Massachusetts

BioMed Realty Acquires Former John Hancock Building in Boston, Plans Life Sciences Conversion

by Alex Tostado January 7, 2021

BOSTON — BioMed Realty has acquired the former headquarters of John Hancock Life Insurance Co. in Boston and plans to convert the 14-story building into a life sciences facility. The building, which is located at 601 Congress St. in the Seaport District, features floor plates ranging from 19,000 to 50,000 square feet, 11 elevators, 14-foot ceilings on the second and third floors, 12-foot ceilings on the fifth through 14th floors, a fitness center, six-story atrium, two rooftop decks, conference center and a café. The property has sat vacant since 2018 when John Hancock consolidated its Boston offices to its building in the Back Bay district. BioMed, a Blackstone subsidiary, acquired the 485,000-square-foot property from an affiliate of Manulife Investment Management for an undisclosed price. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark brokered the deal. BioMed says the building is ideal for the planned conversion due to its mechanical and structural infrastructure, collaborative meeting areas and strong visual identity. BioMed is yet to select a general contractor for the conversion project, which the San Diego-based company expects to deliver in the second half of 2022. The Seaport District is situated along the Boston Main Channel and is …

January 7, 2021

Washington-Crossing-Woburn-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

CBRE Brokers Sale of 205-Unit Washington Crossing Apartments in Woburn, Massachusetts

by Taylor Williams December 23, 2020

WOBURN, MASS. — CBRE has brokered the sale of Washington Crossing, a 205-unit apartment community in Woburn, a northern suburb of Boston. Built in 2003, the property consists of four residential buildings, a clubhouse and multiple freestanding carports. Units average 1,063 square feet, and amenities include a heated pool, fitness center, business center and a theater room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an institutional investor advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, CWMA Baystate LLC.

December 23, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DivcoWest Tops Offs Two Life Sciences Buildings in Cambridge Totaling 906,000 SF

by Taylor Williams December 22, 2020

CAMBRIDGE, MASS. — Developer DivcoWest has topped off 350 Water Street and 450 Water Street, two life sciences buildings in Cambridge that total 906,000 square feet. The buildings are located within the 45-acre Cambridge Crossing campus and will be the future home of biopharmaceutical giant Sanofi, where some 3,000 employees will work. Perkins + Will designed 350 Water Street, and NBBJ designed 450 Water Street. Other tenants at the 4.5 million-square-foot Cambridge Crossing development include Bristol Myers Squibb and Cerevel Therapeutics. Sanofi expects to take occupancy of the buildings in 2022.

December 22, 2020

Acquisitions Healthcare Life Sciences Massachusetts Northeast Office

Newmark Brokers $72.5M Sale of One Patriots Park Life Sciences Building Near Boston

by Taylor Williams December 22, 2020

BEDFORD, MASS. — Newmark has brokered the $72.5 million sale of One Patriots Park, a 143,616-square-foot life sciences building in Bedford, about 20 miles northwest of Boston. The property was 66 percent leased at the time of sale to tenants such as Homology Medicines Inc., Novartis and N2 Biomedical. Edward Maher, Matthew Pullen, Samantha Hallowell and Dominick Romano of Newmark represented the sellers, Longfellow Real Estate Partners and Bain Capital Real Estate, in the transaction. The team also procured the buyer, a partnership between Jumbo Capital Management and Iron Point Partners.

December 22, 2020

Acquisitions Massachusetts Multifamily Northeast

Bell Partners Acquires Two Apartment Communities Totaling 408 Units Near Boston

by Taylor Williams December 21, 2020

WESTFORD, MASS. — North Carolina-based investment firm Bell Partners has acquired Hanover Westford Valley and Hanover Westford Hills, two adjacent apartment communities totaling 408 units. The properties are located about 35 miles northwest of Boston and include 12 townhomes. Units feature stainless steel appliances, tile backsplashes, custom cabinets, full-size washers and dryers and private balconies. Communal amenities include two pools, outdoor lounge areas with fire pits, a dog park, pet spa, fitness center, resident clubhouse, private media room with theater-style seating, conference room and private workstations. The seller and sales price were not disclosed.

December 21, 2020

Powdermill-Village-Westfield-Massachusetts

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $26.4M in Financing for Affordable Housing Property in Westfield, Massachusetts

by Taylor Williams December 21, 2020

WESTFIELD, MASS. — MassHousing has provided $26.4 million in financing for Powdermill Village, a 248-unit affordable housing property in Westfield, located in the southwestern part of the state. The property was built in the 1970s and renovated in 2000. Proceeds will be used to refinance existing debt and to rehabilitate the property with new roofing, siding, flooring, doors and community space. The borrower, nonprofit Affordable Housing & Services Collaborative Inc., will also upgrade balconies, decks, kitchens and bathrooms of the one-, two- and three-bedroom units. The majority of the units (184) are reserved for renters earning 60 percent or less of the area median income.

December 21, 2020

Acquisitions Massachusetts Multifamily Northeast

CBRE Negotiates $13.8M Sale of Apartment Complex in Methuen, Massachusetts

by Taylor Williams December 18, 2020

METHUEN, MASS. — CBRE has negotiated the $13.8 million sale of Mill Falls Apartments, a 97-unit mixed-income apartment complex in Methuen, located north of Boston near the Massachusetts-New Hampshire border. The building was originally constructed in 1826 as a cotton mill and was redeveloped into a multifamily property in 2001. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Methuen Mills LP, an affiliate of Silver Street Development Corp, in the transaction. The team also procured the buyer, Standard Communities.

December 18, 2020

Development Healthcare Life Sciences Massachusetts Northeast Office

DPS Group Completes Phase I of 80,000 SF Life Sciences Project in Metro Boston

by Taylor Williams December 17, 2020

WATERTOWN, MASS. — Engineering and construction management firm DPS Group has completed Phase I of an 80,000-square-foot life sciences project at 650 Pleasant St. in the western Boston suburb of Watertown. The facility will be used as a manufacturing plant for biotechnology firm Arranta Bio. Architecture firm TRIA designed the project.

December 17, 2020

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Elevation Financial Buys 121,000 SF Seniors Housing Property in Brewster, Massachusetts

by Taylor Williams December 16, 2020

BREWSTER, MASS. — Private equity firm Elevation Financial Group has purchased Wingate Residences at Brewster Place, a 121,000-square-foot seniors housing property in Brewster, located on Cape Cod. The sales price was $4 million. The property was originally built in 1973, expanded in 1995 and offered skilled nursing and assisted living services before it closed in 2019. Elevation will reposition the site to serve as an independent living community with affordable housing for adults age 55 and above that will be rebranded as Serenity Apartments at Brewster. The seller was not disclosed.

December 16, 2020

Development Massachusetts Multifamily Northeast

Toll Brothers Completes 112-Unit Multifamily Project in Belmont, Massachusetts

by Taylor Williams December 15, 2020

BELMONT, MASS. — Apartment developer Toll Brothers Inc. has completed The Bradford, a 112-unit multifamily project that includes 38,000 square feet of retail space in Belmont, located east of Boston. The three-building complex is located at 525 Common St. near the Waverly Commuter Rail station. The Bradford’s unit mix consists of nine studios, 47 one-bedrooms and 56 two-bedrooms that are furnished with stainless steel appliances, quartz countertops and walk-in closets. Amenities include a rooftop deck with grills and fire pits, a resident lounge and a library room. Peter Quinn Architects designed the project, and Nauset Construction served as the general contractor.

December 15, 2020

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