Massachusetts

Joint Venture Breaks Ground on $2B USQ Mixed-Use Project in Metro Boston

by Kristin Harlow July 21, 2021

SOMERVILLE, MASS. — US2, a joint venture between Magellan Development, RAS Development LLC, Cypress Equity Investments and USAA Real Estate, has broken ground on a $2 billion mixed-use project known as USQ in Somerville, just northwest of Boston. The 15-acre, transit-oriented development is situated in the city’s historic Union Square neighborhood at the southeast corner of Somerville Avenue and Prospect Street. An official groundbreaking ceremony took place this morning. Totaling 2.4 million square feet, USQ has been in the making for decades, according to the development team. Plans call for 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground-floor retail space. There will also be 3.6 acres of public space encompassing 11 new parks and two new Massachusetts Bay Transportation Authority (MBTA) stations. The first office building, 10 Prospect Street, is slated for completion in the fourth quarter of 2022. Rising seven stories and spanning 194,000 rentable square feet, the LEED Gold building will include an outdoor terrace and onsite parking. Leasing is currently underway. In the Somerville community, there are 18,000 residents who work in the scientific, technology or healthcare industries, according to the project website. Of the current …

July 21, 2021

Development Massachusetts Multifamily Northeast

Alliance Residential Completes Phase I of The Val Apartments in Billerica, Massachusetts

by Taylor Williams July 20, 2021

BILLERICA, MASS. — Alliance Residential has completed the 110-unit first phase of The Val, a multifamily community in the northwestern Boston suburb of Billerica that will ultimately consist of 211 units. Alliance Residential is developing The Val in partnership with GID Real Estate Investments. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling stations, coworking space, a library and a social lounge. Locally based architecture firm Cube3 designed the property. Other project partners include Erland (general contractor), Allen & Major Associates (civil engineer) and Greystar (leasing agent and manager). Rents start at $2,410 per month for a one-bedroom unit.

July 20, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Anthology Senior Living to Develop 105-Unit Community in Millis, Massachusetts

by Taylor Williams July 19, 2021

MILLIS, MASS. — Anthology Senior Living has acquired land in Millis, located southwest of Boston, for the development of a new community. The facility will consist of 105 independent living, assisted living and memory care units that will be situated on a 7.7-acre site. Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield brokered the land deal between seller Barberry Homes and Anthology Senior Living. Cushman & Wakefield also arranged construction financing on behalf of the buyer from a regional bank.

July 19, 2021

Development Industrial Massachusetts Northeast Office

Kula Bio to Open 7,500 SF Headquarters in Natick, Massachusetts

by Taylor Williams July 19, 2021

NATICK, MASS. — Kula Bio, a provider of fertilizer for the agriculture industry, will open a 7,500-square-foot headquarters facility in the western Boston suburb of Natick. The company has tapped Massachusetts-based Dacon Corp. to lead the retrofit of an existing 14,350-square-foot building, with plans to immediately occupy 7,500 square feet and leave 6,850 square feet for future expansion. Completion of the retrofit is scheduled for October. About 30 people will work in the new facility.

July 19, 2021

Healthcare Leasing Activity Life Sciences Massachusetts Northeast Office

Abcam Signs 100,000 SF Life Sciences Lease in Metro Boston

by Taylor Williams July 16, 2021

WALTHAM, MASS. — Abcam, a United Kingdom-based developer and distributor of biological reagents and tools for research, drug discovery and diagnostics, has signed a 100,000-square-foot life sciences lease in the western Boston suburb of Waltham. The company will occupy space at The Gauge, a former research and development facility that was recently repositioned to attract life sciences users. Paul Delaney and John Coakley of Cresa represented Abcam in the lease negotiations. Mike O’Leary and Duncan Gratton of Cushman & Wakefield represented the landlord, Hilco Redevelopment Partners.

