Credit: Boston Business Journal
The Seaport in Boston is not only home to tech, life science, law firms and luxury condos, but now with be home to MassMutual with room for 1,000 workers. The new office building will be a 300,000 SF building on Parcel E.
Roger Crandall, MassMutual’s chairman, president and CEO “said the decision to expand in Boston and upgrade its Springfield office followed ‘a thorough strategic assessment of our operations and footprint.’ Following that, MassMutual ‘concluded that our home state of Massachusetts is the best place for us to grow and thrive over the long term’…The Boston office will be developed on property MassMutual jointly owns with The Fallon Co., a Boston-based real-estate development firm. Fallon Co. and MassMutual together acquired the Fan Pier development zone in 2005 for $115 million, and Parcel E has remained undeveloped since.”
You can read the full Boston Business Journal article on its website, here.
Credit: Boston Globe
The evolution of a Seaport submarket through the lens of Boston Globe photographer David L. Ryan from 1982 to present.
According to the Boston Globe, “more than $1.5 billion worth of apartments, condos, storefronts, and office space is under construction in the Seaport right now, all within the span of a few blocks. Another $850 million in projects is set to break ground soon.”
Click over to view a the evolution of the Boston Seaport as captured by the Boston Globe.
Credit: New York Times
The Boston Seaport is the perfect assemblage of the old and new for live, work and play.
A recently NYTimes article on the Seaport notes the following:
Thomas M. Menino, a city mayor who died in 2014, had envisioned the area, just across the Fort Point Channel from downtown as an “innovation district,” with state-of-the-art office space, plenty of walk-to-work apartments, numerous restaurants, and pedestrian-friendly streets and parks. Since 2000, the area has gained 10 million square feet of development and more than 4,000 residents. And in recent years, the appetite for a Seaport address has only increased, such that 2,700 residential units and 1.3 million square feet of office space are now in some stage of construction, according to the Boston Redevelopment Authority.
From upstart technology companies to cutting-edge biomedical firms to traditional corporate giants, the Seaport is attracting businesses to both brick-and-beam style office space in old industrial buildings and to new glass office towers overlooking Boston Harbor.
Continue reading for more info and related listings for Seaport office space.
Credit: Boston Globe
Prior to having a Starbucks, some complain that there isn’t a Starbucks around; once Starbucks opens in the area, some complain that the neighborhood has become gentrified.
Take this passage from a recent Banker and Tradesman article as affirmation:
A new Starbucks has opened facing the Fort Point Channel on Congress Street across from the Children’s Museum. And with that, it is official: the Seaport has been gentrified. The search for the next hot neighborhood must begin now, because the Seaport has jumped the shark…Hyperbolic, perhaps, but nonetheless true. The neighborhood’s conversion from the gritty artist community of Fort Point to the shiny office tower haven of the Seaport is all but complete.
Simple enough, the Seaport has seen a dramatic transformation and has some of the most expensive office building trades in Boston – in excess of $1,000 per square foot at 101 Seaport Boulevard.
Available Office Space Listings
Seaport Office Space for Lease
GE is coming, GE is coming! Boston is different, this is not just a place to have an office, it is an area to foster growth and explore far-fetched ideas and move dreams to reality.
This quote says it all:
“GE aspires to be the most competitive company in the world,” said GE Chairman and CEO Jeff Immelt in a statement. “Today, GE is a $130 billion high-tech global industrial company, one that is leading the digital transformation of industry. We want to be at the center of an ecosystem that shares our aspirations. Greater Boston is home to 55 colleges and universities. Massachusetts spends more on research and development than any other region in the world, and Boston attracts a diverse, technologically-fluent workforce focused on solving challenges for the world. We are excited to bring our headquarters to this dynamic and creative city.”
I feel lucky to be practicing RE in this region that attracts companies like GE.
For more info on GE’s move to Boston’s Seaport, jump over to the BBJ’s article.
321 Summer St. in Boston (click to view additional property details)
More trades in the Seaport’s red hot office Market. The Seaport Class B office lease rates are hovering just around $40 PSF in the first year.
Drawing national coverage, the Wall Street Journal reported on the recent Seaport transactions of 281 Summer Street and 321 Summer Street in Boston, MA. The Journal notes, “the two building portfolio is in Boston’s Seaport District and totals 243,000 square feet of office and retail space. Newly renovated, the properties are well-located in the heart of Boston’s Fort Port Channel neighborhood.”
The WSJ article on the Boston Seaport is available, here.
You can view additional details on both of the Summer Street buildings on our property listing pages:
321 Summer Street, Boston Seaport
281 Summer Street, Boston Seaport