Massachusetts

CBRE/NE Brokers $75M Sale of 122,104 SF Office Building in Cambridge, Massachusetts

by Amy Works September 11, 2017

CAMBRIDGE, MASS. — CBRE/New England has facilitated the sale of an office and retail building located at 625 Massachusetts Ave. in Cambridge. L&B Realty Advisors sold the 122,104-square-foot building to a partnership between Lincoln Property Co. and Chile-based Stars Investments for $75 million. Featuring direct access to Massachusetts Bay Transportation Authority’s Red Line, the property is occupied by Boston Sports Club, Walgreens, TD Bank and WeWork’s Cambridge location. Dave Pergola and Brian Doherty of CBRE/NE represented the seller and procured the buyer in the deal.

September 11, 2017

Massachusetts Northeast Office

PTC Signs 250,000 SF Lease for Global Headquarters in Boston’s Seaport District

by Amy Works September 8, 2017

BOSTON — PTC, a global technology provider, has signed a lease for 250,000 square feet of office space at 121 Seaport in Boston’s Seaport District. The company will move its global headquarters to Skanska’s elliptical tower in early 2019. PTC will occupy two-thirds of the 17-story, 400,000-square-foot building, from floors nine through 17. Designed by CBT, 121 Seaport is slated to come online in the first quarter of 2018. Newmark Knight Frank represented the developer/owner, Skanska, while Cresa represented PTC in the transaction.

September 8, 2017

Loans Massachusetts Multifamily Northeast

Cushman & Wakefield Secures $38M in Financing for Two Multifamily Properties in Worcester, Massachusetts

by Amy Works September 8, 2017

WORCESTER, MASS. — Cushman & Wakefield has arranged $38 million in financing for MG2 Group for two multifamily properties: Bancroft on the Grid and Portland on the Grid. Located along the Common in Worcester, the adjacent properties total 335 residential units and 27,000 square feet of ground-floor commercial space. The loan will facilitate the assets’ transition to luxury apartments and provide necessary capital to build out two high-end restaurant spaces at ground level. The properties are part of a large contiguous assemblage of 540 residential units and 60,000 square feet of commercial space that MG2 rebranded as The Grid District in 2016. Tom Sullivan of Cushman & Wakefield secured the financing through Ladder Capital of New York for the borrower.

September 8, 2017

Massachusetts Northeast Retail

NAI Hunneman Brokers $2.6M Sale of Former Retail Building in Franklin, Massachusetts

by Amy Works September 7, 2017

FRANKLIN, MASS. — NAI Hunneman has arranged the sale of a former retail building located at 750 Union St. in Franklin. 750 Union Street LLC acquired the property from US National Bank Association for $2.6 million. The buyer plans to redevelop the 25,852-square-foot former Boston Sports Club into a medical office building. Ovar Osvold of NAI Hunneman procured the buyer, while Osvold, Cathy Minnerly, Leeanne Rizzo, Ned Halloran and Sean Hannigan, also of NAI Hunneman, represented the seller in the deal.

September 7, 2017

Massachusetts Northeast Office

NKF Facilitates $30.1M Sale of 46,350 SF Office Building in Cambridge, Massachusetts

by Amy Works September 6, 2017

CAMBRIDGE, MASS. — NKF has arranged the sale of an office and retail building located at 515 Massachusetts Ave. in Cambridge. S-BNK Cambridge LLC sold the asset to an undisclosed buyer for $30.1 million, or $649 per square foot. Santander Bank currently fully leases the 46,350-square-foot property. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF represented the seller in the deal.

September 6, 2017

Industrial Loans Massachusetts Northeast Office

Valencia Realty Capital Secures $6.5M in Refinancing for Mixed-Use Building in Boston

by Amy Works September 6, 2017

BOSTON — Valencia Realty Capital has arranged $6.5 million in refinancing for a two-story, mixed-use building located at 580 Chelsea St. in Boston’s East Boston neighborhood. The 90,000-square-foot property features clear heights as high as 30 feet and is the closest warehouse and office facility to Boston Logan International Airport’s tarmac. Boston-based Valencia Realty secured the financing, which features a 30-year amortization schedule, for the undisclosed borrower.

