The office and retail real estate border by: Boylston Street, Berkeley Street, St. James Avenue and Clarendon Street has traded hands from Equity Office to Oxford Properties for $1.29 billion.
The addresses include 500 Boylston Street and 222 Berkeley Street in Boston’s Back Bay.
“The deal crosses the $1,000 per square foot barrier, with the 706,862-square-foot, 25-story 500 Boylston St. selling for $1,068 per square foot, and the 519,608-square-foot, 22-story complex at 222 Berkeley St. selling for $1,029 per square foot. Just a handful of deals have crossed that mark in Greater Boston’s sales history,” according to a BBJ article.
You can read more on the sizable transaction on the Boston Business Journal’s website, Bizjournals.com.
Credit: Banker & Tradesman
At Boylston Street and Mass Ave a new project has just gotten approvals from MDOT.
Details on the new project are available in Banker & Trademan, and included the following overview:
“A project at the corner of Boylston Street and Mass. Ave. in Boston’s Back Bay neighborhood involving the construction of a hotel and residential development over the MassPike received approval from the Massachusetts Department of Transportation today…The 99-year lease agreement between MassDOT and ADG Scotia covering two plots of land, known as Parcels 12 and 15, will provide the Commonwealth project value of $18.5 million for the two parcels in the form of fixed payments early in the lease period combined with annual rent payments.”
The full article can be found here on B&T.
Credit: Boston Business Journal
Would you take a $320 million gamble? It appears the Boston office market will embrace it. We have seen office vacancy’s drop while rents have continued upward over the recent years. The Boston office market has tremendous barriers to entry for new product, thus creating a supply and demand problem. Tenants are anxious to capitalize on the benefits of new construction, which allows them to be more efficient with the square footage per employee.
Developer Samuels & Associates is attempting to capitalize on the trend, beginning construction on a new office building on Boylston Street in Fenway. An article on the Boston Business Journal’s website reports:
Samuels & Associates is underway with construction of VanNess, a $320 million mixed-use project fronting on Boylston Street near Fenway Park. Slated for completion in 2015, the project is designed to include two buildings: an 8-story building housing 232,000 square feet of office space and another 11-story building with 172 residential apartments. The development also will include 210,000 square feet of retail space anchored by a 170,000-square-foot City Target, a new small-footprint store format launched by Target Corp. last year. There will also be about a dozen other retailers.
The full article is available on the BBJ.
Related Office Listings
Fenway Office Space
Photo Credit: MA Transportation Blog
So where is Parcels 12 and 15? They are located above and along Interstate 90 at the intersection of Boylston Street and Massachusetts Avenue in Boston’s Back Bay. In time Boston will continue to see projects like this bridge neighborhoods together that have been separated by our roadways.
An editorial in yesterday’s Boston Business Journal states, “the Massachusetts Department of Transportation has selected a joint venture of Samuels & Associates and Weiner Ventures to build an air rights development on Parcels 12 and 15…on Parcel 15, a 400-foot high-rise hotel and residential building will be set back from Boylston Street, with a low-rise retail building along the street. On Parcel 12, a mid-rise residential building will be located on Boylston Street and a two-floor retail building will cross the Turnpike along Massachusetts Avenue. The project will create 230 apartments, a 270-room hotel and 50,000 square feet of retail space.”
Follow this link to the BBJ for their complete coverage, or jump over to the MA transportation blog for its official posting.