July 16, 2021

Market Reports Massachusetts Multifamily Northeast Northeast Market Reports

Rent Growth, Absorption in Boston Multifamily Market Begin to Exceed Expectations

by Taylor Williams July 16, 2021

By Simon Butler, vice chairman, CBRE; Biria St. John, vice chairman, CBRE; John McLaughlin, senior vice president, CBRE; and Colleen Pentland Lally, vice president, CBRE As we emerge from pandemic-era lockdowns and restrictions, Boston’s multifamily market is proving once again to be extremely resilient. With businesses, offices, restaurants and leisure activities rapidly returning to normal, both the overall economy and multifamily fundamentals are rebounding with a velocity that has far outpaced industry expectations to date. Throughout the winter and spring of 2021, job recovery has been swift in the metro Boston region, with employment levels now over 92 percent of pre-pandemic levels, according to the Bureau of Labor Statistics (BLS). The positive momentum is translating into remarkable near-term recovery and growth within the multifamily market. The overall health, stability and resiliency of the greater Boston region is a direct result of the highly skilled and educated labor force, which continues to attract high-paying jobs across the technology, medical, pharmaceutical and educational sectors, among others. Metro Boston is also home to the largest life sciences cluster in the nation, where the local economy has benefited and will continue to benefit from the stability and growth in this industry. In fact, according …

July 16, 2021

Anthology-Senior-Living-Natick-Massachusetts

Development Massachusetts Northeast

Anthology Senior Living to Develop 86-Unit Community in Metro Boston

by Taylor Williams July 15, 2021

NATICK, MASS. — Anthology Senior Living has acquired land in the western Boston suburb of Natick for the development of a new community. The facility will consist of 86 assisted living and memory care units that will be situated on a 5.5-acre site. Rick Swartz, Jay Wagner and Sam Dylag of Cushman & Wakefield brokered the land deal between seller Barberry Homes and Anthology Senior Living. Cushman & Wakefield also arranged construction financing on behalf of the buyer from a regional bank.

July 15, 2021

Affordable Housing Development Massachusetts Multifamily Northeast

WinnCos. Completes $30.2M Mixed-Income Project in East Boston

by Taylor Williams July 14, 2021

BOSTON — Developer WinnCos. has completed a $30.2 million project that converted the waterfront site of an obsolete public housing development in East Boston into a 52-unit mixed-income complex. The site now houses 22 apartments to be rented to low-income households and 30 condominiums to be sold at market-rate prices. The rental units feature one-, two-, three- and four-bedroom floor plans. MassHousing provided a $6.6 million permanent mortgage and $3.6 million in bridge loan financing for the development. Bank of America provided an $11.6 million construction loan and served as the Low-Income Housing Tax Credit investor. Enterprise Bank contributed an $8.6 million construction loan for the condo portion of the project.

July 14, 2021

Acquisitions Massachusetts Multifamily Northeast

Equity Residential Acquires 270-Unit Reserve at Burlington Apartments in Metro Boston

by Taylor Williams July 13, 2021

BURLINGTON, MASS. — Equity Residential, a Chicago-based REIT, has acquired The Reserve at Burlington, a 270-unit apartment community located northeast of Boston. Built in 2019, the property offers studio, one-, two- and three-bedroom units and amenities such as a clubroom lounge with a catering kitchen, a two-story fitness center, four elevated courtyards and a resort-style pool with an outdoor kitchen and bar. Simon Butler and Biria St. John of CBRE represented the sellers and developers, The Davis Cos. and Principal Real Estate Investors, in the transaction. The Reserve at Burlington was 96 percent occupied at the time of sale.

July 13, 2021

Civic Development Massachusetts Northeast

Shawmut Completes $120M Renovation of Smith College Library in Northampton, Massachusetts

by Taylor Williams July 12, 2021

NORTHAMPTON, MASS. — Shawmut Design & Construction has completed the $120 million renovation of the historic Neilson Library at Smith College in Northampton. The 200,000-square-foot building originally opened in 1909. The library now houses an innovation and entrepreneurship center, as well as a series of classroom spaces, a reading room, private study areas, sunken courtyard and event spaces including an outdoor amphitheater. The library also features a podcast studio and other labs for producing digital content. Renovations began in 2017. Project partners included architectural designer Maya Lin and principal architect Shepley Bulfinch.

July 12, 2021

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