This Week's Boston Deal Sheet
Global flexible workplace provider Industrious plans to open a coworking space in Harvard Square, it announced last week. The 21K SF space is expected to open in December in the Charles Hotel at 20 University Road in Cambridge.
Industrious signed a partnership agreement with the property's owner, Boston-based Carpenter & Co., to operate the space, which will include 226 seats catering to large and small groups, plus common areas and multipurpose rooms. Industrious said it aims to cater the space to college students and guests of the hotel.
"The Harvard Square community is a tightly knit and flourishing ecosystem perfectly matched for the ambiance and productivity we deliver at our Industrious flexible workplaces,” Industrious Senior Director of Real Estate Doug Feinberg said in a release.
This newest space will expand Industrious’ Boston network to six locations. Two locations were announced in March of this year: The Post Office Square location is set to open in June, and the Legacy Place location will be the first Industrious space in Boston’s suburbs. The other three are located in Back Bay, Copley and the Seaport.
LEASES
Mass Law Reform Institute signed an 11-year lease extension with plans to expand at 40 Court St. in Downtown Boston. The expansion will span 17.5K SF on the sixth and seventh floors. Lincoln Property Co. Senior Vice President Brendan Miller represented the landlord, and JLL's Ted Wheatley represented the tenant.
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Mastodon Moving LLC signed a 31K SF industrial lease on Flanders Road in Westborough. R.W. Holmes Executive Vice President John Eysenbach and Senior Vice President Craig Johnston represented the landlord, Atlantic Management, and Avison Young’s Jon Pezzoni represented the tenant.
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Stride Funding Inc., a female-founded fintech firm, signed a sublease for 3,200 SF near Downtown Crossing. The firm is relocating its headquarters from a coworking facility to its first dedicated office space. The company said it has doubled its workforce to around two dozen people this year, and it expects to reach 50 people by year-end.
Avison Young principal and Managing Director Tom Collins brokered the sublease, and Avison Young Vice President Kirk Weller represented Stride in the negotiation with the master tenant, Tallan Inc.
FINANCING
MassHousing provided a $21.4M loan to Beacon Communities LLC to refinance and extend the affordability of the Wilkins Glen property in Medfield. Beacon Communities will extend the existing Section 8 Housing Assistance Payment for 82 of the property's 103 apartments for the next 30 years.
The group also closed on another $38.5M loan to Beacon Communities for two affordable housing communities in Brockton. Beacon Communities is obtaining $23.3M in financing for the 168-unit Pine Commons property and $15.2M for the 120-unit Pine Gardens property.
EXECS
Avison Young announced Chris Jankins has joined the firm as principal and director of project management for science and technology services. Jankins has focused on life sciences for most of his career, with prior positions including project director at Hereva and director at J. Calnan & Associates. Jankins’ hire is the latest step in Avison Young's expansion of its Boston project management team, including the December acquisition of Dowling Houy and additional hires.
THIS AND THAT
HYM Investment Group announced a joint venture partnership with National Real Estate Advisors at the Suffolk Downs groundbreaking ceremony last week. National will invest $775M toward the development’s first 4,200 multifamily units over the next eight years.
The groundbreaking marked the beginning of the first phase in the 16M SF development. The first phase includes a 280K SF biomanufacturing facility and a 475-unit apartment complex.
