The Deal Sheet
Yesterday, landlord Finch Group and Avison Young said they've filled the former industrial building at 77 N Washington St in North Station after signing nearly 30k SF of leases. The 19th century building with its creaky wood flooring, windows on four sides and nearby T-stop, is just what tech firms and Millennials want. The leasing activity also reflects the tremendous growth in North Station, says Avison's Karyn McFarland (who with Matthew Twombly repped the landlord). Expect more: there's an additional 2.2M SF of new offices planned for the 1.7M SF submarket. Renewals at 77 N Wash: Advantage Sales & Marketing, almost 14k SF; Cercone Brown 4,033 SF, Talko 2,750 SF. New leases: Audley Travel US 6,945 SF for a relo and Edward Jones 1,955 SF.
Ryan, a tax services firm, renewed its lease for nearly 11k SF at The Davis Cos’ 24 Corporate Dr in Burlington and Endurance International, a provider of cloud-based platforms, renewed and expanded for 17,177 SF at 10 Corporate Dr. CBRE/NE’s Kerry Olson Hawkins, Jason Levendusky and Andy Majewski repped the landlord. Duggan Realty Advisors’ Jim Duggan repped Ryan. JLL’s Matthew Daniels repped Endurance International.
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The People’s Republic of Cambridge has turned over a new leaf--luxury residential broker Gibson Sotheby’s International Realty plans to open an office at 1008 Massachusetts Ave, between Central and Harvard squares and next to Cambridge College. The high tone operation plans to open early next year.
Sales
Kimco Realty paid JV partner LaSalle Investment Management $23M for North Quincy Plaza, a Hannaford-anchored retail center. Cushman & Wakefield’s Robert Griffin, Geoffrey Millerd and Justin Smith repped the partnership in the deal.
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Transatlantic Investment Management acquired 151 Merrimac St, located at the intersection of Causeway and Merrimac streets, for $13.5M. Anchor tenant Massachusetts General Hospital, Boston’s largest employer, occupies 58%. Avison Young’s Karyn McFarland, Scott Jamieson, Michael Smith and Brandon Dickason repped the seller of the nearly 43k SF asset.
OGR Tewksbury, an affiliate of Ocean Gate Realty Adviser, paid an affiliate of Omni Properties $10M for Village Green, a 56-unit, garden-style apartment community located in Tewksbury. CBRE/NE’s Simon Butler and Biria St. John repped the seller and found the buyer.
Financing
The Chinatown Economic Development Corp Oxford Ping On secured $25.5M in financing for its 66-unit affordable housing development on Oxford and Ping On streets downtown. MassDevelopment issued a $14.6M tax-exempt bond and federal low income housing tax credits will provide $10.9 M in equity for the project.
