NEWTON, MASS. — Locally based owner-operator 2Life Communities has broken ground on Opus Newton, a seniors housing project that will be located on the western outskirts of Boston. The site is situated adjacent to 2Life’s Coleman House on the Jewish Community Center Greater Boston campus. Construction is slated for a summer 2025 completion. According to the developer, 95 percent of the residences are already preleased.
AcquisitionsCompany NewsHealthcareLife SciencesMassachusettsNortheastOfficeSeniors HousingTop Stories
Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction
NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …
LOWELL, MASS. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of Middlesex Street Apartments, a 24-unit multifamily complex located in the northern Boston suburb of Lowell. The 35,475-square-foot building is located in the downtown area and includes four commercial spaces. Brad Carlson of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of approximately 7.3 percent.
NORTON, MASS. — Locally based developer Condyne Capital Partners is underway on vertical construction of a 60,000-square-foot industrial project in Norton, located about 40 miles south of Boston. The building is situated within Bluestar Business Park. Polar Design Build is handling design and construction of the project, which will feature a clear height of 32 feet, 17 dock doors, one drive-in ramp and 14 trailer parking spaces. Completion is slated for the fourth quarter.
BOSTON — Skanska USA has received approval from the Boston Zoning Commission for the redevelopment of a 5.8-acre site in Boston that currently houses Simmons University’s residential campus into a 1.7 million-square-foot mixed-use destination. The Boston Planning and Development Agency approved Skanska’s plans for the overall development, named Longwood Place, earlier this year. Global architecture firm Sasaki designed the transit-served development, which is slated to feature five buildings that will house life sciences, office, apartments, retail and restaurant space. In addition, Longwood Place will feature 2.6 acres of open green space and 15,000 square feet of indoor community space. Located at 305 Brookline Ave. in Boston’s Longwood neighborhood, Longwood Place will be situated a half-mile from Fenway Park, home ballpark of the Boston Red Sox. Nearby institutions include Simmons University, Emmanuel College, Northeastern University, Boston Children’s Hospital, Beth Israel Deaconess Medical Center, Harvard Medical School and the Museum of Fine Arts, Boston. “A focus on delivering diverse spaces inside and out that surround high-performing life sciences buildings and a vital residential program make Longwood Place a vibrant addition to one of Boston’s most innovative neighborhoods,” says Meredith McCarthy, senior associate architect at Sasaki. As part of the master plan of …
BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …
SOMERVILLE, MASS. — BioMed Realty, a San Diego-based subsidiary of Blackstone, has topped out Phase I of Assembly Innovation Park, a project in the Boston suburb of Somerville that will add 497,000 square feet of life sciences and office space to the local supply. The development will ultimately consist of three buildings and include retail space and open green space. Perkins & Will designed Assembly Innovation Park, and John Moriarty & Associates is serving as the general contractor. Vertical construction on the $514 million first phase began in August of last year, and full completion is scheduled for next year.
NEWTON, MASS. — Benchmark Senior Living will undertake a $13 million renovation project at Evans Park at Newton Corner, a seniors housing property located on the western outskirts of Boston. The assisted living and memory care community was originally built in the early 1990s. Bechtel Frank Erickson designed the project, and South Coast Improvement will serve as general contractor. All spaces will feature interior design by Boston-based Stefura Associates. Completion is slated for early 2024.
BOSTON — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has negotiated the $70 million sale of a portfolio of four grocery-anchored retail assets in Massachusetts and Rhode Island. The properties, all of which are master-leased to regional operator Stop & Shop, total 272,542 square feet and are located in the Massachusetts communities of Framingham, Malden and Swampscott, with the fourth in Bristol, R.I. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
BOSTON — Global architecture and design firm Sasaki has opened its new 64,000-square-foot office headquarters at 110 Chauncy St. in downtown Boston. The space spans seven of the building’s eight floors. Sasaki, which signed a 16-year lease in 2021 to relocate from the western suburb of Watertown, also redesigned the building’s lobby, retail space and entrance. MC Real Estate Partners owns 110 Chauncy Street, which was originally constructed in the 1890s.