It's A Good Time For Acquisitions
We snapped Walter Prince, co-founder of law firm Prince Lobel Tye, with Nicole Young, Caro Fulpe, and Michael Rooney at the Massachusetts Building Congress gala on Thursday to honor Walter's friend (and Michael's father), Mass Convention Center Authority executive director Jim Rooney. The real estate practice at Walter's firm is working on an increasing number of acquisitions, we learned from its real estate practice group chair Rob Schlein: one client recently purchased a 26-story tower in Pittsburgh from a pension fund, while two others have bought assets in downtown Boston and another in the 'burbs. (People will do anything to avoid shopping on Black Friday.) They all see rent rising in a few years as leases signed in '09 and later roll over.
Siemens Northeast manager Tom Foley is overseeing the installation of HVAC at UMass Medical's $400M, 512k SF Albert Sherman Center in Worcester, an 11-story, LEED Gold building designed by Architectural Resources Cambridge and built by Suffolk Construction. His team is also installing mechanicals in the The Broad Institute's $375M-plus, 300k SF building at One Cambridge Center in Kendall Square near MIT. The Broad will own the building while Boston Properties will continue to own the land. Tom says the project is complex and calls for a lot of integration.
