Boston Realty Advisors has been retained by Upland Capital to exclusively represent 745 Boston Street in Boston’s Back Bay. The building is a 112,000 square foot 8 story building with Verizon and Max Brenner as the retail tenants.
The building currently has just over 18,000 square feet available and can accommodate tenants from 1,700 – 12,000.
Back Bay has options, many options due to the movement and relocation of various large tenants and the opening of 888 Boylston Street by Boston Properties.
You can go back two decades and we’ve never had a spike in vacancy of any sort in the Back Bay,” said Brendan Carroll, director of intelligence for Boston-based Encompass Real Estate Strategy. “Now all of a sudden, we’re starting to see some options.”
As of Sept. 30, Back Bay had the highest availability rate of any Boston submarket, according to Colliers International’s Market Viewpoint report. Including 434,419 square feet of sublease space, some 14.8 percent of the 13.3 million-square-foot inventory is now available.
Other factors include competition from build-to-suit projects such as Boston Properties’ 888 Boylston St. tower, where Natixis will relocate. Wells Fargo and Houghton Mifflin are moving to the Financial District, taking space vacated by tenants that in turn committed to brand-new towers in the sought-after Seaport.
For 22 years the food court at the Pru has been a Back Bay mainstay, come June 30th it will be a memory. Boston Properties despite their lack of comment have a clear vision for their customers and execute flawlessly. Rest assured, lunch will be served again, just be patient while our city continues to change.
From the Boston Globe:
The food court at the Shops at the Prudential is scheduled to close at the end of June, and its replacement, a massive Eataly marketplace, won’t open for more than a year…Some applaud the decision to open an Eataly, which hopes to draw 5 million customers a year, in the space in September 2016. At least until the marketplace opens, the lunch-scene void is an opportunity for other businesses, said Ani Collum, a partner at the Norwell consultancy Retail Concepts…Collum said food trucks and other mobile vendors should set up near the Pru to cash in because time-strapped workers may not have a long enough break to eat at a restaurant. Nearby establishments would also be smart to offer to deliver to the office buildings, she said.
Boston Properties is moving forward with 2 major projects located at 2 transportation hubs. Back Bay Station is the proposed spot of a new tower development, while North Station will benefit from the same.
From Banker and Tradesman:
The real estate investment trust said this morning it has entered a joint venture to acquire the air rights for the 377,000-square-foot initial phase of the North Station redevelopment. It also has signed a 44-year extension on its lease for the Clarendon Street parking garage with the state Department of Transportation, part of a larger proposal to build two towers containing offices, residences and retail above Back Bay Station. As part of the agreement, Boston Properties will take over management of the renovated station, which serves the Orange Line subway and several commuter rail lines.
Urban Meritage closes on another piece of Newbury Street real estate by adding 50,000 rentable square feet.
From The Real Reporter:
Bringing its CRE holdings secured here to 11 properties in just 21 months, the partnership of Urban Meritage and Novaya Ventures (UMNV) has taken a giant step forth in purchasing the hulking six-story 126 Newbury St. from its longtime New York owner in an eye-popping $54.2 million deal consummated earlier today. Rudin Management’s trade brings UMNV’s portfolio of assets focused along the famed shopping boulevard to nearly $150 million, blowing past the $100 million level in one fell swoop and giving the firm three prime buildings between Berkeley and Exeter Streets, the latest on the third block up from the Boston Public Garden and next to the second block where UMNV began its platform via the $10.0 million.
888 Boylston Street will offer the newest office space in Back Bay in 10 years. This building will have a strong green initiative that will incorporate onsite solar and wind power generation. Additionally, “those working in this mid-rise will have enough natural light 60% of the time to forgo artificial lighting thanks to 14-foot ceilings and other technology. It will use 37% less potable water and 45% less energy than a traditional office. Bryan…who has a long time commitment to sustainability, says in addition to solar-energy generated on-site, this will be Boston’s first commercial office tower to use wind turbine energy,” Bisnow reports.
Click through for additional details on the proposed newest Back Bay office building.
Is now the time for Parcel 13? Well yes it is. Between residential, retail and office developments there is strong demand for more new development projects. Our city population continues to grow along with our daily workforce population. More companies are seeking locations that allow their employees live, work play environments that don’t include driving, but rather rely on public transportation or models like ZipCar and HubSpoke.
From the Boston Business Journal:
Known as Parcel 13, the site represents 54,500 square feet of air rights over the Massachusetts Turnpike, adjacent to the MBTA’s Hynes Convention Center Station on the Green Line. State officials say the site will accommodate up to 320,700 square feet of development that could include a mix of housing, dorms, retail and hotel uses.