This Week's Boston Deal Sheet: Cisco Renews 121K SF Office Lease
Global technology company Cisco has extended its lease at a Maynard office campus that it inherited through an acquisition three years ago.
The company renewed its 121K SF lease at the Mill & Main office campus, Lincoln Property Co. announced in a press release. Cisco took over the office in 2021 when it acquired Acacia Communications Inc., which had been located there since 2012.
Granite Point Mortgage Trust acquired the 1.1M SF property in July and plans to invest in HVAC, electrical and common area upgrades. The campus consists of 10 buildings across 50 acres.
“Mill & Main is a one-of-a-kind work environment, with an ownership group that is committed to protecting the asset’s long-term value, tenant retention and high-quality positioning in the market,” Lincoln Property Co. Vice President Chris Devaux, who represented the landlord in the deal, said in a statement.
Other tenants at the campus include Stratus Technologies, Kuebix, Powell Flute, Wildlife Acoustics and KVC Builders.
Lincoln Property Co.'s Devaux, Tim Latham and James Tambone represented the owner, and JLL represented Cisco in the lease renewal. Lincoln has also acted as property manager for the campus since 2016.
SALES
The Davis Cos. sold the 50-unit residential building at 100 Hemenway St. for $36M to Wingate Cos., according to public records. The company demolished two existing buildings and combined them into one address after one of the former buildings burned down in a seven-alarm fire in 2018. Newmark's Thomas Greeley, Rob Griffin, Michael Byrne, Devlin Man, Casey Griffin and Mickey Chapple represented the seller.
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Minnesota-based Nolan Properties Group acquired 961 Commonwealth Ave. for $5.7M from an undisclosed buyer, according to public records. The retail property is home to Boston Halal, which signed a 15-year lease, and Brigham and Women's Hospital, which has been there since 1993. Boston Realty Advisors' Joe Wagner led the sale.
LEASES
Hobbs Brook Real Estate secured 125K SF in leases and lease extensions at Northwoods, a 316K SF office building in Johnston, Rhode Island. The three tenants are Zebra Technologies, Dassault Systèmes and Dimeo Construction Co. Cushman & Wakefield/Hayes & Sherry's Matt Fair and Peter Hayes represented the landlord. CBRE's Alan Anderson represented Dimeo, and JLL's Sean Lynch, Brendan Callahan and Gabrielle Harvey represented Zebra and Dassault.
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Michigan-based Wolverine Worldwide opened its 11K SF global Innovation Hub at 90 Causeway next to the TD Garden. The new location came as the casual footwear and apparel designer, most famous for Merrell and Saucony, opened other offices in Zhuhai, China, and Hong Kong. Its Michigan headquarters is also being renovated.
FINANCING
Mayor Michelle Wu announced the third and final round of Supporting Pandemic Affected Community Enterprises grant recipients. The 32 small businesses picked to receive roughly $2.8M are ones that recently opened or plan to open soon in the city.
The funds were allocated from the American Rescue Plan Act, and the city has used $10.2M to fund these grants. Of the 92 SPACE grant recipients, 30 have signed new leases and 34 are in active lease negotiations. Seventy-five percent of them are owners of color, and more than 65% are women.
PERSONNEL
MassDevelopment hired Nick Schonberger as its transformative development initiative fellow, according to the Fall River Reporter. Schonberger will work in the Fall River TDI District, which is a development program focused on gateway cities' downtowns and commercial districts. Before joining the agency, Schonberger served as a senior entrepreneurship program manager at the CommonWealth Kitchen and as an economic development planner for the city of Somerville.
CONSTRUCTION AND DEVELOPMENT
The Boston Planning Department approved six new development projects totaling roughly 260K SF. The new projects will add 273 housing units, 156 of which will be income-restricted. One notable project is Fenway Community Development Corp. and the Planning Office of Urban Affairs' 86-unit 20 Charlesgate West. The project would redevelop the Our Lady's Guild lodging house in the Fenway.
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The late Yankee Candle Co. founder Michael Kittredge's estate in western Massachusetts could become more than 400 units of housing, Banker & Tradesman reported. The 60-acre site is on the border of Amherst and Leverett. The development manager for the estate, Joshua Wallack, plans to utilize the state's Chapter 40B affordable housing law to develop the project, which would include for-sale units for residents 55 and older. The project would generate nearly $2M in annual property taxes for the two towns.
