Massachusetts

Alexandria Real Estate Equities to Deliver Moderna’s Headquarters in Cambridge, Massachusetts in November

by John Nelson October 3, 2023

CAMBRIDGE, MASS. — Alexandria Real Estate Equities Inc. (NYSE: ARE), an office and life sciences REIT based in Pasadena, Calif., plans to open Moderna’s (Nasdaq: MRNA) new global headquarters in Cambridge ahead of schedule. The developer will deliver the 462,100-square-foot property at 325 Binney St. in November. The building will serve as Moderna’s corporate headquarters and also house the company’s core research-and-development operations. The property will be situated within Alexandria Center at the One Kendall Square mega campus, which is located near other life sciences firms and top-tier institutions in the Greater Boston area, including Harvard University and MIT. “We value our longtime strategic relationship with Alexandria. It has been a privilege to work with their team to develop our new headquarters and science center designed to be the most sustainable laboratory building in Cambridge,” says Jamey Mock, chief financial officer of Moderna. Moderna will use the facility to continue to hone and make advances in its mRNA medicines and therapeutics to combat a wide range of diseases, including COVID-19. Alexandria Real Estate Equities is targeting for the new property to achieve LEED Zero Energy, LEED Platinum Core & Shell, Fitwel Life Science and WiredScore Platinum certifications. The property will …

October 3, 2023

Acquisitions Massachusetts Northeast Retail

RK Centers Acquires 415,404 SF Retail Power Center in Attleboro, Massachusetts

by Taylor Williams October 2, 2023

ATTLEBORO, MASS. — RK Centers, an owner-operator with offices in New England and South Florida, has acquired Bristol Place, a 415,404-square-foot retail power center located south of Boston in Attleboro. The center sits on a 45.5-acre site along State Route 1A and is home to tenants such as grocer Market Basket, Home Depot, T.J. Maxx, Burlington, Hobby Lobby, Edge Fitness, Bob’s Discount Furniture and Party City. Nat Heald of CBRE represented the seller, an affiliate of Unison Realty Partners, in the transaction. RK Centers will rebrand the property, which was 96 percent leased at the time of sale, as RK Bristol Place.

October 2, 2023

Loans Massachusetts Northeast Office

JLL Arranges $27M Loan for Refinancing of Metro Boston Office Building

by Taylor Williams October 2, 2023

QUINCY, MASS. — JLL has arranged a $27 million loan for the refinancing of One Heritage Drive, a 172,849-square-foot office building located in the southern Boston suburb of Quincy. The building is fully leased to Granite Telecommunications. Jonathan Schneider led the JLL team that arranged the five-year, fixed-rate loan through Metro Credit Union on behalf of the borrower, regional development and investment firm FoxRock Properties. A portion of the proceeds will be used to fund capital improvements.

October 2, 2023

Leasing Activity Massachusetts Northeast Office

Goulston & Storrs Signs 100,000 SF Office Lease in Downtown Boston

by Taylor Williams September 28, 2023

BOSTON — Law firm Goulston & Storrs has signed a 100,000-square-foot office lease at One Post Office Square in downtown Boston. According to Wikipedia, the recently renovated building rises 42 stories, totals roughly 832,000 square feet and includes a 368-space parking garage. Goulston & Storrs has engaged Elkus Manfredi Architects to design the build-out of the space, which will house about 350 employees across four floors that will be connected by an internal staircase. The move-in is scheduled for next spring.

September 28, 2023

Leasing Activity Life Sciences Massachusetts Northeast

Colliers Negotiates 101,000 SF Life Sciences Lease in Devens, Massachusetts

by Taylor Williams September 26, 2023

DEVENS, MASS. — Colliers has negotiated a 101,000-square-foot life sciences lease at Pathway Devens, a 45-acre campus located about 50 miles northwest of Boston. John Carroll III and Kevin Brawley of Colliers represented the tenant, Ascend Elements, which produces parts for lithium ion batteries, in the lease negotiations. Brian McKenzie and Alex Plaistead of CBRE represented the landlord, Boston-based King Street Properties. The deal brings the first phase of the development to full occupancy.

