This Week's Boston Deal Sheet
Wentworth Institute of Technology is planning four new development projects as part of its vision for the next decade of its Boston campus.
The proposal, part of its draft Institutional Masterplan for 2023 to 2033, includes a new 23-story residential hall that would have 830 beds. It would address a campus housing shortage that Wentworth, and many other schools in Boston, have seen as a growing issue for students, Banker & Tradesman reported.
"Wentworth is committed to making the University more accessible and inclusive to all students, to housing more of its undergraduate students on-campus, and to improving the overall campus design and environment for students and neighbors alike," the school said in a filing with the Boston Planning & Development Agency.
The new development projects eyed for the campus include a West Quad Academic Hall, which would be a five-story, 120K SF building; the Student Life Podium and Residential Tower, which would be a 23-story, 235K SF residential hall; a new parking garage and an entry court.
Wentworth's draft comes as more universities are feeling pressure from Massachusetts' cities and students to provide more on-campus housing for their growing populations.
SALES
Historic Tours of America paid $21M to acquire 129 Commercial St. in Malden, where it plans to move its Boston headquarters. The 54K SF site is the former Piantedosi Baking Co. facility. The entertainment company will move its headquarters from South Boston to the new site. The deal was brokered by Boston Realty Advisors’ Mike Jezienicki, who represented the buyer and the seller, a joint venture between Oliver Street Capital and Bain Capital.
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Boston Rhythmic bought the former Landmark’s Embassy Cinema in Waltham for $4.5M, according to public records. The gymnastics school plans to use the 20K SF site as a gym. The seller in the deal was New York-based KPR, a retail and industrial property owner. Boston Realty Advisors’ Mike Jezienicki represented the buyer and Nicholas Herz arranged the financing, which was provided by HarborOne and BayColony.
LEASES
ModeX Therapeutics has leased 33K SF at Riverside Labs in Weston. Landlords Greatland Realty Partners and Rockwood Capital are redeveloping the former Liberty Mutual office complex into three life sciences buildings, Boston Business Journal reported. The building ModeX is leasing will include 90K SF of lab space and is expected to be ready for occupancy in the fall.
Last year, the landlords landed $150M in financing for the project, BBJ reported. CBRE’s John Lashar, Ron Friedman, Alex Plaisted, Don Domoretsky and Elena Ochsenreither represented the landlords, and Newmark’s Mark Winters and Juliette Reiter represented ModeX.
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Colliers arranged two industrial leases in Avon at 54 Bodwell St. and 61 Strafello Drive. The firm brokered the deals on behalf of landlord DH Property Holdings. HVAC distributor DCNE will occupy 70K SF at 54 Bodwell St., and Navisun, a solar power producer, will occupy 60K SF at 61 Strafello. Colliers' Ovar Osvold, Sean Hannigan and Kevin Brawley represented both the landlord and tenants in the deal.
PERSONNEL
Winstanley Enterprises hired Alison Lies as its executive vice president. In her new role, Lies will oversee financing for joint ventures, development, acquisitions and portfolio management. Prior to joining Winstanley, Lies was the chief investment officer at Gazit Horizons, where she led the development of the firm’s U.S. portfolio in Boston, New York, Philadelphia, Miami and Tampa. She also held senior positions at Equity One Inc. and Olshan Properties.
Lies is an active member of ICSC, NAIOP Massachusetts and CCIM. She previously served as executive vice chair of the Downtown Boston Business Improvement District.
CONSTRUCTION & DEVELOPMENT
PRIMARY announced the completion of three buildings in Boston’s Mission Hill neighborhood. 80 Terrace is a five-story mixed-use building that includes nine market-rate condos and six office suites. The 40 and 132 Terrace buildings include 14 fully affordable artist homeownership units, which were built in partnership with the city of Boston.
