The Deal Sheet
| SALES Jamestown, the Atlanta-based affiliate of a German real estate investment fund, paid about $200M to Taurus Investment -UrbanMeritage for a string of Newbury Street boutiques. The properties were assembled, renovated and leased in recent years by UrbanMeritage?s team led by Mike Jammen and Vin Norton.*** Piedmont Office Realty Trust paid $85.3M to buy a Woburn office complex 100% leased to Raytheon. Piedmont?s Wil Stone repped Piedmont. The seller was repped by Cushman & Wakefield's Robert Griffin Jr., Edward Maher Jr., and Luis Alvarado. *** Hines Global REIT made its first Boston purchase acquiring the Class-A office building at 250 Royall in Canton from Inland American Canton Royall for $57M. Built in ?01, the 185k SF building is fully leased through ?19 to Computershare. *** Chestnut Hill Realty paid $24.8M for a six-building, 87-uni t apartment portfolio near Harvard Square from the Dupont Family Properties. Citi Private Bank provided the financing for the purchase of the six buildings at 1 & 3 Langdon Square, 55 Langdon St, 59-61 Langdon St, 65 Langdon St, 1 & 3 Chauncy St and 14 Centre St, which are 100% occupied. | |
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| Cassidy Turley acquired the major Boston brokerage firm FHO Partners, now known as Cassidy Turley FHO, and which over time will transition to the name Cassidy Turley. FHO managing director Joe Fallon tells us that in its new iteration, the firm will be able to provide its clients with more services (such as project management and capital market services) over a broader geographic area. He adds that Cassidy Turley's strategic vision and culture is a good fit for the former FHO. | |
| DEVELOPMENT | |
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| The $315M Fenway Triangle mixed-use project being developed by Samuels & Associates won BRA approval to move ahead. It includes two new buildings at 1325 Boylston St and 132 Brookline Ave. The former will have two towers, one residential and one for commercial use, including retail. The latter will have ground-floor retail and housing.*** | |
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| Also getting the BRA green light is the $297M upgrade of The Winsor School, an all-girls prep academy in the Longwood Medical Area. The plan calls for a 10-story, 300k SF building at Brookline and Longwood streets, a 110k SF academic building at Pilgrim Road and Short Street and a new 30k SF wing being added to an existing academic complex. The two-phase construction project is slated to start next year.*** | |
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| Street-Works Development, developer of a planned $1.6B mixed-use project to rebuild Quincy Center, announced a JV with National Realty and Development Corp. NRDC, a retail real estate owner/developer, will invest up to $125M in the partnership to develop and lease 400k SF of anchor space. Street-Works Ken Narva is describing his vision to NRDC?s Bob Baker and John Orrico.*** | |
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| Another new development approved by the City is Harvard Business School?s $100M Tata Hall on Soldiers Field Road overlooking the Charles River. The 150k SF facility will be used for the Business School?s executive education program.Construction is expected to start in November on the 180 dorm-style rooms clustered into study group suites with kitchen facilities, several small auditorium-style classrooms, and a common meeting space to help build community among program participants*** The Boston Conservatory is in the process of buying an old warehouse at 132 Ipswich St near Fenway Park to renovate into a dance, music, and theater complex. The performing arts school is likely to plan more expansion in the future. President Richard Ortner says the school is investigating financing, design, and pricing for the complex likely to run in $1.5M to $3M range. *** Mayor Menino recently cut the ribbon on the 12-bed Bridge Over Troubled Waters emergency shelter for youngsters 14 to 24 year olds. The shelter at 47 West St is the only Boston-area facility designed specifically for homeless and runaway youth. It aims to be a stepping stone to permanent housing, education, and job opportunities. LEASING Combined Properties announced that Carl Zeiss NTS, an electron and ion beam microscope firm, renewed its 44k SF lease at One Corporation Way, Centennial Park in Peabody. Combined Properties' Greg Regazzini repped the landlord. |
