0 Boston Office Forecast: Meaningful Moves Ahead in Financial Sector

Posted on by
Boston financial district office buildings

Credit: B&T

The Boston office market has big movers that need to make some real estate decisions.  The market continues to tighten and blocks of 100,000 square feet and above are harder to find.

From Banker and Tradesman:

Banks continue to move employees into smaller workspaces, with the industry average now 150 square feet per employee, down from 225 square feet in 2009…many banks are [also] choosing to relocate offices. Only 25 percent of the financial services office deals tracked by JLL in 2014 were lease renewals, while 46 percent were relocations.

That trend is likely to continue in Boston, with three major financial institutions responsible for 33 percent of the total active requirements in the market. But the result likely will be a net decrease in occupied space.

Putnam Investments and Wells Fargo are in the market for 280,000 and 220,000 square feet, respectively, while BNY Mellon is seeking to downsize to 350,000 square feet. And available build-to-suit parcels in the Seaport District provide competition to existing office towers in the Financial District.

0 Tech Sectors Driving Boston Office Market Growth

Posted on by

Tech tenants are driving office demand nationwide with Boston ranking number 7 falling just behind Seattle.  To be classified as a tech talent market, there must be a labor pool of at least 50,000.

Desired Options:

·         Food Options
·         Shopping
·         Wellness Center
·         Outdoor Space
·         Recreation Room
·         Onsite Daycare
·         Bike Storage/Bike Rental
·         Zip Car

Cool office space in Boston

Credit: Forbes

To view some of Boston’s coolest office designs, check out Forbes’ online gallery.

0 Northern Avenue Bridge will be Restored for Motor Vehicle Traffic

Posted on by
northern avg bridge leads to seaport office buildings in Boston

Credit: B&T

The Northern Avenue bridge built in 1908 is recommended to get another lease on life.  The bridge is one of the last remaining swing bridges in New England and is an engineering marvel to watch when it’s in motion.

The bridge was not only designed for pedestrians and cars, but also the Union Freight Railroad.

A study on the Seaport, referenced in Banker&Tradesman, cites the following:

The overall volume of commutes into the Seaport will increase 63 percent by 2035…The study committee’s consensus: restoring the three-lane bridge, with one lane dedicated for motor vehicles. Pedestrian and bicycle access also would be preserved.

“There was some concern in the pedestrian and bicycling community about opening it up to traffic,” said Rick Dimino, CEO of Boston-based planning organization A Better City Inc. “But at the end of the day, there was pretty substantial support that the bridge needs to be opened up to traffic again.”

 

0 Boston Landing Station Has Official Groundbreaking

Posted on by

Boston newest commuter rail station groundbreaking occurred today.  Metro West commuters can add another stop to the local train service starting in the fall of 2016.

rendering of Boston Landing station

Credit: ArchPaper.com

Residing on the MBTA’s Framingham/Worcester Line, B&T notes “the Boston Landing station is projected to cost between $14 million and $16 million and is funded by New Balance, which also funded the $500-million mixed-use complex in Brighton anchored by the 250,000-square-foot New Balance headquarters, near the station…The Warrior Ice Arena, the new practice facility for the Boston Bruins at Station Landing, will be completed in September 2016. The development will also include 80,000 square feet of retail space, a 175-room boutique hotel, housing and an athletic facility. It has approvals for an additional 450,000 square feet in office space.”

You can read the full article on Banker & Tradesman, here.

 

0 Is Boston an Architectural Eyesore?

Posted on by
Office space in Copley

Office Building in Back Bay at 111 Huntington Ave.

No Boston isn’t ugly and as a matter of fact, it’s beautiful.  Opinions are just that, opinions and each of us are allowed to express ours despite who it might offend.

Boston Magazine has a strong one, noting “the dirty little secret behind Boston’s building boom is that it’s profoundly banal—designed without any imagination, straight out of the box, built to please banks rather than people…Renderings of 30 Dalton show how its panel-and-glass motif will create a relentless gridded box of windows from floor to sky: Click, copy, and paste. A few weeks after 30 Dalton’s miniature arrived on the site, the backhoes arrived to carve a foundation out of what had been a parking lot. A few feet away, the old brownstones of St. Germain Street—the ghosts of Boston’s long-lost architectural ambitions—hunkered down in 19th-century resignation.”

