This Week's Boston Deal Sheet
Alcresta Therapeutics Inc. plans to consolidate its workforce from two separate locations into a new Waltham corporate headquarters.
The life sciences company announced Monday it plans to move its operations to the Stony Brook Office Park in Waltham. The move will combine its operations from its corporate headquarters in Newton and its research and development lab in Natick.
"Our new facility brings our Corporate and Research functions under one roof in an excellent work environment while our flexible work schedules position our outstanding team of high-performance employees to help us achieve new levels of momentum and growth in the years ahead," Alcresta CEO Dan Orlando said in a press release.
The 270K SF office park, located at 5 and 130 Turner St. in Waltham, was acquired by Jumbo Capital and Sound Mark Partners in 2018 for $80M, the New England Real Estate Journal reported. Other tenants in the campus include Wells Fargo Advisors, Brainshark, Cryptzone and DDJ Capital Management, according to Jumbo Capital's website.
Alcresta has previously maintained its corporate headquarters at 1 Executive Park Drive, part of a three-building office park in Newton's Lower Falls neighborhood.
SALES
Bethesda, Maryland-based Melnick Real Estate Advisors kicked off its expansion into the Boston region by brokering a $500M sale of six apartment communities across New England. The firm represented the seller, AIR Communities, and was the sole broker in the sale to Eagle Rock Properties. The portfolio includes six communities in Brighton, Framingham, Swampscott and Nashua, New Hampshire.
The firm is also planning to expand its presence in Boston by opening an office on Boylston Street, and it hired Martin Hansberry, formerly at Grandbridge Real Estate Capital, to lead the office.
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The former owner of an awning manufacturer sold a 64K SF industrial site in Malden for $24.4M. Jonathan Hershberg, the former CEO of Sunsetter Products, sold the property to Quaker Lane Capital. Sunsetter is the sole tenant of the property. Burgess Properties' Steve Nohrden acted as the sole broker in the deal.
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Wynn Resorts completed its $1.7B sale-leaseback of the land and real estate assets of Encore Boston Harbor to Realty Income Corp. Wynn will continue to operate the resort on the land with an initial annual rent of $100M for a 30-year term with an option for renewal. The company announced the deal in January, less than three years after the resort opened. Wynn spent $2.6B developing the casino and resort.
LEASES
Upscale golf company Puttshack signed a 22K SF lease at the Natick Mall. The two-level space will include three courses and two full-service bars. The location is expected to open at the end of 2023, making it the second one in the Boston area. The first opened in October in the Seaport.
EXECS
Laura Gregoriadis will join Boston-based Redgate as the company's first chief financial officer, along with two other senior leadership hires. Redgate also announced the hiring of Sharon Lavery, its first senior director of human resources and culture, and Brian Mueller as vice president of asset management.
Gregoriadis brings over 15 years of executive leadership experience, most recently as partner at PKF O'Connor Davies LLP. Lavery previously worked as the director of human resources at Central Rock Gym. Mueller worked as the asset manager at The Baupost Group, where he managed a nationwide portfolio.
CONSTRUCTION & DEVELOPMENT
Harvard University filed plans for a new American Repertory Theater center and a 14-story apartment tower for graduate students. The new three-story, 68K SF A.R.T center at 175 North Harvard St. would include two performance venues, The Boston Globe reported.
The planned apartment tower would have 264 units along South Campus Drive. Plans to move the center were made in 2019 after the school was gifted $100M from David and Stacey Goel.
