News
The Deal Sheet
July 10, 2012
| LEASES Vertex Pharmaceuticals, which is building a 1.1M SF office/lab complex on Fan Pier, leased another 98k SF at the Marine Industrial Park for small-scale manufacturing and other logistical functions, Boston Mayor Menino and Vertex CEO Jeff Leiden announced.*** | |
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| EnerNOC, an energy management company, has leased 82k SF at One Marina Park Dr from The Fallon Co. The eight-year lease includes a year of free rent. By mid-2013, EnerNOC plans to leave Financial District space at 75-101 Federal St.***Spectro, which specializes in instrumentation for machine condition monitoring, leased 28k SF at 1 Executive Park Dr in Chelmsford, a relo from Littleton. Hunneman’s Stephen James and David Gilkie repped the tenant. Part of the deal was a sublease from ConMed, repped by JLL’s Brian Morrissey. Cushman & Wakefield’s Matt Adams repped landlord RREEF. *** | |
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| Historic Faneuil Hall Marketplace has two new media companies as tenants. Criteo, which develops web advertising, leased 5,666 SF and Streetwise Media, a startup web site developer, took 3,405 SF. NGKF is doing the leasing for owner Ashkenazy Acquisition Corp and repped Criteo; Cassidy Turley repped Streetwise.FINANCINGA consortium led by Citizens Bank is finalizing the $72M in construction financing for the $120M Waterside Place at the Seaport. HFF teams led by John Fowler structured the equity JV between developer The John Drew Co and JP Morgan and arranged the bank financing. The HFF JV team included Coleman Benedict and Ben Sayles; the construction loan team included Lauren O’Neil and Anthony Cutone. *** MassHousing closed on $4.4M in financing to help build Cheriton Heights Senior Housing in West Roxbury, a new 70-apartment affordable seniors housing community. The developers are the American Arabic Benevolent Association and The Community Builders, working under a federal HUD seniors housing program. The new, six-story multifamily building will be adjacent to the existing 60-unit Cheriton Grove Apartments for seniors to create a campus where residents of both buildings can share resources and a network of services. |
| SALES |
| Vornado Realty Trust announced on Monday that it has sold the Boston Design Center as part of a $228M package of mart properties located here and in DC, LA, and Canada. Vornado didn’t disclose the buyer. The REIT famously tussled with Mayor Menino after it stopped its redevelopment of the Filene’s site in Downtown Crossing during the recession. Vornado now has some participation in Millennium Partners' new plan for the Downtown Crossing site. |
| Brookwood Financial Partners purchased One Alewife Center in Cambridge from New Boston Fund for $12M. The nearly 90k SF office is 53% occupied but sits amid the fast-growing Alewife neighborhood where many new office leases have recently been inked and hundreds of multifamily apartments are being developed. NGKF’s Chris McMahon and Doug Adamian repped Brookwood. NBF repped itself.***Octagon Property Management paid $6M for 50-54 Kent St in Brookline, a 15-unit apartment building, to the seller, 50-54 Kent St LLC. NAI Hunneman Investment’s Carl Christie, Dan McGee, and Henry Lieber repped the seller and found the buyer. CONSTRUCTION & DEVELOPMENT Suffolk Construction won the contract to build the $120M Waterside Place project being developed by The John Drew Co. It includes: a 236-unit multifamily residence, 140 above-ground parking spaces, and 10k SF of ground floor retail. The project is expected to create 800 construction jobs and be LEED Silver. *** |
| Oriol Health Care broke ground on a new three-story, 36k SF MOB in Holden for its own use and that of its primary tenant Reliant Medical Group, a multi-specialty medical group formerly known as Fallon Clinic. Margulies Perruzzi Architects designed the new base building for Oriol, and provided interior architecture and healthcare design services for Reliant’s fit-out.*** |
| Boston-based Integrated Design Group provided architectural and MEP design services for the University of California, Santa Barbara’s North Hall Data Center. Construction was just completed for the facility that features technologically advanced computing systems and more computer rack space. IDG’s other higher education clients include: Brown, MIT, Harvard, and the UConn.*** |
| The Salvation Army of Massachusetts completed its new $4M, 21k SF addition and renovation at 402 Mass Ave near Central Square. The two-story addition includes a medical clinic, daytime drop-in center, case worker offices, overnight shelter, transitional housing, youth program classrooms, and upgraded kitchen and dining facilities for the homeless. The original building (1969) and the new portions were designed by Symmes Maini & McKee Associates. Columbia Construction Co was the GC. The Salvation Army is raising funds for Phase II, which includes more daycare for homeless children. |
