The Deal Sheet
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| Brown Brothers Harriman has apparently agreed to lease 300k SF at 50 Post Office Square from Commonwealth Ventures. If executed as planned, this is a boon for the landlord and for the Financial District, which is struggling to grab some glory from the hot Seaport District. |
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| The Bulfinch Cos announced Monday that it purchased the upscale, and long- troubled Atrium Mall in Chestnut Hill (owned by the Simon Group), for a reported $46M. Bulfinch CEO Eric Schlager says that the company hired ADD Inc to design an overhaul for the 23-year-old, 300k SF retail center to convert it into an office and medical office campus. John Moriarty & Associates will be the GC, with construction slated for completion next year. ***AW Perry paid $3.7M to Campanelli for 60 Research Rd in Hingham’s South Shore Park, in an off-market transaction. The two-story office/industrial building is 59k SF on 6.7 acres near Rt 128 and I-93. Perry and Campanelli did another Hingham project in ’11: the development and construction of a MOB, Two Pond Park. Perry owns and manages several properties in South Shore Park. |
| DEVELOPMENT |
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| Gerding Edlen Development of Oregon plans to celebrate its official groundbreaking in Fort Point on Thursday for the $100M Boston Wharf Tower, a 202-unit, 20-story residential tower at 319 A St Rear. The project, one of several being developed in the Seaport District, will include the construction at nearby 63 Melcher St of 27 units of “innovation housing,” small residences with flexible layouts and a shared common area.***Where the Fenway meets Back Bay (adjacent to St. Cecilia’s Church), Samuels Associates and Weiner Ventures has two proposed developments they're moving through Boston’s permitting process. One is a 111-unit multifamily building with parking for 98 cars and ground-floor retail. The other is a 120-unit multifamily residence, a 270-key hotel, retail, and parking for 240 cars. *** DoubleTree by Hilton has opened its first full-service hotel in Hyannis. The 160-room hotel, owned by Ridgewood Hotel Associates, is operated by them under a franchise agreement with a subsidiary of Hilton Worldwide. The new Cape Cod hotel is the renovation of a former Radisson that includes re-appointed guest rooms, bathrooms, lobby, and installation of a new outdoor pool. |
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| The Downtown Crossing transformation—the development of thousands of new multifamily units—got a boost yesterday from the city. Mayor Thomas Menino announced $3.2M in streetscape improvements, including new illuminated street signs, sidewalks, and repaved roads. It’s part of a push to revitalize what was once Boston’s commercial center. |
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| The $75M Concord Mews held the grand opening last week of its nearly complete project. Once the interior fit-out is done in September, the Chapter 40B development will have 350 luxury rental apartments, 88 affordable apartments, 42 townhomes, and amenities from a bocce court to pool. The developer is a JV of Mill Creek Residential and CrossHarbor Capital Partners. ***Chestnut Hill Realt y is nearing completion of its $12M addition of 48 apartments and amenities to Ridgecrest Village Apartments in West Roxbury. This is the first multifamily project of 15 units or more to be approved for the neighborhood in 12 years, according to CHR.
New England Conservatory won city approval for two projects valued at $130M. The school is planning a 135k SF Student Life and Performance Center project, adjacent to 241 St. Botolph St. It will have 252 beds, common areas, dining areas, a performance stage, library, and three rehearsal and performance spaces (a 200-seat black box theater, orchestra rehearsal room, and a large ensemble/recording room). It’s also planning a 65k SF Learning Center at 33 Gainsborough St, across from Jordan Hall. It features: an expanded library, student services and administrative space, academic space, practice space, faculty studios, and a public coffeehouse on Huntington Avenue. *** Developer Peter Zagorianakos got the green light from the city for his $38M, 127-unit multifamily housing and 6,500 SF of retail at 2H St. A warehouse will be demolished to make way for the residences bordered by East 1st Street, Vicksburg Street, East 2nd Street, and H Street. On the project team are: Wadleigh & Associates, McDermott, Quilty & Miller, Hayes & Associates and Geotechnical Consultant Inc.
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| HFF will market the IDS Center in Minneapolis for Inland American Real Estate Trust. A downtown centerpiece, the 57-story, 2M SF center was designed by Philip Johnson in ’72 and often has more than 50,000 people walking through daily. Boston-based HFF’s Chicago office will be seeking a buyer for the property. |
