NEWTON, MASS. — Chesapeake Lodging Trust has completed a multi-million renovation at Boston Marriott Newton, located at 2345 Commonwealth Ave. in Newton. The large-scale renovation program included upgrades to all 430 guest rooms, including the bi-level presidential suite, the lobby, guest corridors, all meetings rooms and the 9,000-square-foot Grand Ballroom. All guest rooms feature a 50-inch flat screen television, a workstation, Wi-Fi access, mini refrigerators, in-room safes and coffee makers. The hotel also features a newly redesigned Concierge Lounge on the seventh floor that caters to business travelers. Atlanta-based Design Directions International led the hotel’s renovations. TPG Hotels & Resorts, an affiliate of Procaccianti Cos., operates the hotel, which is owned by Chesapeake Lodging.
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.
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.
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.
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.
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.
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.
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.
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.
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 …