BOSTON — Computer software and services company PTC has relocated to a new 250,000-square-foot global headquarters in Boston’s Seaport District. PTC relocated its headquarters in Needham to 121 Seaport Blvd., a newly constructed 17-story, 400,000-square-foot office building. The property will house 1,000 of PTC’s 6,000 employees worldwide. The open design of PTC’s office includes conference rooms and meeting spaces around the building core on each floor as well as a themed work café and coffee space. The office will feature no private offices and no assigned seats. Cresa represented PTC in the site-selection process, lease administration, transaction management, workplace strategy and project management. Gilbane Building Co. served as construction manager and Margulies Perruzzi Architects served as architectural and interior designer on the project. A joint venture of American Realty Advisors and Norges Bank Real Estate Management owns 121 Seaport.
Although one of New England’s smallest geographical submarkets, spanning only 7.1 square miles, Cambridge packs a serious one-two punch between its thriving office and life science sectors. Routinely ranked as one the nation’s most densely populated cities, universities, research institutes and private corporations employ many of the 110,000 residents of Cambridge. Not surprisingly, 44 percent of those residents are highly educated millennials between the ages of 18 and 35, according to the most recent U.S. Census and American Community Survey. Those millennials form the unparalleled labor pool that has employers clamoring for talent. Hosting more than 230 life science and high-tech companies, research from CBRE suggests that Cambridge contains upwards of 700 start-ups, many of which are pioneered by entrepreneurial professionals spinning out from larger institutions. Known as the city of squares, Cambridge is divided into three distinct submarkets, each with their own distinctive flavor — East Cambridge, anchored by MIT and Kendall Square; Mid Cambridge, home to Harvard University and West Cambridge/Fresh Pond area. Collectively the city contains roughly 11.2 million and 14.6 million square feet of commercial office and life science space, respectively. Low Vacancy, High Rents Cambridge finished 2018 maintaining incredibly low office and life science vacancy …
PROVINCETOWN, MASS. — HFF has arranged an $11.7 million acquisition loan for the 129-room Harbor Hotel Provincetown in Massachusetts. Located at 698 Commercial St., the three-building seasonal boutique hotel includes an outdoor pool, patio, fire pit, cabana bar and pet-friendly rooms as well as an onsite lounge and restaurant. The hotel is less than two miles from the ferry port, which delivers tourists from Boston. Provincetown attracts more than 60,000 tourists each summer. Greg LaBine and Martha Nay of HFF secured a seven-year, fixed-rate acquisition loan on behalf of the borrower, subsidiary entities of funds managed by Linchris Hotel Corp. The lender was HarborOne Bank.
BOSTON — KS Partners LLC has acquired 15 Court Square, an 11-story office building with ground-floor retail space in downtown Boston. The sales price was undisclosed. The 82,000-square-foot property, which is also known as 15 Pi Alley, includes an on-site tailor, 24-hour maintenance and an ATM. At the time of sale, 15 Court Square was 98 percent leased. KS Partners acquired the building from Brickpoint Properties, which had owned the property since 1978. KS Partners plans to fully renovate the lobby and common areas of the property and add amenities such as a lounge, conference room, fitness center and bike room.
SHARON, MASS. — Precision components manufacturer Senior Metal Bellows and construction management firm Dacon have broken ground on a two-story, 47,000-square-foot flex facility in Sharon. The property is an addition to an existing 65,000-square-foot facility at 1075 Boston Providence Highway in Sharon. The project consists of 25,700 square feet of manufacturing space on the first floor with 21,300 square feet of office space on the second floor. The expansion is Senior Metal Bellows’ sixth in the last 50 years due to growth in innovative capabilities, implementation of next-generation machinery and streamlining of operations. Norwood Engineering is the civil engineering firm of record. William Jackson of William Jackson Associates Inc. is serving as project manager. The project is slated for occupancy this summer.
CAMBRIDGE, MASS. — NKF has arranged a $71 million recapitalization of a 63,943-square-foot office building in Cambridge. Located at 87 Cambridgepark Drive, the property is fully leased to biopharmaceutical companies Dicerna Pharmaceuticals and Ra Pharma. Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell of NKF’s Boston Capital Markets team secured financing for the borrowers, King Street Properties and The Carlyle Group. The lender was real estate investment trust HCP Inc.
BOSTON — CBRE has arranged a $68 million loan to refinance Hub 25, a 278-unit apartment community in Boston. Located at 25 Morrissey Blvd, Hub 25 features a resort-style outdoor pool, city views, a 24-hour gym, theater and garage parking. John Kelly of CBRE secured the financing on behalf of the owner, Qianlong Morrissey LLC, through an undisclosed lender. Terms of the financing were not disclosed.
HULL, MASS. — HFF has brokered the sale of the Nantasket Beach Resort, a 107-room full-service hotel in Hull. The sales price was not disclosed. Located at 45 Hull Shore Drive, the property is 12 miles south of Boston. Renovated in 2016, the oceanfront hotel features private balconies with ocean views, whirlpool baths, an indoor heated pool, fitness center, business center and an arcade. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, Nantasket Resort Inc., in the transaction. The buyer was Newport Hotel Group.
BOSTON — NKF has negotiated the $123.2 million sale of Serenity, a 195-unit apartment building in Boston. Located in the Jamaica Plain neighborhood of Boston, Serenity was completed in 2017 and features a two-story, dual-entrance lobby, lounge, elevated pool deck, private courtyard and fitness center. Michael Byrne, Thomas Greeley, Casey Griffin, Devlin Man and Andrew Herald of NKF’s Boston Capital Markets team represented the seller, Longwood Group, in the transaction. The buyer was Oxford Properties Group.
BROCKTON, MASS. — Fantini & Gorga has arranged a $2.4 million acquisition loan for Eastway Plaza, a two-building retail plaza in in Brockton. Located at 587 Centre St., the property was built in 1982 and includes 11 retail units. The first building is leased to tenant roster that includes a liquor store, bakery and chiropractic office. The second building is currently leased to home improvement store Grossman’s Bargain Outlet. Casimir Groblewski and Jon Garcia of Fantini & Gorga secured the financing on behalf of a long-standing client through a Massachusetts-based credit union. Terms of the financing were undisclosed.