Deal Sheet
| DEVELOPMENT As the drive to develop multifamily rental buildings gains momentum, Kensington Investment is joining the fray on Friday when it breaks ground for The Kensington, a 27-story, 381-unit luxury apartment building downtown near Chinatown. | |
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| Kensington Investment, the wealth management firm for travel industry magnates Alan and Harriet Lewis, is partnering withNewton-based National Development to develop the high-end high-rise that will feature a rooftop pool, clubrooms, fitness facility, and ground-floor retail. The ground-breaking event is Friday, 2pm, at 659 Washington St.***A Trinity Financial affiliate is planning to redevelop theNorthampton Square housing complex in the South End by renovating the existing structures and building a new apartment building for a total of 568 units. The mid-?70s complex includes two residential towers, a parking garage, a Boston Public Health Commission office building, retail, and a fitness center. The Trinity affiliate, Fort Point Associates, is seeking city approval to renovate existing buildings to create 368 apartments and to build a new tower with 200 apartments. *** Metric Corp has been chosen by MassDevelopment to develop 12 moderately priced super energy efficient townhouses on a 1.2 acre site in Devens. Secretary of Housing and MassDevelopment chair Greg Bialecki says the housing will serve as a model forgreen, multifamily, affordable housing development. Metric will work with architect Cambridge Seven Associates and consultantSteven Winter Associates. *** For the first time in 53 years, Cardinal Spellman High School in Norwell has new additions to its campus: a 5,000 SF fitness center and three new science labs. Acella Constructionmanaged construction. *** | |
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| Even the nation's largest private construction project starts with aconcrete pour. On Thursday, that work began at Fan Pier, the site of Vertex Pharmaceuticals? 1.1M SF build-to-suit being developed by The Fallon Co. This pour consists of 2,500 cubic yards of concrete dumped into a 42-foot below-grade foundation site and marks the first of five concrete placements necessary to support what will eventually be an 18-story building.***Berklee College of Music received the proceeds of a $90M bondissued by MassDevelopment for the music school?s 155k SFmixed-use building at 168 Massachusetts Ave. The building, designed by William Rawn Associates Architects will have new dorm space for 370 students, a two-story dining hall, a 400-seat performance space, a music technology center with recording studios, and ground-level retail. *** Cathartes Private Investment and Nexamp are partnering to build what will be one of Massachusetts? largest solar projects in Westford: a $23M, 4.5 megawatt array of 14,000 solar panels on 22 acres of industrial land bordering Rt. 3. Construction is expected to start this fall. LEASING BIND Biosciences leased nearly 33k SF of lab and office space at 325 Vassar St in Cambridge from landlord BioMed Realty Trust. In the same building Sun Catalytix leased 9,665 SF of lab and office space in a relo from less than 2,000 SF at 200 Tech Square nearby. The tenants were repped by Richards Barry Joyce & Partners' Jon Varholak and Eric Smith. *** Law firm Duane Morris leased 28k SF at 100 High St in a relofrom 470 Atlantic Ave. It was repped by JLL?s Bill Barrack, Ben Heller, and Keith Gurtler. SALE Rockpoint Group sold a 49% stake in a NYC office building on 52nd St. fully occupied by tenants that include BlackRock, McKinsey, and Swiss Re. Last year, Rockpoint bought the 1.2M SF building for about $330M. The most recent buyer was a high-net-worth investor from Asia. | |
| FUNDRAISING | |
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| The CRE industry?s annual breakfast fundraiser for the United Way is one of the year's best attended events with up to 1,200 breaking muffins together. This year's fete will be held on Oct. 27. The executive committee planning for the blowout are: John Moriartys? David Leathers, Forest City's Frank Wuest, Rockpoint?sJohn Stonestreet, United Way?s Joyce Halkin, Terra Nova Partners' Polly Bryson, The Beal Cos? Robert Beal, Bank of America John Wolff, and FHO Partners's Brian Hines, | |
| HONORS | |
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| On Thursday, the Associated General Contractors gave the New England Honor Award to the team that restored and expanded the Cambridge Public Library: Consigli Construction, JF White Contracting, William Rawn Associates (lead architect), Ann Beha Architects (Historic Building architect), and the City of Cambridge. |
