This Week's Boston Deal Sheet
Samuels & Associates has delivered its Lyrik development in the Back Bay, marking the first air rights project completed over the Massachusetts Turnpike since the 1980s.
The roughly 400K SF office and lab building extends over Newbury Street and Massachusetts Avenue, connecting the Fenway and Back Bay communities over the Pike. The project's first retail tenant, a showroom for electric-vehicle maker Rivian, and the 399-room citizenM hotel are now open, the Boston Business Journal reported.
“As we designed the plans for this transformative air rights project, Samuels & Associates saw an opportunity to create a focal gathering point for the community,” Samuels Executive Vice President Abe Menzin said in a statement to the BBJ.
The development is the first air rights project built since the Copley Place project in the early 1980s. The project has also secured two high-profile office leases even as the market continues to weaken.
In December 2019, CarGurus signed a 273K SF lease at the project and is set to move in later this fall. Enfield, Connecticut-based Lego plans to move its Americas headquarters into the building next year after signing for 100K SF last year.
LEASES
The HYM Investment Group and National Real Estate Advisors secured Twisted Fate Brewing as the first retail lease at the Amaya, the first residential building to open as part of the joint venture's Suffolk Downs development. Blackline Retail Group serves as the leasing agent for the first phase of the 1.7M SF development in Revere's Beachmont Square. The project is part of the 16M SF Suffolk Downs project, which covers parts of Revere and East Boston.
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Capital Group Properties secured a 16K SF lease with Michaels at its 300K SF Maynard Crossing in Maynard. The arts and crafts store will join Tractor Supply Co. at 17 Digital Way, the last building to be developed at the project. The building is 100% preleased.
Maynard Crossing, which consists of 11, 13 and 17 Digital Way, is anchored by Market Basket and Tractor Supply Co. The project also includes two residential buildings totaling 323 units and 25 retail, restaurant, healthcare and entertainment tenants.
FINANCING
AEW Capital Management, Redgate and Optimum Asset Management secured a $150M refinancing loan for the 288K SF Bedford Labs building in Bedford from Apollo Global Management. The life sciences building sits on 52 acres at 100 Crosby Drive.
The building is fully leased to Sarepta Therapeutics and allows for an additional 300K SF of development to accommodate a potential Sarepta expansion or space for another tenant. JLL's Brett Paulsrud, Tom Sullivan and Mike Shepard led the team that represented the borrower.
CONSTRUCTION AND DEVELOPMENT
Boylston Properties proposed a 12-story, 227-unit residential building in Alewife, pivoting from its initial lab proposal. The plan would redevelop 745 Concord Ave., a one-story office building home to Spinelli Commercial Properties. Boylston hasn't purchased the property yet, as the sale is contingent on the project's approval.
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Camber Development and Wheelock Street Capital completed the first phase of their 44 Middlesex advanced manufacturing campus in Bedford. The first phase consisted of a 147K SF building that could encompass advanced manufacturing and biomanufacturing companies.
The project's second phase is set to commence in 2025 and will also consist of a 147K SF building. The joint venture has targeted a 2026 completion date for the second phase.
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Kismet Commerce opened a 50K SF workspace and shipping and fulfillment center for small and growing businesses. The center is at 77 Rowe St. in Newton and offers individual workspace units for businesses between 150 SF and 2K SF.
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WinnDevelopment began construction on a $51M redevelopment of the Residences of Lincoln Square in Worcester. The project will transform the Worcester Boys Club building into 80 affordable housing units for adults 55 years and older.
Sixteen of the units will be in the renovated 94-year-old building, with the other 64 spread across two new buildings. The community will include 19 studio apartments, 46 one-bedroom units and 15 two-bedroom units. it will have 68 units set aside for households earning up to 60% of the area median income and 12 available for those earning up to 30% of AMI.
