The Deal Sheet
We've learned that last week, Alexandria Real Estate Equities started building its first housing development in Cambridge (near Kendall Square) to satisfy a requirement issued by the City when it green-lighted Alexandria’s $500M, 1.7M SF life science complex. (Our mom taught us to always keep our promises.)
The REIT, known for its lab projects, is driving piles for the foundation of what eventually will be 220 residences at 270 Third St. The City favors the project to create a mixed-use district that feels like the rest of Cambridge, says Iram Farooq, the acting deputy director of community development (above). A decade or so ago, the area felt like an office park, she says. Alexandria CEO Joel Marcus, who’s in the middle of earnings season, declined to comment.
Also, Bisnow has learned that work is underway on the first 91 units of 220 units of housing that in total will cost about $40M to build. They’ll include affordable apartments set aside for residents earning up to 80% and 120% of the area median income. At 75 to 125 Binney St (above) the lab REIT also is building a 380k SF two-building complex designed for Ariad Pharmaceuticals. Construction on the lab is expected to be completed in Q1.
Construction & Development
On Friday, New Balance topped off the new 250k SF world HQ it’s building on Guest Street in Brighton as part of a $500M complex, Boston Landing, that also includes offices, restaurants, a hotel, and a 300k SF sports complex for everything from ice hockey to tennis. The development would create four new city streets and a 14-acre campus for the company along the Massachusetts Turnpike, where it has been slowly laying the groundwork for a major expansion.
The Chiofaro Co unveiled its plan for a $1B, 1.3M SF mixed-use complex on the waterfront on the Boston Harbor Garage site. The two-building complex offers a 24/7 public space, Class A offices, luxury condominiums, a 5-star hotel, retail and restaurants. The ten-person Board of Trustees at neighboring Harbor Towers objects that the plan’s too big for the waterfront site. The developer counters that it will provide unprecedented public access from the Greenway and a public open space with retractable roof. Chiofaro also says that most Harbor Towers residents support the proposal which assures them of access to parking.
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Abrams Development Co secured a $9.3M MassDeveloment loan (a $7.1M construction and permanent loan and a $2.2M bridge loan) to renovate the 71-unit Lionhead Apartments in Dorchester and keep the property as affordable Section 8 housing. Planned improvements include: repointing masonry, replacing of roof membranes and skylights, flooring in apartments and common areas, and mechanical systems upgrades.
Leasing
Monotype Imaging leased 42k SF in building 600 at Unicorn Park in Woburn. Construction is expected to start in September with occupancy slated for January '15. On the development team: Diversified Project Management, Spagnolo Gisness, and Bowdoin Construction.
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The Zoo Health Club leased 24k SF at Derry Meadow Shoppes at 35 Manchester Road in Derry, NH with Summit Realty and plans a September opening.
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HeartWare, a global medical device company, leased 56k SF at 500 Old Connecticut Path in Framingham for an HQ relo. Holmes Realty’s Garry Holmes repped the company for the space that features raised floors, demountable partitions and workstations for its new engineering labs and communication rooms. The project team: GRLA Architects, J. Calnan, Office Resources, Red Thread, and DPM.
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Yesterday, Mayor Walsh officially greeted Localytics, which does mobile apps and analytics, to its new HQ at 101 Arch St where it will add 40 employees by the end of the year.
Sales
Chop Acquisition paid $27M to Allen Nashua for Turnpike Plaza shopping center at 253 Amherst St in Nashua. The seller of the center anchored by Whole Foods Market was repped by CBRE’s Chris Angelone, Brad Nathanson, and Nat Heald.
The Federated Cos paid $16M to H&R REIT for the 69k SF Price Chopper Supermarket at 50 Cambridge St in Worcester, which is less than one mile from Clark University. CBRE’s Nat Heald, Chris Angelone, Bill Moylan, and Bruce Lusa repped the seller and found the buyer.
Financing
Synergy Investments secured $25M in financing for 100 Hancock St, a 205k SF Class-A office building in Quincy. An HFF team led by Greg LaBine and Patrick McAneny placed the long-term, fixed-rate loan with Peoples United Bank. Loan proceeds are being used to refinance an existing mortgage that HFF placed with Peoples United in 2011.
