The Deal Sheet
| Sweet on Cambridge life science, BioMed Realty Trust says that it has agreed to pay $119M for Cambridge Place. | |
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| The three-building, 287k SF complex has a tenant roster that includes CDM Smith, an engineering and construction firm, and Idenix Pharmaceuticals, a bio-pharma company. BioMed CEO Alan Gold says the East Cambridge acquisition will help the company meet the demand for life science space in this hot world market.SALESClarion Partners paid $87.1M for 535 and 545 Boylston St in Back Bay for a client. The adjoining Copley Square buildings totaling 184k SF sold for $70M in ?07. Clarion managing director Mark Weld says the acquisition reflects the company's confidence in Boston and the Back Bay submarket. *** Synergy Investment & Development paid Colonnade Properties $25M for 250-260 Summer St, a 105k SF office building in the Seaport District. HFF marketed the 1903 buuilding, which is 80% leased and arranged an $18M five-year, fixed-rate acquisition loan through HSBC Bank USA for Synergy. The HFF team led by Coleman Benedict and Ben Sayles repped Colonnade. HFF?s Greg LaBine, Porter Terry, and Chris Haffenreffer secured financing for the buyer. | |
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| An affiliate of Intrum Corp paid $9.4M to buy 300 First Avenue in Needham from 300 Realty Trust. CBRE/NE?s Chris Angelone,Matt Pullen, and Robert Kinlin repped the seller and found the buyer.*** | |
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| Boston Capital CEO Jack Manning announced that the company closed its $350M tax credit fund, Fund XXXV, a national portfolio of 53 affordable apartment properties in 21 states with 3,610 new and renovated apartments. With this closing, the company has raised nearly $650M since January ?11. Jack says the fund drew ?very strong? investor interest because of its the high quality assets and high yield. | |
| LEASES | |
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| In a relo from East Cambridge to the Financial District, Elysium Digital has taken a 10-year, 21k SF lease on the top floor of Two Oliver St, which starts in the fall. Colliers? Tad Lee and Lauren Vecchione repped the tenant, a technology litigation consulting firm. Cushman & Wakefield's Jim Brady, Ryan Hurd, and David Martel repped the landlord, Saracen Properties and AEW.*** The Hasbro toy company signed a 136k SF, 15-year lease at 15 LaSalle Square in Providence. Cassidy Turley FHO?s Joe Fallon and Michael Dalton repped Hasbro. CBRE's Alden Anderson repped owner Berkeley Investments. *** World Energy Solutions, a public energy management services company, signed a 10-year lease at 100 Front Street in Worcester. Kelleher & Sadowsky?s Jim Umphrey and Will Kelleher repped the landlord. CBRE's Bob McGuire repped the tenant. *** Thomson Reuters renewed and expanded into nearly 13k SF at 150 CambridgePark Dr in the Alewife section of Cambridge. FINANCING Jones Lang LaSalle secured $98M in senior financing for Jefferson Hills, a six-building Framingham apartment complex with 1,020 units. Greystar, a South Carolina-based apartment management company, purchased Jefferson Hills (95% leased) with a loan from Freddie Mac. EXECUTIVE MOVES | |
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| Ryan McDonough joined Bentall Kennedy as an assistant VP of acquisitions after seven years with GID. He'll be looking for core office, retail, industrial, and multifamily properties throughout the northeast.*** Consigli Construction promoted William O?Rourke to project executive. A building industry veteran with more than 17 years of construction management experience in healthcare, life sciences, and university projects, Bill will shepherd some of Consigli?s most challenging work. He's been instrumental in many of the firm's projects including: the UMASS Medical School Ambulatory Care Center in Worcester; the Lasry Center for Bioscience and Math/Physics buildings at Clark University and Higgins Hall at Boston College. Now, he's working on the redevelopment at CitySquare II in Worcester. |
