News
The Deal Sheet
November 8, 2012
| Newton-based Hospitality Properties Trust announced Tuesday that it will be investing $103M to acquire, renovate and rebrand the 437-key Hotel 71 on Wacker Drive in downtown Chicago. | ||
 | ||
| HPT has hired Wyndham Worldwide to manage what will be called the Wyndham Grand Chicago Riverfront. The seller , a fund managed by LA-based Canyon Capital Realty Advisors, paid about $34M for the property in late ‘09 after developer Robert Falor defaulted on about $128M in debt. After the renovation, the hotel will have 348 hotel rooms and 48 vacation units. Under the management agreement with Wyndham, HPT will receive a minimum annual return from the hotel of $5.8M and a maximum of $29M.***CarMax paid $20M to CMI Property for a 125k SF building at 212 Carnegie Row on the Auto Mile in Norwood. It will raze the old structure to build a superstore. Elliot & Co’s Elliot Ravech repped the CMI Property/Irene Realty Trust, in the sale. *** | ||
 | ||
| The Hamilton Co paid $18.5M to Kiaran Properties for The HUB Portfolio, a 91-unit apartment portfolio in Allston and West Roxbury, near BC, BU, and Packard's Corner. Boston Realty Advisors principals Christopher Sower and Jason Weissman repped the seller and say that more than 130 groups viewed the offering. | ||
| DEVELOPMENT | ||
| Beacon Communities broke ground yesterday on Phase 2 of The Homes at Old Colony in South Boston, the site of one of the nation‘s oldest public housing complexes. Construction on 129 new rental units of super green housing designed by The Architectural Team is slated for completion early in '14. The 116-unit Phase 1, which cost nearly $42M to build, was completed December '11.***Cottage Park Realty Trust is redeveloping a shuttered 1909 hospital equipment manufacturing company in North Cambridge into 16 eco-friendly lofts with high-end contemporary finishes designed by O’Sullivan Architects of Reading. Construction on the $9.5M conversion is scheduled for completion by next spring. Prices for the 14 market-rate units will range from $475k to $750k. LEASING 3D Systems leased 58k SF at 19 Connector Rd in Andover. NAI Hunneman’s Greg Klemmer and Tim Brodigan repped the landlord, 19 Connector Road Realty Trust. Richards Barry Joyce & Partners’ Brian McKenzie repped 3D Systems based in Rocky Hill, SC. *** | ||
| PHT Corp has leased about 80k SF at 500 Rutherford Ave in Charlestown, a renewal and expansion of its HQ. The company, which provides technology to collect patient data for clinical research, is expanding by nearly 43k SF in the 300k SF building in the Hood Business Park. Cresa Boston’s Adam Subber and Joe Sciolla repped the tenants. Cushman & Wakefield’s Tim Bianchi and Deb Gould repped the landlord, Hood Business Park. | ||
| ASSIGNMENTS | ||
 | ||
| CBT Architects will design interiors for the upcoming guest room renovation of the Hotel George in DC, a luxury boutique Kimpton Hotel. The work includes: redesign of all 139 guest rooms, parlor suites, presidential suite, corridors, and elevator banks. The rendering (above) is a proposed guest room.*** | ||
| TG Gallagher will provide design-build HVAC, plumbing and fire protection services for EF’s new 300k SF building under construction in Cambridge. Not only will the building designed by Wingardh Arkitektkontor of Sweden be one of the city’s coolest structures, its plumbing infrastructure will feature grey water collection systems to reduce water consumption and a rain water collection system. HONORS | ||
 | ||
| Harvard Graduate School of Design is creating to a visiting professorship in honor of John Portman, here with Harvard GSD Dean Mohsen Mostafavi. John, an architect and developer who is Chairman of John Portman & Associates and Portman Holdings, has designed: Peachtree Center in Atlanta, Embarcadero Center in San Francisco, Shanghai Center and Tomorrow Square in Shanghai, and Yintai Centre in Beijing.*** | ||
 | ||
| Philips’ new 32k SF office at 200 Minuteman Rd in Andover won the 2012 CoreNet Global New England Award of Excellence for the Best New Workplace in the small building renovation category. Cresa Boston managed many aspects of the job, including: interior fit-up, relocation, vendor selection, design and construction management, budget, and schedule. Margulies Perruzzi Architects, the architect, worked with CM J. Calnan & Associates at the building owned by Blackstone.Help Hurricane Sandy Victims UC Funding of Boston is sponsoring aid for victims of Hurricane Sandy. Already, it has sent to Staten Island a delivery of critical supplies, including blankets, clothes, water, and emergency kits. The CRE finance company says the devastation is staggering and need for help extraordinary. UC is asking the public to make donations to The Red Cross Disaster Relief Fund, which the company will match dollar for dollar for a total donation of $50,000. (www.ucfunds.com) | ||
