The Deal Sheet
Leasing
Cushman & Wakefield today announced that Atlas Ventures leased 16,350 SF and Sonos leased 33,058 SF at The Davenport Building, 25 First St. in Cambridge. The landlord, AEW and Paradigm Properties, was repped by Cushman's Debra Gould and Juliette Reiter. Both tenants were repped by Colliers Meredith & Grew. VC firm Atlas Ventures is relocating from Waltham, and Sonos from 201 Broadway in Cambridge.
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Akibia has renewed its 42k SF lease at 20C Forbes Road in Northborough. Cushman's J.R. McDonald and associate Stephen Woelfel repped Akibia and CBRE was at the table for the landlord.
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Karmaloop leased nearly 16k SF at 334 Boylston St. in Boston, represented by Thompson Hennessey?s James Griffin and Colin Greenhalgh in conjunction with FHO Partners' Jonathan Vacca. The landlord, The Druker Co., repped itself.
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New Boston Fund signed two leases at 10 New England Business Center represented by CBRE's Kerry Olson. Melanson renewed for 2,871 SF and SNI Cos. will move into 1,788 SF.
Financing
Colliers Meredith & Grew secured a $20.5M acquisition loan for Short Pump Station, an 85,720 SF hybrid grocery-anchored retail center in the northwest Richmond submarket of Short Pump, Va. CM&G?s Kevin Phelan and Jeffrey Black represented the borrower, AmCap Richmond LLC, an institutional JV between AmCap and BayNorth Realty Fund VII. Aviva Investors, operated by affiliates of the insurance group, Aviva PLC, financed the transaction. The 10-year, fixed-rate loan closed in August.
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The Boston office of Holliday Fenoglio Fowler arranged $15M in financing for a 69,733 SF, free-standing Stop & Shop at 1937 West Main St. (Route 1) in Stamford adjacent to the Greenwich town line. HFF?s Dana Brome worked on behalf of the borrower, Cole Real Estate Investments, to secure the seven-year, fixed-rate loan through Farmington Bank. The property is fully leased to Stop & Shop with 21 years remaining on the 25-year lease.
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The Brien Center for Mental Health and Substance Abuse Services will purchase and renovate the former Mount Carmel Church, rectory, parish center, and religious center using a $3M tax-exempt bond issued by MassDevelopment and purchased by Berkshire Bank. Brien, a primary service provider in Berkshire County plans to move several programs into the new facility next spring.
Construction
Wheaton College in Norton has topped off its 99k SF Mars Center for Science and Technology that includes a new three-story, 78k SF building and renovation of the first floor of the existing science center. The most ambitious construction project in Wheaton?s history, it's a $42M contract for Bond Construction of Everett. The new center will house the departments of physics/astronomy, math/computer science, chemistry and biology, as well as teaching and research laboratories and will include community spaces such as study lounges and a caf . Designed by architect Einhorn Yaffee Prescott, the project will seek LEED certification.
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HealthFirst, a non-profit walk-in medical clinic, has chosen Skanska USA to convert a 78k SF textile plant in Fall River into an $8M-$10M clinic. Financing for the facility, due to open next year, comes primarily from a $11.5M grant from the US Dept. of Health Resources and Service Administration.
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A survey of New England real estate execs found that 59% are planning to start a construction, renovation, or relocation project in the next 18 months, according to a survey by Diversified Project Management and The Mishra Group from May to July. Also, 76.3% said they had recently done a renovation project, 76.6% said projects were completed on or under budget, 81.3% said they were delivered on time, 93.5% who used outsourced project management said they would do so again.
Assignments
Fallon Cornerstone One has chosen CBRE to manage One Marina Park Drive, an 18-story, 500k SF office on Fan Pier in the Seaport District. Developed by The Fallon Co., Cornerstone Real Estate Advisers and Massachusetts Mutual Life Insurance Co., the LEED Gold tower will be home for anchor tenant Fish & Richardson (124k SF). CBRE is also the exclusive leasing agent.
Sustainability
Kennedy Associates announced that it received LEED certification for existing building operations and management for 30 Corporate Dr. in Burlington owned by Multi-Employer Property Trust.
People
Jones Lang LaSalle noted that managing director Mark David has been named president of the Massachusetts Building Congress. Other newly elected officers include: John Cannistraro, Benjamin Goldfarb, Joseph Flynn, Daniel Perruzzi, Jr. and Carolyn Miller.
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JLL also announced additions to its construction team: Harry Dangora, Jason Russo, Jim Fagan, Chad Nixon, Doug Stapelfeld, Bob Kelly, Scott Dean and Courtney Howes.
Awards
The Building of America Network has chosen 45 Providence as a Gold Medal winner. Developed by The Abbey Group and built by Suffolk Construction Co., it reflects the historic charm of Boston and the former Governor?s Alley with its exterior terracotta finishes and revitalized streetscape with an improved roadway; new sidewalks, plantings and lanterns.
