Credit: Courant
Boston continues to win large corporate tenants from our neighboring states.
In an article on the Courant, Alexion said “its headquarters would move from New Haven to Boston to support plans for growth…[noting] Boston will provide access to a ‘larger biopharmaceutical talent pool and a variety of life-sciences partners to further support future growth initiatives.’”
The full article is available on the Courant.
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Seaport Office Space for Lease
Credit: BBJ
A true professional; I have had the opportunity to sit across from Ken and I appreciate his perspective, approach and candor.
The BBJ published a riveting interview with Ken Goldberg that I compel you to read: Outside the Box: Kenneth Goldberg of Bernkopf Goodman.
Here’s an excerpt from the interview:
“Is there anything else that might surprise people about you? There are a lot of people who are a whole lot smarter and I work hard to make up for that. I might be up all night or well into the night to prep for a meeting — just to be fully prepared. I come across on the ball and in command. But I prepare so that I’m the best prepared in the group.”
Credit: Boston Business Journal
As landlords assemble abutting parcels is there a master development plan or is it simply better economies of scale? Downtown Crossing (DTX) is clearly getting a lot of attention from tenants and landlords.
A recent purchase in Downtown Crossing by Synergy is described by the BBJ:
“Synergy Investments and DivcoWest spent $48 million Friday on a building that gives Synergy control of a full block in a rapidly improving part of Downtown Crossing. DWF IV LLC bought 55-63 Summer St. and 65-69 Summer St. from Brickman 55 Summer LLC of New York City.”
The Boston office and retail market is expected to continue its upward march.
Credit: multihousingnews.com
According to an editorial on MultiHousingNews.com, “developers completed approximately 4.2 million square feet of office space over the last 12 months as compared to merely 1.4 million square feet in the previous year. Around 5.2 million square feet currently under construction in the metro area is expected to come online throughout 2016. According to Marcus & Millichap, approximately 3.2 million square feet of office space is set for completion by the end of 2014—a 1 percent increase from 2013—with new inventory being heavily concentrated in the Boston/Suffolk County and Route 128 North submarkets.”
For a detailed indicator of the Boston office market direction, jump over to the MultiHousingNews website.
Credit: The Boston Globe
Quaker Lane in Boston? Must admit, some would have no idea where it is located. Well, changes are coming. This road is surrounded by the former Fidelity headquarters that was sold and is located near the intersection of Congress and State Streets. The proposed plan is to add retail services on the ground for, renovate the offices above and add residential component.
From the Boston Globe:
“A Boston real estate firm is proposing to redevelop a drab cluster of office buildings near Faneuil Hall into a more modern commercial complex with restaurants, stores, hotel rooms, and residences.”
“Our plan is to rejuvenate the entire block through a mixed-use redevelopment strategy,” said Stephen Faber, executive vice president of Related Beal. “These buildings and this location present us with the opportunity to . . . create a real destination.”
Over the 2nd quarter of 2014 the greater Boston office tenant gobbled up 25,555 RSF per day. Not just week days, but weekends included, which dropped our vacancy to 16.3 percent. What does that mean in building size? 2 Prudential Towers of activity.
From BostonSF.com:
“The amount of capital looking to be deployed in the Greater Boston market is abundant and aggregate sales volume is on pace to be the highest level since 2007.”