This Week's Boston Deal Sheet
Tishman Speyer acquired a multifamily tower branded The Eddy in East Boston for $135M, the firm's first residential acquisition in the Boston market.
Tishman bought the 17-story, 259-unit complex from The Green Cities, a Portland, Oregon-based investment company, the Boston Business Journal reported. The Eddy opened in 2016 offering a mix of studio, one- and two-bedroom units.
The apartment building joined other new developments in the neighborhood that have brought a wave of new residential space, including Lendlease's Clippership Wharf and Trinity Financial's Boston East.
Although this is the first residential acquisition for Tishman in the Boston market, the firm has worked to develop numerous residential projects in the city and manages life sciences assets, including 125 High St. in downtown Boston.
Tishman is working with Harvard University on the first phase of the institution's Enterprise Research Campus in Allston. The 608K SF campus was approved last summer after the development partnership committed to affordability for 25% of its 345 housing units.
SALES
Electra America Hospitality Group acquired the Kimpton Nine Zero hotel in Boston for $82M, according to public records. This marks EAHG's second acquisition in the city. The 190-room hotel will be renamed Hotel AKA Boston Common in partnership with AKA, another hospitality group.
The hotel is close to the Boston Common, the State House and the Financial District. This is the partnership's second hotel. The first was the Loews Hotel in the Back Bay, a property it acquired in August for $117M.
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Massachusetts-based REIT Service Properties Trust sold a 65-hotel portfolio to 21 separate buyers for $514M. The portfolio spans 27 states, including Massachusetts, and it totals 7,865 rooms. The buyers were mostly family offices and private equity investors. CBRE's Al Calhoun and Mark Fair represented the seller.
LEASES
Jumbo Capital announced four new office and lab leases totaling 49K SF at its Stony Brook office park. Life sciences company Veeco leased 16.5K SF, Alcresta Therapueatics leased 14K SF, and Cugene and Opinion Dynamics each leased 9K SF. Stony Brook is a 270K SF office-to-lab redevelopment.
Newmark's Matt Malatesta, Mike Frisoli, Tyler McGrail, Margaret Fee and Eric Jeremiah represented Jumbo Capital in the leases. Cugene and Alcresta were represented by Hunneman, Veeco was represented by Malatesta and Opinion Dynamics was represented by 128 CRE.
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Cushman & Wakefield arranged a 260K SF lease at the Taunton Trade Center for the Ferguson Plumbing Supply. The Taunton Trade Center is a 584K SF industrial asset located near I-95 and I-495. Cushman & Wakefield’s Philip Verre, Rob Byrne, Pete Whoriskey and Paul Leone represented the landlord, Martignetti Cos., in the transaction. Ferguson Plumbing Supply was represented by CBRE.
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Camber Development and Wheelock Street Capital landed a 30K SF life sciences lease in its Axis Park North campus in Billerica. ASMPT AEi, an automotive engineering company headquartered in Tewksbury, is the new tenant. Axis Park North is a 38-acre life sciences, flex and office campus with six buildings totaling 450K SF.
Newmark's Rory Walsh, Richard Ruggiero, Torin Taylor and Matthew Adams represented the landlord in the deal. Newmark has helped lease over 130K SF on the campus in the past year.
FINANCING
Needham-based financial consultant company Fantini & Gorga arranged financing for the Woodfield Commons in Canton for $41M, the Boston Real Estate Times reported. The 156-unit residential community was purchased by MCG Canton and consists of six apartment buildings on 40 acres. Fantini & Gorga's Casimir Groblewski and analyst Colin Monahan arranged the financing with a Massachusetts-based lending institution.
PERSONNEL
Hines announced new leadership in three of its East Coast offices, including Boston, where it promoted Sean Sacks to senior managing director and city head. Sacks began at Hines in 2014 as a director of the company's multifamily development activities in the city. Since then, he has been involved in the development of more than 2,100 units totaling $1B in value.
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WinnCos. promoted Barbara Breton, Angela Cisneros, Steven DeTore and Maurice Rondeau to senior vice president positions and Kelly Spangler to a vice president position. Breton, Cisneros and DeTore work under the company's WinnResidential team, Rondeau leads large-scale development for both the company’s residential and corporate teams, and Spangler is a member of the human resources, learning and development team.
CONSTRUCTION & DEVELOPMENT
The Chiofaro Co. is planning a $100M renovation of its 1.8M SF International Place complex to give it a competitive edge in Boston's weak office market. The renovations will total 100K SF and include a new 16K SF amenity floor spanning the two towers, a rebuilding of the Fort Plaza and updated lobbies in both towers.
The developer is looking to fill the 340K SF that Eaton Vance will leave vacant when its lease expires next year and it relocates to One Post Office Square. The Chiofaro Co. Vice President Don Chiofaro Jr. told Bisnow the company has talked to tenants about the space and expects to break it up into smaller leases.
