This Week's Boston Deal Sheet
Law firm Goulston & Storrs signed a 100K SF lease at the redeveloped One Post Office Square office building.
Anchor Line Partners began its renovations of the 42-story building in 2017 when it filed its letter of intent with the city. The developer bet that a $300M redevelopment of the site would transform the 1980s building into a modernized property that would attract firms like Goulston & Storrs looking for more efficient offices, the Boston Globe reported.
"The new space can be used in a truly flexible way, which will allow our colleagues to maximize their interactions when they’re in the office," Goulston & Storrs co-Managing Director Bill Dillon told the Globe. "It is also incredibly efficient and still offers room for growth. We’re especially excited about the building’s sustainability, environmental consciousness, state-of-the-art features and location."
Although Boston's office market continues to lag, One Post Office Square has seen demand similar to that of new construction. In October, the renovation project landed investment management firm Eaton Vance, which leased 282K SF in the building. Eaton Vance plans to take space in the building's 14th through 21st floors in March 2024.
Goulston & Storrs will also join companies like Sullivan & Worcester, Appleton Partners and Citi in the building.
LEASES
Chicago-based venture capital firm Portal Innovations signed a 58K SF lease at the redevelopment of the former Boston Globe headquarters in Dorchester. The firm leased space at Beacon Capital's 700K SF Southline project and plans to partner with ZoE Life Sciences to build out the space and invest in other life sciences companies.
The lease announcement comes after Beacon filed plans to expand its project with a six-story, 305K SF lab and office project next to the former Globe site with an elevated pedestrian walkway that will connect the two.
FINANCING
MassDevelopment issued $152M in tax-exempt bonds to public housing authorities in Brookline, Cambridge, Framingham and Medford. These bonds will be used to renovate and preserve 368 units of housing and create 46 new apartments. The bonds will also upgrade common areas, landscapes, safety systems, facilities and infrastructure.
The bonds consist of $41M to the Brookline Housing Authority for the 100-unit 50 Pleasant St., $21M to the Cambridge Housing Authority for the 38-unit 116 Norfolk St., $22M to the Framingham Housing Authority for the 68-unit Carlson Crossing West community, and $68M to the Medford Housing Authority for the 200-unit Saltonstall Building.
CONSTRUCTION & DEVELOPMENT
A Boston developer has proposed a 15-story, 94-room hotel in Downtown Crossing. The property is a 2,800 SF site located at 17-23 West St. An LLC affiliated with restaurant owner Paul Roiff filed the application for a 38K SF project with the Boston Planning & Development Agency. He has also opened hotels like XV Beacon on Beacon Hill and restaurants like Mistral and Ostra Boston, the Boston Business Journal reported.
PERSONNEL
The Boston Planning & Development Agency hired Luis R. Frias II as its new director of diversity, equity and inclusion. Frias will work to support equity with a multifaceted approach, which includes creating more affordable housing, resilient infrastructure and open spaces in every neighborhood in Boston.
Frias previously worked in higher education, most recently at Northeastern University, where he served as the program manager for Engineering PLUS, a grant program focused on creating a network and inclusive structure for people of color and female engineering students. He also served as the associate director for diversity programs at Northeastern's College of Engineering.
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Senné hired Lisa Sheehan as a senior associate in the firm's residential brokerage team in its Boston waterfront office. In her new role, she will focus on luxury properties and new development projects. Prior to her role at Senné, Sheehan worked in numerous brokerage roles, including at Coldwell Banker, Commonwealth Standard Realty Co. and The North Start Group at Keller Williams.
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M&T Realty Capital Corp. appointed Todd Trehubenko as executive managing director of the agency's production team. Trehubenko will be responsible for originating affordable and conventional loans across the nation.
Prior to his new role, Trehubenko worked at CBRE for eight years as vice president of its debt and structured finance team. Trehubenko financed $1.36B in apartment loans. Other roles he held included senior positions at Walker & Dunlop and CWCapital as well as CEO of Recap Real Estate Advisors, a boutique housing consultancy firm where he advised multifamily developers.
