Our Life Science Summit; The Deal Sheet;
| This morning, the 200 lenders, developers, landlords, builders, architects, engineers, brokers, electrical suppliers and others (you know who you are) at Bisnow's Life Science Summit at the Westin Copley Hotel were clearly riveted. How do we know? |
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| Because they didn't want to look away even to adjust their nametags. Moderator Tsoi/Kobus? Rick Kobus kept a fast pace for the panelists: BioMed?s Bill Kane, Forest City's Frank Wuest, King Street?s Tom Ragno, and Skanska's Andrew Quirk. They discussed Vertex's move to Boston from Cambridge and its impact on lab markets. Some burning issues: Will the arrival of global pharma firms crowd out the smaller startups that feed product pipelines and sustain the region?s life science ecosystem? Does sustainability still matter? Does the regulatory environment support the growth of life science? What's happening in the financial markets for public and private lab developers, investors, and landlords? Please read tomorrow's newsletter for the shocking conclusion (or at least the mildly surprising coverage). |
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| Tsoi/Kobus? Rick Kobus (center) also carried the flag for his architecture firm, a veteran of life science design and development and sponsor of this morning?s summit. Rick?s Cambridge-based company has designed one of the new build-to-suits for the Vertex HQ now being built at Fan Pier. The two-building complex, 1.1M SF with a $900M price tag, is the nation's largest private construction project. Rick can rely on Tsoi/Kobus Life Science design experience dating back to ?01 when it worked with Lyme Properties' David Clem to develop the 22-story Center for Life Science in the Longwood Medical Area. |
| Development |
| .Carpenter & Co and BayNorth Capital broke ground yesterday for the 204-room Hyatt Place Hotel and Retail Shops, a $40M redevelopment of the former Sheraton Braintree Hotel. Remember that fantastical looking castle-cum-hotel on the Mass Pike? Well, it's coming into real time as Carpenter?s Richard Friedman and BayNorth Partners' Chip Douglas, Charlie Wu and Charlie Flint rebuild it as a contemporary hotel with 46k SF of retail/restaurant space. Designed by Cambridge 7 Associates, the opening is scheduled for next May.*** |
| Simon Property Group is moving through permitting to enlarge Copley Place. It is seeking to build a 47-story, 755K SF tower with 318 condominiums, a Niemen Marcus store and a glass enclosed garden with restaurants and shops. Copley Place was originally built by Urban Development and Investment Co for about $500M with two hotels, four office buildings, a mall, 100 apartments and a 1,400-car garage. |
| Sales |
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| Fairlane Properties paid $16.1M to buy 275 Wildwood Ave in Woburn, a 172k SF industrial and office building leased long-term to Anixter International and Verizon New England. CBRE's Gary Lemire and Matt Pullen repped the seller, Colony Realty Partners. Lincoln Property's Ken Oppenheim will be the property manager.*** Stanley Bailey LLC paid $1.6M for a 28-unit apartment complex in Lynn. The property at 653-661 Western Ave includes two 1900's-era apartment buildings, a commercial building with a barber shop, a storage facility, and off-street parking. NAI Hunneman?s Carl Christie and Dan McGee repped the seller, Avalon Realty, and found the buyer. *** Avenue Charles LLC has agreed to pay $1.4M ($675/SF) for two retail condos with 2,073 SF at 125 Charles St on Beacon Hill. Boston Realty Advisors founder Jason Weissman repped the seller, 125 Charles Street LLC. Prudential Real Estate's Chuck Silverston repped the tax exchange buyer. *** The Archdiocese of Boston is changing the official status of six churches, which could position them for sale. They are: St James the Great in Wellesley, St Jeanne D?Arc in Lowell, Star of the Sea in Quincy, Our Lady of Lourdes in Revere, St Frances Xavier Cabrini in Scituate and Our Lady of Mount Carmel in East Boston. |
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| Behringer Harvard West Village Project Owner LLC has purchased the 200-unit West Village apartment complex in Mansfield. Cushman & Wakefield's capital markets group, including Simon Butler, Biria St. John, Michael Byrne, and John McLaughlin repped the seller Fairfield Green at Mansfield LLP and found the buyer for the development built in ?08 at the junction of I-95 and I-495. Leasing In a HQ relo, Allscripts Healthcare Solutions has agreed to lease 28k SF at Burlington Woods Office Park 1 in Burlington, a recently renovated 116k SF office owned by The Davis Cos. CBRE's Robert Kinlin repped the tenant. Cushman & Wakefield's Mark Roth and Mike Moynahan repped Davis in this and two other lease deals that total 38k SF. This brings the building to 62% occupancy from 30% a year ago when Davis purchased it at auction from GE. Genesis Consolidated Services leased 7,300 SF repped by Grubb & Ellis? Steve Cook and Nexant took 3,500 SF, repped by CBRE's Rob Walles. *** Office furniture dealer Environments at Work has agreed to extend its lease and expand at its current location, 300 A St, into 8,202 SF from 4,243 SF. The build-out of its new HQ will be completed by December. McCall & Almy?s Neil Schneider and Garrett Larivee repped the tenant on its new HQ lease. The landlord, Brickman,was repped by CBRE's Chris Cuddy and Peter Conlin. *** The Boston Herald is in talks to relo its HQ to Seaport Center at 451 D St in the Seaport District since its longtime home in the South End is slated for redevelopment. The office building is owned by the Beal Cos and Rockpoint Group. *** Assignments Westport Capital Partners and Prudential Real Estate Investors have hired Cushman & Wakefield to sell 535 and 545 Boylston St, Class-B office buildings in the Back Bay near Trinity Church. The partners bought the building in ?07 for $77M from Centro Properties Group and the current value is estimated at $90M, according to Real Estate Alert. |
