THE DEAL SHEET
Sales
HFF?s Boston office closed on the $40.5M sale of 75 Pleasant St., a 125,521 SF Class A office building in Malden leased entirely to the state Department of Education for the long term. HFF?s Coleman Benedict repped the seller, a JV of Kennedy Associates and Corcoran Jennison, and found the buyer for the property, which was built in 2008 in Malden Center.
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Sam Park & Co. paid $40M to buy the former Polaroid campus on Main Street in Waltham. Last year, Heleba and PB Capital foreclosed on the 119-scre site where Park says he hopes to start construction this summer for an office/retail project, perhaps even on spec. At the same time, he says he'll work with the city and neighbors on a comprehensive plan for property where a Polaroid/Related Cos. project fell through.
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Cornerstone Real Estate Advisers (on behalf of an institutional investor) has paid $17.5M for Genzyme l Northborough, a final assembly and distribution facility leased long term by Genzyme. The biotech firm is currently doing a $60M renovation and addition that will result in a 252k SF building near I-290 and I-495. Cushman & Wakefield's Rob Griffin, Ed Maher, David Pergola, and Christopher Griffin repped the seller, ING Clarion Partners and Leggat McCall.
Leasing
Campanelli signed five leases for a total of 22,407 SF at 300 Crown Colony in Quincy, repped by Colliers Meredith & Grew's Jim Elcock,Dave Goodhue, and Caleb Hudak. MCMC signed up for 12k SF, repped by Equitable Real Estate Solutions? Mark Carangelo. Granite Medical took 4k SF, repped by The Conrad Group's Bob Conrad and Paul McCourt. On Assignment leased 2,173 SF, repped by CresaPartners' Dan Sullivan. The Hanover Co. took about 3k SF and Vive Communications 972 SF.
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Richards Barry Joyce announced that it advised Charles River Ventures in the renewal of its 13,576 SF lease at 1000 Winter St. in the Bay Colony Corporate Center in Waltham. RBJ?s Jon Varholak and Ron Friedman repped the tenant and FHO repped landlord Eastern Development.
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SurfMerchants has leased 5k SF at 33 West St. downtown. GVA Thompson Hennessey?s Chris McMahon repped the landlord, SMC Management. Boston Realty Advisors? Wil Catlin repped the tenant.
Financing
Colliers Meredith & Grew's John Broderick arranged $9.5M in refinancing for Post Road Plaza. The 210k SF retail complex at 246 East Main St. in Marlborough is owned Karnak Realty and is 98% leased. Tenants include Marshall?s, CVS, Price Chopper, and Ocean State Job Lot. Aviva Investors financed the 20-year fixed-rate loan.
Construction
Suffolk Construction was selected by Beacon Communities Services to be the construction manager for Phase I of the redevelopment of the Old Colony Public Housing project in South Boston. Phase I of the 850-unit redevelopment program includes the demolition of 164 units and construction of 116 affordable apartments in a midrise building, four clusters of wood-framed townhouses, and a 10k SF, community building. Improvements will be made to roadways, parking areas, utility infrastructure and landscaping. It's being funded, in part, by $22M of stimulus money.Demolition for the 16-month project will begin in the fall.
People
NAIOP Massachusetts announced that Reesa Fischer has joined its staff as senior veep reporting directly to CEO David Begelfer. She comes from marketing firm Doerr Associates, which specializes in commercial real estate. She has more than 20 years of experience building relationships, promoting brand awareness, and creative marketing services for local and national clients. Early in her career, she was regional veep for The Collaborative Cos. and The Codman Co.
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Cannon Design's Sara Schonour has earned her full lighting certificate from the National Council on Qualifications for the Lighting Profession. Recently, she's worked on key Cannon projects including: the Tufts University Arnold Laboratory, South Shore Hospital Emerson expansion, the Blue City, New City projects in Oman, and Virginia Tech's basketball practice facility.
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FHO Partners announced that Bill DeLaney has joined the firm as an associate in corporate advisory services. He'll do tenant representation in the 495-North submarket. Bill comes from Boston Unique Properties where he was a broker associate. Also, Bethany Bockman has been promoted to research analyst for FHO?s corporate services group where she will assist with financial analysis of clients? corporate leasing options.