September 6, 2017

Hospitality Massachusetts Northeast

DoubleTree Suites by Hilton Boston – Cambridge Completes $4M Guest Suite Renovation

by Amy Works September 6, 2017

CAMBRIDGE, MASS. — DoubleTree Suites by Hilton Boston – Cambridge has completed a $4 million renovation to the guest suites. The renovation will introduce the brand’s modern suite concept, Urban Bed, to the Boston market. Each of the 170 two-room Urban Bed suites offer travelers a flexible living space with a full-size pull-down bed that can be utilized on demand. Unlike a sofa bed, the Urban Bed does not fold, providing additional guests the same comfort of a standard DoubleTree Suites by Hilton bed. Additionally, the suites feature a microwave, refrigerator and coffeemaker in the living room, as well as a separate bedroom with a king-sized bed. Other renovations include upgrades to the remaining 138 guest rooms, including King Bed guest rooms with balconies, standard two-room King Suites, two-story Loft King Suites and the Presidential Suite. Additionally, the property’s Scullers Jazz Club was renovated to increase its capacity to 200 seats per show.

September 6, 2017

Massachusetts Northeast Office

Alexandria Real Estate Developing 431,000 SF Office/Laboratory Space in Cambridge, Massachusetts

by Amy Works September 5, 2017

CAMBRIDGE, MASS. — Alexandria Real Estate Equities is developing an office and laboratory project at 100 Binney St. in Cambridge. Slated for delivery in the fourth quarter, the property will feature 431,000 rentable square feet of office and laboratory space. The project is 100 percent pre-leased. The tenant roster includes Facebook, Bristol-Myers Squibb Co., Foghorn Therapeutics, Sigilon Therapeutics, Tango Therapeutics and TCR2 Therapeutics. Additionally, the company is pre-leasing for 399 Binney Street, a 164,000-square-foot ground-up development at Alexandria Center at One Kendall Square. Alexandria Real Estate acquired One Kendall Square, a 645,000-square-foot, nine-building life science and technology campus in Cambridge, in 2016.

September 5, 2017

Loans Massachusetts Multifamily Northeast

MassHousing Closes on $37.2M in Financing for Workforce Housing in Quincy, Massachusetts

by Jaime Lackey August 31, 2017

QUINCY, MASS. — Construction is underway at The Watson, a 140-unit multifamily project on a 1.7-acre site at 116 East Howard Street in Quincy, adjacent to the former Fore River Shipyard. The project involves the demolition of a long-vacant former office building. DellBrook Construction is building the project, with completion slated for July 2018. Eighty-six of the 140 units at the Watson will be workforce housing units, affordable to middle-income households. The workforce housing units will be targeted to households earning at or below 110 percent of the Area Median Income, or $113,740 for a family of four. Twenty-eight of the units will be affordable to households earning at or below 50 percent of AMI, or $51,700 for a family of four. The remaining 26 apartments will be rented at market rates. MassHousing is providing developers, the WinnCompanies and NeighborWorks, a $29.3 million permanent mortgage, $7 million in workforce housing financing from MassHousing’s Opportunity Fund, and $900,000 from the Affordable Housing Trust Fund, which MassHousing manages on behalf of the Massachusetts Department of Housing and Community Development (DHCD). The 86 workforce housing units at the Watson represent the largest number of workforce units for a single project financed through MassHousing’s …

August 31, 2017

LBC-Boston_1505-Comm-Ave-Nova-Residences_Rendering-by-SN-Consulting-Group-DF-Pray

Massachusetts Multifamily Northeast

LBC Boston Opens 80-Unit Nova Residences in Boston

by Jaime Lackey August 31, 2017

BOSTON — LBC Boston has opened Nova Residences, a six-story, 68,000-square-foot building that offers 80 residential units at 1505 Commonwealth Avenue in the Brighton neighborhood of Boston. Ten of the units at the $25 million complex are designated as affordable. Developed, owned and operated by LBC Boston, Nova Residences offers energy-efficient stainless-steel appliances, modern cabinetry, and laundry appliances in each unit. Designed to achieve LEED certification, the building features a fitness center, community/game room, dog grooming station, and on-site management office with package receiving service. Community space extends outdoors with landscaped patios, an 80-car parking lot, and on-site bike storage. The three-year project — LBC Boston’s first residential project in Boston — is part of “Housing a Changing City: Boston 2030,” the city of Boston’s housing plan. The project was 100 percent occupied at opening. Rents range from $1,850 to $3,250 per month, with the unit mix including studios, lofts, and a mix of one- and two-bedroom apartments. The project team included SN Consulting Group as architect; D.F. Pray Contractors, construction manager; RBLA Design, landscape architect; Zade Associates, MEP engineer; Allen & Major Associates, structural engineer; Bohler Engineering, civil engineer; Wayne J. Griffin Electric, electrical contractor; NV5, LEED consultant; and …

August 31, 2017

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