News
The Deal Sheet
March 8, 2012
| Watch this space… Boston Properties prez Douglas Linde is eyeing up to $1.5B in possible acquisitions, he said during Monday?s Citi Global Property CEO Conference. Since there are more quality properties on the market this year and interest rates are low, he says that there are opportunities "for some pretty interesting leveraged returns.? | |
| LEASING | |
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| In another move from the 'burbs to downtown, Racepoint Group, a global public relations agency, and Digital Influence Group, a digital marketing agency focused on social media, subleased 37k SF at 53 State St in a relo from 404 Wyman St in Waltham set for June. Colliers? Tad Lee and Kristin Blount repped the tenants. CBRE's Christopher Cuddy and Peter Conlin repped the sub landlord, Fidelity Investments.***Three companies have signed up for nearly 23k SF at 399 Boylston St in the Back Bay. Hay Group, a global management consulting firm, took nearly 13k SF. LibbyHoopes, a law firm, leased 7,100 SF and Lineage Capital, a private investment company, took 3,303 SF. Cassidy Turley FHO repped the landlord, Shorenstein Properties, the Hay Group, and LibbyHoopes.Colliers International repped Lineage Capital. | |
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| The MathWorks has extended its lease of 22k SF and expanded to take a total of 40k SF for its HQ at Cochituate Place, 24 Prime Park Way in Natick. MathWorks, which employs 2,200 people in 15 countries, develops technical computing and model-based design software for engineers and scientists in industry, government, and education. R.W. Holmes Realty's Garry Holmes repped MathWorks while his colleague Craig Johnston repped landlord LMF Cochituate Corp.*** CIRCOR International, a manufacturer of highly engineered, complex environmental products, will relo within Burlington Centre in Burlington into 20k SF at 30 Corporate Dr. TSMC North America, a semiconductor foundry, renewed its 4,486 SF at 25 Corporate Dr. CBRE/NE?s Kerry Olson Hawkins and Jason Levendusky repped Bentall Kennedy the advisor for the landlord, which is Multi-Employer Property Trust. CIRCOR International was represented by Richards Barry Joyce?s Ron Friedman. | |
| SALES | |
| Katz Properties paid Invesco Real Estate $15.4M for the Super Stop & Shop Plaza at 278-286 Washington St (Route 138) in Stoughton. The nearly 80k SF super market-anchored shopping center is less than 20 miles from downtown Boston. CBRE's Chris Angelone, Jim Koury, Bill Moylan, Nat Heald, Josh Klimkiewicz, and Matt Pullen repped the seller and found the buyer. ***Legacy Hawes, an entity controlled by Legacy Real Estate Ventures, paid South Shore Development Trust $2.8M for 70 Hawes Way, two separate office and industrial buildings in Stoughton. The fully leased buildings totaling 25k SF are on a 4.5 acre site immediately off Rte 24. JLL?s Scott Jamieson, Michael Smith, Brandon Dickason, and Courtney O?Neal repped the seller and found the buyer. | |
| DEVELOPMENT | |
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| A recent ruling by Massachusetts Land Court removes an obstacle that for three years has blocked the development of the $450M Fenway Center, a mixed-use project that will change the face of the neighborhood. The suit brought by HRPT Medical (an affiliate of Commonwealth REIT) claimed that the project infringed improperly on its property. Fenway Center developer Meredith Management plans to build over the Turnpike, covering a long-time scar, to develop 550 rental apartments, offices, retail, parking, and a commuter rail station. Meredith's Jon Rosenthal plans to install solar panels that will generate much of the energy for the complex.*** The $34M, approximately 60-unit multifamily development at 49/51/63 Melcher St in Fort Point has been approved by the City and is moving forward, the Boston Redevelopment Authority recently said. The development team includes: Archon, Goldman Properties, Melcher Street Holdings, and Gerding Edlen Development. | |
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| The Federated Cos recently won approval from the Town of Salisbury for its plan to build a 210-unit multifamily community at 191 Beach Rd. The complex will be walking distance to the beach, with 900 feet of frontage on Route 1A. The development will have views of Plum Island, downtown Newburyport, and a protected Audubon wildlife reserve to the south. Federated acquired the 13.2 acre site in March ?11, which included development rights to build the multifamily housing, a community building, fitness center, and swimming pool. ***The Praedium Group and Beacon Communities recently broke ground on Phase 2 of a new 120-unit multifamily development within Rosemont Square in Randolph. The team initially purchased the community in mid-?08. The additional garden-style apartments will complement the existing 384 apartments, which are being renovated along with most of the common areas. | |
| EXECUTIVES ON THE MOVE | |
| Michael d'Hemecourt has been appointed as partner and president of Boston Realty Advisors retail real estate division to further the company's expansion into retail. Prior to joining Boston Realty Advisors, d'Hemecourt was an associate director in Cushman & Wakefield's capital markets group where he and partners did approximately $2B in sales and leased 9M SF. |
