Cummings Gives $900M; The Deal Sheet
| Cummings? Properties' Joyce and Bill Cummings, longtime Massachusetts philanthropists, have pledged to give away$900M, half of their fortune, they said Tuesday during an interview on National Public Radio. |
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| Josh Reynolds, The Boston Globe |
| Bill Cummings amassed much of his wealth developing and managing CRE properties, many on Route 128. Earlier this month, Bill and his wife Joyce say they signed the Giving Pledge set up last year by Warren Buffett and Bill and Melinda Gates. They, like other US billionaires, will give half of what they have to charity. Joyce says it was a natural step for them to take; their children are set and the Cummings are active in many charitable and social causes. In 1986, they established the Cummings Foundation, among Massachusetts? largest philanthropic organizations. |
| Development |
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| John M. Corcoran & Co will build a $44M, 226-unit apartment building with 8,700 SF of ground floor retail in SouthField Highlands in the LNR development on the site of the former South Weymouth Naval Air Station. Corcoran plans to start construction in May with the first residents to move in spring ?12. Sixty single-family, townhouse, and garden court homes are under construction by Whitman Homes and Interactive Building Group. At full build-out, SouthField is planned for 2,855 residences, 2M SF CRE and retail space, including a full-scale movie studio. It will also have 1,000 acres of neighborhood parks and open space, a links style golf course, and a $30M indoor/outdoor recreation complex.*** |
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| Boylston Properties Co said on Monday that it's moving forward with development of a 175-room Marriott Residence Inn at 121 Brookline Ave, near Fenway Park. It will also have 6,000 SF of ground-floor retail or restaurant space. Boylston Properties president William McQuillan says he plans to start construction in the fall. Until then, get out your crayons and fill in the white spaces above.***TK Investment Group, the real estate affiliate of medical catheter maker Innovative Medical Design, will relo from New Hampshire and expand into 3,600 SF in downtown Ayer using a $360k loan from MassDevelopment. |
| Leasing |
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| AFL Noyes, which supplies products and services to the telecom industry, leased nearly 15k SF at 59 Lowes Way in Lowell.Cass Information Systems, which provides expense management and business intelligence services, leased 7,047 SF in the same building. CB Richard Ellis/New England?s Kerry Olson Hawkins and Robert LeClair repped landlord National Development in both transactions. Colliers International's Brian Tisbert and Fischer & Co's Chris Robinson repped AFL Noyes. Carey Realty Partners' Ted Hobson repped Cass Information Systems.*** Gemvara, an online jeweler, leased 15k SF at One Financial Center for the startups? first office. It will relo from incubator space on Hayden Ave in Lexington where Highland Capital Partners is based. It will also be filling orders from its own offices in NYC?s Diamond District. *** Mc|K Healthcare has leased 10,216 SF to relo into 200 State St from their current HQ at One Federal St. Boston Realty Advisors?Adam Schneier repped the tenant. Cushman & Wakefield's Bill Anderson, Debra Gould, and Rebecca Galeota repped the landlord, GLL Properties. *** Apperian leased 8,903 SF of office space at 321 Summer St, from Normandy Real Estate Partners, in a relo and expansion for the enterprise mobile application firm. Grubb & Ellis? Karyn McFarland and Matthew Godoff repped the tenant. CBRE's Bill Crean, Ogden White, and Tim Howe were at the table for Normandy. *** The law firm Esdaile Barrett & Esdaile renewed its 7,583 SF lease on its long-time location at 75 Federal St. Lincoln Property's Roberto Magno repped the tenant while Cushman & Wakefield's Tim Bianchi and Gil Dailey repped the landlord, Transwestern Investment of Chicago. Assignment HMFH Architects has been chosen to renovate UMass Amherst?s Van Meter Hall, a freshmen dorm or Living and Learning Community focused on culture and the arts for students pursuing a career, program of study, or passion in music, art, dance, or theater. HMFH will create an atmosphere that supports creativity by renovating student lounges, social and recreation areas, dance and practice rooms, study spaces and media rooms on the building's first and second floors. The work will be completed in September. People Cushman & Wakefield promoted Edward "Woody" Maher to EVP and David Pergola to executive director. Woody, a 26-year CRE vet, has handled some of Boston's biggest investment sales including the John Hancock Tower, One Financial Center, and One Beacon Street. In all, he and his team have sold over $27B of retail, office, flex, warehouse/distribution and multifamily investment properties in the Northeast. David heads Cushman's middle markets investment sales for New England. He's participated in about $10B in sales and leasing transactions across the US. *** Sasaki announced that Paul Comeau has joined the planning and design firm. The 20-year industry vet is coming from Spagnolo Gisness & Associates where he was a long-time principal and senior project manager, designing build-to-suit offices and corporate HQs for Fortune 500 companies. At Sasaki, Paul will continue to focus on designing office buildings, corporate HQs, and commercial spaces as he also develops new business opportunities for the firm. |