We must, however, remind everyone that the office market today is vastly different from decades past.  Today’s tenant wants floor to ceiling light with as many corners on each floor.  111 Huntington Avenue is one most sought after address’s in Back Bay with its efficient floor plates combined with abundant amenities.

The only space available is a sublease on the 5th floor, so from Boston Properties’ perspective, the building is fully leased.

0 Boston Planning Effort Eyes 2030

Posted on by
Worcester Sq. in Back Bay

Credit: Boston Globe

Boston will be 400 years old in 2030 and Mayor Walsh in starting to plan now for the event.  Well, not cake, but working on a city wide master plan.  The last time this was addressed was on this scale was 1965 that launched development like Faneuil Hall, Government Center and highway infrastructure.

From the Globe’s website:

“With cranes dotting the skyline and the city in the midst of an unparalleled building boom, Mayor Martin J. Walsh has launched Boston’s first citywide planning effort in a half-century. The two-year initiative, Walsh said, will go beyond a technical assessment of zoning and land use and will encapsulate residents’ aspirations for what the city should become by 2030…Over the next two years, city officials hope to work with residents to tackle contentious topics such as urban density and parking, public transportation, and affordable housing. They anticipate discussion about art and schools and entertainment.”

 

0 Winter Gardens Becoming A Fixture in Boston Buildings

Posted on by
rendering of Binney street winter gardens

Credit: Boston Globe

A nature walk has something for everybody and the concept of winter gardens should be embraced by all.  The rentable square feet per employee is shrinking and collaboration space is growing.

According to the GSA’s “Washington headquarters is completed in 2013, the building will accommodate 4,500 workers — almost 2,000 more than a year ago — because of shared work spaces and telecommuting. GSA Headquarter office will average approximately 80 USF (92 RSF) per person of workspace.”

From the Boston Globe:

Prodded by tenants, residents, and city officials to create more parks and open spaces, developers are resurrecting an old architectural idea to beautify new buildings: “winter gardens.”

Alexandria Real Estate Equities has completed most of the work on its 6,000-square-foot winter garden at 75-125 Binney St., the future home of Ariad Pharmaceuticals Inc.

0 Belkin Pushes for Winthrop Square Tower

Posted on by
Winthrop Square Tower rendering

Credit: Boston Globe

Belkin is one of eight developers chasing the development opportunity at the Winthrop Square parking garage site. His plan is after a 24/7 model that incorporates a live, work play them that embraces the “Café Culture” of today.

From the Boston Globe:

At the centerpiece of Belkin’s 740-foot office and residential tower is an innovation center, one designed for entrepreneurs and those who aspire to be one. The description itself may be eye-glazing or eye-rolling at a time when everyone claims to be innovative, but to hear Belkin explain it, you feel like he’s onto something big. It’s an idea that could go a long way to break down the walls that divide our business community, ones that keep Kendall Square and Innovation District types from mingling with those in the Financial District.

 

0 Towering Sculpture Installed in Greenway

Posted on by
Sculpture installed by Greenway

Credit: kirotv.com

The work of Janet Echelman, a Brookline Artist, is now on display in the Rose Kennedy Greenway through October.

According to ktul.com, “the 600-foot work by artist Janet Echelman [was installed] using a battery of cranes and scissor lifts…The orange and magenta netting made of polyethylene rope weighs a ton, and is designed to respond fluidly to wind and weather. It will remain suspended in the Rose Kennedy Greenway between two high-rise buildings across the Greenway.”

You can read more on the sculpture, here.

 

0 226 Causeway Street Sold to Invesco for $92M

Posted on by
226_causeway_st_boston

The Causeway

Invesco is the new owner of 226 Causeway Street for $476.68 per square foot. Tenants include the following:

• TripAdvisors
• Oxfam America
• Grant Thornton
• Stantec
• Boston Celtics
• March Communications

According to the BBJ, “the property was sold by Spear Street Capital, a real estate investment fund with offices in New York and San Francisco. Spear Street acquired 226 Causeway St. in 2011 for $43 million…First-quarter office rents averaged $32.95 in the North Station neighborhood, with 4.5 percent office vacancy, according to JLL.”

You can read more about the Causeway Street sale on the Boston Business Journal.