September 26, 2023

Development Massachusetts Multifamily Northeast

Capstone, MPZ Development Complete Multifamily Adaptive Reuse Project in Bridgewater, Massachusetts

by Taylor Williams September 25, 2023

BRIDGEWATER, MASS. — Capstone Communities and MPZ Development have completed The McElwain School Apartments, an adaptive reuse project in Bridgewater, about 25 miles south of Boston, that converted a former school building into a 57-unit mixed-income complex. The building had been vacant for the past 20 years. The majority (51) of the units are reserved for households earning 60 percent or less of the area median income. Amenities include a dog park, playground, community room and a wildflower bee meadow. The development was funded through a mix of state, local and low-income housing tax credit funding sources, as well as Community Preservation Corp. funding and a $15 million construction bridge loan from the Massachusetts Housing Investment Corp. The Massachusetts Housing Partnership also provided a $5.3 million permanent loan for the project.

September 25, 2023

Acquisitions Massachusetts Net Lease Northeast Retail

Marcus & Millichap Brokers $4.6M Sale of Retail Property Leased to CVS in Norton, Massachusetts

by Taylor Williams September 22, 2023

NORTON, MASS. — Marcus & Millichap has brokered the $4.6 million sale of a 10,125-square-foot retail property in Norton, located in the southern part of The Bay State, that is net leased to CVS. The property was built on 1.5 acres in 2000. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Thomas Shihadeh of Marcus & Millichap assisted in closing the deal as the broker of record.

September 22, 2023

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $5.2M Sale of Boston Apartment Building

by Taylor Williams September 20, 2023

BOSTON — Marcus & Millichap has brokered the $5.2 million sale of Beals Street Apartments, a nine-unit multifamily building in Boston’s Brookline neighborhood. Constructed in 1909, Beals Street Apartments features six condo-style, two-bedroom residences and three studio apartments. Matthew Pierce of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a limited liability company. Both parties requested anonymity.

September 20, 2023

Acquisitions Massachusetts Multifamily Northeast

Cushman & Wakefield Brokers $20M Sale of Boston Apartment Building

by Taylor Williams September 19, 2023

BOSTON — Cushman & Wakefield has brokered the $20 million sale of a 16-unit apartment building located at 37-43 Temple Place in Boston. The five-story building, which was most recently renovated in 2008, houses two-, three- and four-bedroom units and 4,950 square feet of retail space that is fully leased. Bruce Lusa, Chris Sower, Jon Bryant, John Flaherty, Kevin Jones, Mary VanNatta and Julie Regan of Cushman & Wakefield represented the seller, 3MJ Realty LLC, in the transaction. The buyer was SC Alpha Inc.

September 19, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Reports: Boston Planning & Development Agency Approves Master Plan for $5B Dorchester Bay City Mixed-Use Project

by Taylor Williams September 19, 2023

BOSTON — The Boston Planning & Development Agency has approved the master plan of Dorchester Bay City, a mixed-use project on the city’s south side, according to a host of local media sources. The Boston Globe reports that the waterfront project, which is a redevelopment of the former site of the Bayside Expo Center, carries a price tag of roughly $5 billion. Accordia Partners, which is a partnership between Boston developers Kirk Sykes and Dick Galvin, and New York-based Ares Capital Corp. lead the development team. According to The Dorchester Reporter, the latest plans for the development call for 21 buildings totaling roughly 6.1 million square feet across a total acreage of 36.2 acres. The buildings will house office, life sciences, residential, retail, restaurant and office uses, and most will include underground parking, per the media outlet. According to the project webpage, Dorchester Bay City will feature a 2.7-acre park at the water’s edge; a 6,300-square-foot pavilion with various amenities; and an 8,000-square-foot learning and innovation center. Approximately 20 percent of the residential inventory to be designated as affordable housing, specifically for households earning 70 percent or less of the area median income. The development team plans to make $36.8 …

September 19, 2023

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