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399-Boylston-Street-Boston
AcquisitionsMassachusettsNortheastOffice

Newmark Brokers $125M Sale of Office Building in Boston’s Back Bay District

by Taylor Williams

BOSTON — Newmark has brokered the $125 million sale of 399 Boylston Street, a 245,084-square-foot office building in Boston’s Back Bay district. The 13-story building has had an average occupancy rate of 85 percent over the past five years and was 90 percent leased at the time of sale. In addition, the property recently underwent a capital improvements program that delivered a new lobby and entryway, as well as improvements to tenant suites. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, an entity doing business as BRE Boylston Owner LLC, in the transaction. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna, also with Newmark, arranged acquisition financing on behalf of the buyer, San Francisco-based DivcoWest. CIM Group provided a $93 million acquisition loan for the deal.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

MassDevelopment Provides $21.4M in Bond Financing for Worcester Affordable Housing Complex

by Taylor Williams

WORCESTER, MASS. — MassDevelopment has provided $21.4 million in tax-exempt bond financing for a 73-unit, 16-building affordable housing complex in Worcester. The owner, Worcester Common Ground, will use proceeds to renovate the complex, which houses units that are reserved for renters earning between 30 and 60 percent of the area median income, and preserve its affordability status. Improvements will include the replacement and upgrading of electrical, mechanical and plumbing systems, as well as the renovation of kitchens and bathrooms. Roofs will also be replaced, and four fully accessible units will also be created. Construction is underway and is expected to be complete in spring 2027.

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The-Clayborn-Medford-Massachusetts
DevelopmentMassachusettsMultifamilyNortheast

Davis Cos. Underway on 289-Unit Multifamily Project in Medford, Massachusetts

by Taylor Williams

MEDFORD, MASS. — Locally based developer The Davis Cos. is underway on construction of The Clayborn, a 289-unit multifamily project located north of Boston in Medford. The 7.9-acre site formerly housed a self-storage facility. Designed by CUBE 3 Architects, The Clayborn will offer studio, one-, two- and three-bedroom units as well as six townhomes. The Clayborn will also have an affordability component, although specific income restrictions were not disclosed. Amenities will include a pool, fitness center, playground, golf simulator and putting green, coworking space, dog park and a rooftop deck. Plumb House is the general contractor for the project, which is expected to be complete in 2027.

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AcquisitionsMassachusettsNortheastRetail

Atlantic Capital Partners Negotiates $10M Sale of Metro Boston Retail Center

by Taylor Williams

WESTBOROUGH, MASS. — Regional brokerage firm Atlantic Capital Partners has negotiated the $10 million sale of 9 West Plaza, a 35,371-square-foot neighborhood retail center in Westborough, about 30 miles west of Boston. The center is home to tenants such as Dollar Tree, Chipotle Mexican Grill, PetMedic, Jersey Mike’s, FedEx and Smileland Pediatric Dentistry. Justin Smith, Chris Peterson, Sam Koonce, Danielle Turpin and Matt Ericson of Atlantic Capital represented the seller in the transaction. Will Kelleher of Kelleher Sadowsky represented the buyer. Both parties requested anonymity.

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AcquisitionsHealthcareMassachusettsNortheast

CBRE Brokers Sale of 76,701 SF Medical Office Building in Woburn, Massachusetts

by Taylor Williams

WOBURN, MASS. — CBRE has brokered the sale of a 76,701-square-foot medical office building in Woburn, located north of Boston. Winchester Hospital anchors the outpatient building, which is known as 200 Unicorn Park, and Excel Orthopedic Specialists occupies the remaining space. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Jesse Greshin, Corra John, Scott Dragos and Josh Kulak of CBRE represented the undisclosed seller in the transaction. The buyer was Boston-based Sendero Capital.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

Three Tenants Sign Leases at Wayside Shopping Center in Suburban Boston

by Taylor Williams

BURLINGTON, MASS. — Three new tenants have signed leases at Wayside, a 193,000-square-foot shopping center located in the northern Boston suburb of Burlington. Diamonds & Pearls by David’s Bridal is already open at the property, as is Golf Galaxy, which operates a 16,000-square-foot venue. Contemporary Japanese restaurant Hinoki will open in early 2026. Regional owner-operator Wilder Cos. manages Wayside, which is anchored by L.L. Bean and features more than 30 shops and restaurants.

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DevelopmentMassachusettsNortheastOffice

Drucker Associates Underway on $5M Renovation of Downtown Boston Office Building

by Taylor Williams

BOSTON — New York City-based investment firm Drucker Associates has completed the $5 million renovation of 211 Congress Street, a 90,000-square-foot office building in downtown Boston. The project, which is expected to be complete before the end of the year, will deliver a modern lobby, upgraded elevators and restrooms, new storefronts and a refreshed retail façade. Newmark is both the office and retail leasing agent for 211 Congress Street.

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AcquisitionsMassachusettsNortheastRetail

Reports: National Development Buys Watertown Mall in Metro Boston for $100M

by Taylor Williams

WATERTOWN, MASS. — National Development has purchased Watertown Mall, located on the western outskirts of Boston, with plans to enhance the property and continue its operation as a retail destination, as confirmed in a statement by the regional owner-operator. According to reports from multiple publications, including Axios and the Boston Business Journal, the sales price was $100 million, and the purchase represents a split from an original plan to repurpose the property to support life sciences usage. Best Buy and Target are the current anchors of Watertown Mall. The seller was not disclosed.

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Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

TCB Completes Renovation of 85-Unit Affordable Housing Complex in Worcester, Massachusetts

by Taylor Williams

WORCESTER, MASS. — Nonprofit owner-operator The Community Builders (TCB) has completed the renovation of The Aurora, an 85-unit affordable housing complex in downtown Worcester. The historic six-story building was originally constructed as a hotel in 1898 and offers 30 units that are reserved for those earning up to 30 percent of the area median income (AMI). In addition, a portion of residences are reserved for households earning 80 percent or less of AMI and for renters who make 60 percent or less of AMI. Architecture Environmental Life Inc. designed the project, and Keith Construction served as the general contractor.

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Affordable HousingDevelopmentLoansMassachusettsMultifamilyNortheast

MassDevelopment, BankFive Provide $11M in Financing for Cape Cod Multifamily Project

by Taylor Williams

HYANNIS, MASS. — MassDevelopment and BankFive have provided $11 million in financing for a 45-unit multifamily project in the Cape Cod community of Hyannis. The building at 199 Barnstable Road will house 40 market-rate units and five affordable units that will be earmarked for households earning 65 percent or less of the area median income. Units will have an average size of 550 square feet. The developer, Bratt LLC, is a real estate holding entity owned by Bradley Sprinkle and Timothy Telman; the former’s family-owned contracting business most recently occupied the site. Completion is slated for mid-2026.

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