This Week's Boston Deal Sheet
The University of Massachusetts Lowell is preparing for construction on an $800M mixed-use project aimed at transforming its campus and downtown Lowell.
The 1.2M SF project, planned to redevelop underutilized parcels on the school's east campus, would include professional space for technology companies, nearly 500 housing units and 461 dorms, the Boston Business Journal reported. The school is partnering with Pennsylvania-based GMH Communities and Baltimore-based Wexford Science & Technology.
“It's an economic development project for Lowell and the greater Lowell region,” UMass Lowell Chancellor Julie Chen told the BBJ. “That just happens to be catalyzed by a couple buildings on the university's campus.”
The development will largely occur between the university's Tsongas Center and the LeLacheur Park baseball field. The first phase of the development is set to complete in 2027.
The university also sold another property to Trammell Crow Residential to build a 340-unit development named Alexan Chelmsford, which began construction earlier this month.
SALES
Synergy Investments acquired the 179 Lincoln St. office building by assuming $76.5M in debt on the property, the Banker & Tradesman first reported. Synergy bought the 221K SF property from Blackstone. The building is 82% leased with tenants including XPO, Smartsheet and BlueConic. The sale price is down from the $156M that Blackstone paid for the property in January 2020. Newmark's Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper brokered the deal.
LEASING
Samuels & Associates has signed several leases for the retail corridor at its 655K SF, 20-story Lyrik Back Bay development. The new retailers include electric vehicle manufacturer Rivian, Greek restaurant Avra Estiatorio and tea house ChiCha San Chen.
These retailers plan to open throughout 2024 and into 2025. The new leases make up 65% of the 35K SF of leasable space in the center. The retailers join other companies in the two-building development, including Lego Group, citizenM Hotel and CarGurus.
FINANCING
Mayor Michelle Wu awarded $69M in grants Friday for 14 developers to build 826 new housing units. The grants were funded by city, state and federal funding. All of the projects meet the city's zero-emissions building requirements.
The award winners include Pennrose, Planning Office of Urban Affairs, Arx Urban, the East Boston Community Development Corp., Mission Hill Neighborhood Housing Services, Trinity Financial and Boston Communities. The projects are planned in Charlestown, Dorchester, East Boston, Jamaica Plain, Mattapan, Mission Hill, Roslindale, Roxbury and Allston-Brighton.
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MassHousing provided $19.2M for Pennrose's 62-unit redevelopment of the former Cape Cod Five Bank location in Orleans. The mixed-income development will redevelop the existing building into 20 apartments and develop a new wing that would include 34 apartments and two four-unit townhouse-style buildings. The apartments would be a mix of one-, two- and three-bedroom units, and nine of the units would be supported by project-based subsidies.
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MassDevelopment issued a $17M bond to an affiliate of HallKeen Management, Inc. for the renovation and preservation of the 144-unit Wamsutta Apartments in New Bedford. Renovations will include upgrades to all bathrooms and most of the kitchens, as well as installing new fixtures in all common and outdoor areas. Construction began in November 2023 and is expected to complete in the spring of 2025.
The apartments are a mix of one-, two-, three and four-bedroom units across 29 buildings. The units are rented to households making a maximum of 60% of the area median income. Citizen Bank purchased the bond.
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Coworking operator Workbar is ramping up to expand with two more locations after disclosing this month it raised $1.2M in funds, the Boston Business Journal reported. The two new locations are expected to be closer to the city of Boston and plan to open in the next 12 to 18 months. The new locations come as the operator plans to open its 12th location in Worcester in September.
CONSTRUCTION AND DEVELOPMENT
Nuveen Real Estate awarded Cushman & Wakefield with a property management assignment for its One Boston Place and 501 Boylston St. buildings, totaling 1.4M SF. The company also renewed C&W's contract at 99 High St. and its Fort Point portfolio, totaling an additional 1M SF. Bruce Clifford and James Russell lead C&W's property management team in charge of the properties.
