Credit: BBJ
Office rents continue to climb in East Cambridge in both Lab and Office with some of $80 per square foot.
A BBJ article reports, “Escalating rents in Cambridge’s Kendall Square are pushing away some young life science and biotech companies, but there’s still incredibly strong demand for Class A office and lab space in the neighborhood, according to Alexandria Real Estate Equities.”
You can read the full article on the Boston Business Journal’s website.
The city of Boston wants to hear from you about your vision; the city has contracted with Textizen to enable the virtual suggestion box to get your input.
According to Banker&Tradesman, the initiative encourages “residents to respond to survey questions on improving quality of life and what issues they think the city should focus on in the new master plan.”
More from B&T:
The current survey asks residents how the city can best improve their life in 2030 with the following options:
Credit: Boston Business Journal
Putting their money where their mouth is, Boston Global Investors is moving to the Seaport. They will be moving to Block H along Seaport Boulevard once construction is complete on their 6,00 square foot parcel.
From the BBJ:
Boston Global Investors will move its headquarters from its current office at 1 Post Office Square in Boston’s Financial District to the Seaport…The firm last week spent $2.21 million to buy a 6,000-square-foot parcel at Seaport Square’s Block H, located along Seaport Boulevard…a four-story office is under construction at the site, and Hynes said Boston Global Investors will relocate there when construction is finished.
With the final parcels trading hands last week, Seaport Square’s 23 acres have officially sold for $665.2 million since 2011. The parcels were originally acquired in 2006, in a deal spearheaded by Hynes with financing from Morgan Stanley, for $203.75 million.
Credit: Banker and Tradesman
Dollars keep coming into Boston’s Class A and B markets. The latest is into the North Station market by Bridgeton for $24.5M. Office Rents in the Class B market are hovering around the $40 mark depending on timing, term and T/I.
A B&T article reports, “New York-based private equity fund Bridgeton Holdings has acquired a hotel and retail building across from the TD Garden for $24.5 million…The five-story, 54,000-square-foot building is located at the corner of Causeway and Friend streets. Ground-floor tenants include Qdoba, North Station Liquors and the Ace Tickets studio used for Celtics pre- and post-game shows on Comcast SportsNet.”
You can read additional information, on B&T, here.
Cliff Notes for real estate? Well, in a way, yes. coUrbanize is a conduit into filing packages for city development projects, without forcing the reader to take the time to read a 400-page memorandum. The system will allow readers to view a summary of the project and leave their comments behind.
Property page on coUrbanize
A Banker&Tradesman article reports “coUrbanize is partnering with the city to post summaries and details of 42 projects that are in permitting or under construction, including the 1-million-square-foot Kendall Square urban renewal plan and approximately 3,000 new residential units across the city…Over the past year, Cambridge planning officials have been sharing their open data system with coUrbanize, which built a website showing the location and details of all development proposals and construction projects.”
B&T summarized the key point thusly: “The platform gives residents a new avenue to participate in the process outside the traditional public hearing forum.
Credit: Banker and Trademan
Seaport trades continue to set the high water mark with Berkeley disposition of the Stillings Street garage and 22 Boston Wharf Road.
From B&T
A Maryland real estate adviser that manages a $7-billion pension fund’s portfolio has made the latest in a series of big investments in Boston’s Fort Point neighborhood, acquiring four parcels for $162.5 million from Boston-based Berkeley Investments Monday. The latest purchases include the 580-space Stillings Street garage and 55,095-square-foot office building at 22 Boston Wharf Road, which sold for $86.5 million. Berkeley is proposing to add two floors of office space totaling 50,000 square feet…Other transactions include 17-31 Farnsworth St. for $44 million, 12 Farnsworth St. for $30 million and a parking lot at 11 Sleeper St. for $2 million.
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Available Office Space in Boston Seaport
Ryan Hurd of Boston Realty Advisors assisted Microsol with their Boston expansion.
From PR Newswire:
Microsol Resources Corporation, an Autodesk Platinum Partner and a recognized leader in CAD and BIM Solutions serving the architectural, engineering and construction industries, is pleased to announce the move of its Boston office to a new location in the heart of the Financial District. Located on the tenth floor of 2 Oliver Street, the new facility features a state-of-the-art training center, capable of handling classes of up to 10 students.
“With the expansion and move to our new office at 2 Oliver Street we will be able to increase our ability to support the growing number of clients we have, not just in Boston and the Boston Metro area, but also in New England in general,” said Emilio Krausz, President, Microsol Resources. “We are now just a short walk away from the offices of many of our current and future clients and from South Station.”
Credit: Bizjournals.com
Having grown up West of Boston I had always felt that Fenway Park was the edge of the city. Today I still live West of the city and it is clear that our city boarders have not changed, but how we use the space within our borders has. Once active railyards have moved West along with companies like U.S. Steel. What was once rail lines for freight are now for passengers.
From the BBJ:
When the 15-acre Boston Landing development is fully built out, it will be referred to as its own district, much like the Seaport…”It’s really transformational,” Halliday said on a recent media tour of the New Balance Athletics headquarters, a key piece of the overall project. “We really are the western entrance to the city of Boston.”
The master plan for the 15-acre Boston Landing development spans almost 2 million square feet across a dozen buildings, including the recently completed 250,000-square-foot world headquarters for New Balance Athletics.
Credit: Boston Business Journal
PwC is the newest tenant to migrate from the Financial District to the Seaport. Having their home on High Street of 376,650 square feet to settle into 333,500 might seem like a downsize, but in fact, they are simply more efficient. The use of hot, swappable workstations will be one of the key drivers to the firm requiring a smaller footprint.
According to the Boston Business Journal, “the company moved into the space Tuesday from its former Boston headquarters at 125 High St. It occupies all but four floors of the building, located at the intersection of Seaport Boulevard and Boston Wharf Road. One floor houses a 4,000-square-foot gym that’s free for all employees, while the street level will eventually feature retailers. The glass exterior of the building, on which the firm has a 15-year lease, features a PwC logo. The lobby at PwC’s new location on Seaport Boulevard in Boston takes advantage of natural light.”
You can read the full article on the BBJ’s website.
Credit: Banker&Tradesman
Trades continue to happen in the Seaport with W/S Development buying 12.5 acres for $359 million.
Banker&Tradesman reports “the parcels, which stretch from Northern Avenue to Summer Street, are the last available developable tracts within the master-planned Seaport Square that is reshaping the waterfront…They’re preapproved for 2.8 million square feet of development, including 1.25 million square feet of residential buildings, 500,000 square feet of stores and restaurants, 400,000 square feet of office space and three hotels. The land also includes a park currently being built between Seaport Boulevard and Northern Avenue, and the completed Q Park on Stillings Street.”
You can read more about the final developable area within Seaport Square on B&T’s website, here.