WALTHAM, MASS. — Marcus & Millichap has arranged the $5.1 million sale of two apartment buildings totaling 21 units in the western Boston suburb of Waltham. The first property is located at 30A Amory Road, totals 11 units and sold for $2.3 million. The second building is located at 266-274 River St., features 10 units and fetched a sales price of $2.8 million. Evan Griffith, Tony Pepdjonovic and Jeremy Buckley of Marcus & Millichap represented the sellers and procured the buyers in both transactions.
BOSTON — McCord Development, the firm behind the 4,200-acre Generation Park master-planned community in Houston, has opened a Boston office and acquired a 64,736-square-foot life sciences building. The property is located west of the city at 30 Bearfoot Road in Northborough and was formerly occupied by British pharmaceutical giant GlaxoSmithKline. The seller was Alexandria Real Estate Equities.
BOSTON — HYM Investment Group has received approval from the Boston Planning and Development Agency (BPDA) for the redevelopment of Suffolk Downs, a 161-acre former thoroughbred horse track and racing facility, into a mixed-use district. Approved plans for the project include 10,000 residential units, 20 percent of which will be designated affordable housing; 40 acres of publicly accessible parks and open space; and 3 million square feet of office and retail space. HYM purchased the property in 2017 for $155 million and the racetrack officially closed in summer 2018. Thursday’s vote of approval marks the end of a three-year community review process, during which the company held over 450 meetings with community group members, elected officials and staff, and neighbors to hear and incorporate community feedback. HYM is now cleared to begin construction on the project, which might take up to 20 years to complete and will cost $8 billion, according to reports by WBUR, Boston’s NPR news station. Designs for the project also include the construction of a major extension of the Mary Ellen Welch Greenway, a public pathway and park in East Boston connecting Piers Park, Memorial Stadium, Bremen Street Park, Wood Island Bay Marsh and Belle Isle Marsh. …
BOSTON — International developer Skanska has topped out a new 118,000-square-foot building at Brookline High School by the MBTA Green Line Brookline Hills station in Boston. The building will include classrooms for physics, special education and general use, dedicated event space, dining and food service areas, a library, various collaboration spaces and room for general administrative work. Completion is slated for November 2021. In addition, Skanska is renovating an existing building to feature 70,000 square feet of biology and chemistry labs and classrooms, collaboration and maker spaces, a culinary arts kitchen and a student restaurant with café seating.
WATERTOWN, MASS. — Newmark Knight Frank (NKF) has negotiated two commercial leases totaling 46,966 square feet at Riverworks at Aetna Mills in Watertown, a western suburb of Boston. In the first deal, industrial 3-D printer manufacturer Markforged signed a 36,291-square-foot renewal. In the second transaction, pharmaceutical intelligence provider InCrowd signed a 10,675-square-foot renewal. Mark Roth, Brianna Piacitelli, Brendan Daly and Matthew Malatesta represented the landlord, Paradigm Properties, in the lease negotiations. Chris Lawrence of JLL represented Markforged, and Brooke Blue of T3 Advisors represented InCrowd.
SOMERVILLE, MASS. — A development team of DLJ Real Estate Capital Partners and Leggat McCall Properties has topped out a 290,000-square-foot life sciences project at 100 South St. in Somerville, located on the northern outskirts of Boston. The project is part of the Boynton Yards development and will house lab and retail space as well as a four-story underground parking garage. Architecture firms SGA and Hashim Sarkis Studios designed the project, and Shawmut Design & Construction served as the general contractor. Construction began in June 2019 and is expected to be complete next summer.
WALTHAM, MASS. — Defense contractor Raytheon (NYSE: RTX) will cut approximately 15,000 jobs, primarily in its aviation departments, as a result of depressed demand for commercial air travel during the COVID-19 pandemic, according to multiple reports. The Massachusetts-based firm, which employs about 200,000 people nationwide, made the announcement during an earnings call last week, according to reports from multiple new outlets including CNN and Forbes. The company’s stock price opened at $61.58 per share on Tuesday, Sept. 22, down from $84.59 per share a year ago.
HINGHAM, MASS. — Callahan Construction Managers has delivered The Residence at Penniman Hill, a 90-unit seniors housing project that is located in the southern Boston suburb of Hingham. Designed by The Architectural Team Inc., the property spans 90,000 square feet and offers assisted living and memory care services. Units come in studio, one- and two-bedroom formats, and amenities include an activity room, beauty salon, café and bistro, exterior planting areas and a memory garden. LCB Senior Living LLC developed the property and will also serve as the operator.
BOSTON — Developer Arx Urban is nearing completion of a 36-unit workforce housing project located at 233 Hancock St. in Boston’s Dorchester neighborhood. Boston-based RODE Architects designed the project, construction of which began in December 2018 and is expected to wrap up by the end of the month.
WATERTOWN, MASS. — Amstel Heritage Development has opened The Aver, a 25-unit luxury apartment complex located in the western Boston suburb of Watertown. The unit mix consists of two studio apartments, two one-bedroom units and 21 two-bedroom units with stainless steel appliances, quartz countertops and in-unit washers and dryers. Construction began in 2018.