to the more visible Boylston Street space by the end of the year.

0 Boston Offers Top Salaries for Software Developers

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Boston office buildings across the charles river

Credit: Bizjournals

What does Boston offer that no other city does?  The largest paychecks. Boston outpaces NYC and San Francisco based on a recent report published by Indeed, quoting average salaries for software developers.

From the BBJ:

Boston software developers earn an average annual salary of $95,047, higher than any other tech hub in the country, according to the 2016 Tech Salary Report published last week by job search firm Indeed.

The position is the only tech role where a city in the northeastern U.S. places first, according to Indeed. Boston outpays New York City, where software developers earn an average salary of $88,581, and San Francisco, where they earn $81,502.

0 What 10M Driverless Cars by 2020 Means for Real Estate Development

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Driverless car rendering

Credit: TheRealReporter

Boston will change significantly with the introduction of driverless cars. Do you expect to own a Level 4 driverless car in the next 10 years?

According to The Real Reporter, “Level 4 cars park themselves, they don’t need nearly the space for error as humans do, and don’t need space for passengers to exit from the sides. As landlords’ see their tenants’ workers go increasingly autonomous, it may make sense to proactively create areas or structures to more efficiently offer car storage than the traditional 150 space per acre parking lot…The autonomous revolution may quickly lead to a car-share model. This could rapidly change industry parking ratios –freeing land, in some cases, for more development!”

You can read more on the real estate impact of driverless cars on The Real Reporter, here.

0 Millennium Partners Lands Winthrop Square Project

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Rendering of winthrop square office building

Credit: Bizjournals

Millennium Partners wins the prize for the impending Winthrop Square development. The proposed tower would stand 750-feet, adding office, residential and retail space in downtown Boston.

According to the Boston Business Journal, “the New York-based development firm proposed a 750-foot, $1.02 billion ‘hybrid high-rise’ tower, with 14 stories of office space and 36 levels of residential sitting atop a 65-foot high podium space known as The Great Hall. It would also include a 14,620-square-foot startup accelerator to be developed in partnership with the city.”

You can read the full article on the BBJ, here.

0 Boston’s 70 Franklin Street Sells for $42M

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financial district office building at 70 Franklin Street

Image Credit: cpexecutive

The Class B office market in Boston Financial District sees another trade: 70 Franklin Street.

From CPExecutive.com:

“70 Franklin’s timeless architecture combines with its flexible floor plates, open office layouts and modern building systems to create one of Boston’s premier Class B buildings. As a result, the asset boasts exceptional leasing momentum with tangible upside potential in Boston’s booming Downtown district,” said [Capital Markets Vice Chairman Edward] Maher.

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Financial District Office Space in Boston

0 Developers Move to Luxury to Offset Escalating Labor Cost

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Construction laborers work on an office building in Boston

Credit: Boston Business Journal

Due to the great recession we have fewer skilled labor working in the construction trade industry and as a result that cost has increased significantly. On a sampling of construction projects, the cost of labor could account for 40 – 60 percent of the overall project cost.

According to Bizjournals, “the result is a shortage in the supply of skilled labor in the building trades, a trend that’s enabled everyone from mechanical contractors to steel manufacturers to punch their ticket when it comes to selecting the most attractive jobs at the most competitive rates. That in turn is turbo-charging the cost of construction and, in turn, a preference among developers to favor big, luxury projects to better recoup their costs and lock in attractive returns.”

Additional information is available on the BBJ’s website.