0 Bulfinch Triangle Parcel Near North Station Acquired for $24.5M

Posted on November 5, 2015 by Wil Catlin

Credit: Banker and Tradesman

Dollars keep coming into Boston’s Class A and B markets. The latest is into the North Station market by Bridgeton for $24.5M. Office Rents in the Class B market are hovering around the $40 mark depending on timing, term and T/I.

A B&T article reports, “New York-based private equity fund Bridgeton Holdings has acquired a hotel and retail building across from the TD Garden for $24.5 million…The five-story, 54,000-square-foot building is located at the corner of Causeway and Friend streets. Ground-floor tenants include Qdoba, North Station Liquors and the Ace Tickets studio used for Celtics pre- and post-game shows on Comcast SportsNet.”

You can read additional information, on B&T, here.

0 226 Causeway Street Sold to Invesco for $92M

Posted on May 18, 2015 by Wil Catlin

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.

0 Boston Office Vacancies Decreasing in Majority of Markets

Posted on June 15, 2013 by Wil Catlin

Tenants that are in the market flock to value; over the last four quarters that value play has been the Financial District. As those vacancies have been eroded, rents have pushed upward. What will this mean tomorrow and beyond? Those tenants that signed leases three plus years ago in the now tight and expensive Seaport Market will seek value options elsewhere if they feel that low $40’s rents for Class B is too much to burden in the Seaport.   Markets that have benefited and that will continue to do so are Mid Town and North Station.

A post on the Boston Business Journal notes that Back Bay is lagging behind its neighboring submarkets:

“‘the only market where there has been an increase in vacancies is in the Back Bay…there continues to be uncertainly in the city’s most expensive office market with State Street Corp. downsizing considerably, [Debra Gould, a broker at Cushman & Wakefield] said. “They also have 400,000 square feet in Copley and it’s still not clear what will happen to that space … and obviously they are vacating the low-rise portion of the John Hancock Tower and there are price concerns … activity in the Back Bay will be slow.'”

You can read the full BBJ article, here.

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Available Office Space in Boston Submarkets