THE DEAL SHEET
| Leasing Mitsubishi Electric Research Laboratories (MERL), the North American R&D subsidiary of Mitsubishi Electric Co has extended for 10 more years its 35k SF lease at 201 Broadway in Cambridge where it's been since 1991. Jones Lang LaSalle's Brooks Murphy and Molly Heath repped MERL in the lease that consolidates its US labs in Cambridge. The Davis Cos? Duncan A.C. Gilkey represented the landlord, Broadway Hampshire LP, a Davis affiliate.*** Dynamic Research Corp signed a seven-year lease for 37k SF at Clarendon Square in Arlington, Va. for its new national capital region HQ, consolidating its Reston and Arlington offices into one space. With more than 600 employees in the region, the Washington, DC area is now DRC?s largest operating location. McCall & Almy?s Neil Schneider and CBRE's Brad Davis repped DRC. Cassidy Turley's Michael Altman and Marty Almquistrepped the landlord, Phillips Development Corp. *** Capital Crossing leased 24.4k SF on floor seven of 99 High St. Jones Lang LaSalle's Bill Barrack and Ben Heller repped the landlord, TIAA-CREF and JLL?s Tom O?Regan was at the table for the tenant. JLL is the exclusive leasing agent, construction and property manager for the building on the Greenway. *** Save that Stuff leased 46k SF of industrial space and 58k SF of land at 200 Terminal St in the Charlestown Maritime Center. Newis Real Estate's Bob Newis repped the tenant and Vesper Realty's Philip Moses, Ben Sutton, and Brett Wagner negotiated for the landlord. *** Casa Systems signed a 25k SF lease to expand its HQ at River Place, 100 Old River Road in Andover. Richards Barry Joyce?sBrian McKenzie, John Wilson, and James Lipscomb repped the landlord, CrossHarbor Capital Partners. NAI Hunneman repped Casa Systems. Sales An affiliate of The Davis Cos paid $15.3M for the Ferncroft Corporate Center in Middleton. Cushman & Wakefield's capital markets group of Robert Griffin, David Pergola, and Brian Dohertyrepped the seller and found the buyer for the eight-story 226k SF Class-A office building. For Sale Pfizer is selling its 91k SF office/lab building at 620 Memorial Drin Cambridge, company spokeswoman Joan Campion confirmed. In a drive to cut expenses, the pharmaceutical giant will vacate this building, one of several locations it has in the region. Response to the prospect will test the continued strength of one of the region?s most sought-after submarkets. |
| Construction |
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| Myles Standish Medical Center broke ground last Thursday on a33k SF medical office, the first new commercial building to get into construction here in two years. NAI Hunneman?s Cathy Minnerlywill lead the leasing effort of the building, which is already 25% committed. She expects to lease the rest before construction is completed in the fall. Cranston-based A. Autiello Construction is the architect and GC.*** Care.com is renovating its 25k SF HQ at 1400 Main St in Waltham, creating a new lobby, reception area, conference rooms, and offices. The project team includes the landlord Boston Properties, Wilson Architects, LVR Corp, and J. Calnan & Associates. Financing Last Thursday, the Grossman Cos and Dinosaur Capital Partners paid off a $14.3M CMBS loan secured by Grossman?s 125k SF office building in Braintree for $6.9M. The discounted loan payoff and a $1.5M renovation will help restore occupancy in the building. After five years on the sidelines, Grossman is leasing more space in its portfolio, optimistic about the local economy and looking fornew acquisitions. *** |
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| Williams College has been issued $89M in tax-exempt bonds through MassDevelopment to: build a library and media center; improve its football and track and field facilities; renovate Chapin Hall, a historic performance space; and complete other repair and renewal projects across the campus. The existing Sawyer library will be demolished, and a new Sawyer will be built onto the back of Stetson Hall (in photo above).AssignmentsCBRE Grossman Retail has been chosen by Street-Works Development to lease the 700k SF of retail space in the $1.6B, 3.5M SF New Quincy Center. The available retail space will range from 2,000 SF to 140k SF. The retail mix will include: restaurants, casual and upscale, wellness and fitness, entertainment and large format stores as anchors. Tenants will be national and local businesses. *** KS Partners chose Cushman & Wakefield's Mike Frisoli, J.R. McDonald, Ned Havern and Stephen Woelfel as exclusive leasingagents for a nine-building, 417k SF office and industrial portfolio in Braintree. The Boston and New York-based firm's properties include the Forbes Business Park, a three-building corporate campus; 140-150 Wood Rd, a pair of connected office buildings of nearly 100k SF adjacent to the Blue Hills Reservation; and the Blue Hills Commerce Center on Brooks Dr, a 100k SF collection of four single-story manufacturing and flex properties. People Grubb & Ellis? Dan Krysiak has been promoted to VP of the firm's office group. Recently, Dan and colleague Jack Kerrigan leased 100k SF at the Watch Factory in Waltham. Dan joined Grubb in ?06 after 10 years with McFarland & Finch. He specializes in landlord and tenant rep in the Rt. 128, Mass Pike and Cambridge markets. |
