This Week’s Boston Deal Sheet: 36-Story Office Tower Heading To Auction
One of the most prominent office buildings in Boston is heading to auction.
The 36-story One Lincoln office tower in downtown Boston is scheduled to go up for auction March 20 with Paul E. Saperstein Co., the Banker & Tradesman first reported. The property is owned by Fortis Property Co.
Fortis ran into trouble in 2019 when it lost anchor tenant State Street Corp., which previously occupied nearly half of the 1.1M SF building. And last year WeWork reduced its footprint in the building from nine floors to three floors.
The owner refinanced the property in 2022, receiving a $1B loan from JPMorgan Chase and MSD Real Estate Credit Opportunities Fund.
Along with the refinancing, Fortis secured a lease with Harbourvest as the anchor tenant with an 11-floor, 250K SF lease, and it signed law firm Sherin and Lodgen for 26K SF in early 2024.
SALES
Calare Properties acquired an 85K SF industrial property at 1 Technology Way in Salem for $10M. The transaction is a sale-leaseback agreement with the tenant, Thermal Circuits Inc. Marcus & Millichap's Harrison Klein, Luigi Lessa and Mattias Edenkrans represented the seller and procured the buyer in the deal.
LEASES
Global Partners LP signed a 100K SF lease to relocate its headquarters to Barings and Greatland Realty Partners' Riverside Center in Newton. The liquid fuel terminal and gas station owner is moving from its 72K SF space at Intercontinental Realty Corp.'s Watermill Center. The company plans to move 600 employees to the new space starting in late 2026. JLL's Sam Crossan, Scott Carpenter and Rob Walles represented the tenant, while CBRE represented the landlord.
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Federal Realty secured several retail leases at its Assembly Row development in Somerville, including 18K SF for World Market, 5K SF for Good Time Golf and 2K SF for Verizon Wireless. The mall owner is also welcoming Pop-Up Bagels, which is opening a 1K SF storefront.
FINANCING
An entity linked to Arlington-based Pasciuto Properties secured $13.6M in financing for its Lofts at 27 Water Street property in Wakefield, according to public records. The property, located at 27 and 36 Water St. consists of two buildings, including 46 housing units and 13K SF of retail and office space. Marcus & Millichap Capital Corp.'s Robert Bhat secured the financing for Pasciuto.
PERSONNEL
Alex Quinn joined JLL as director of its investment and sales advisory retail team in Boston. Quinn will report to Chris Angelone, the office's senior managing director and retail group leader, and Director Zach Nitsche. Before working for JLL, Quinn held positions at Marcus & Millichap, CBRE and The Dartmouth Co.
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Cruz Cos. expanded its executive leadership to include Jodi Case, Terence Stretch and Seitia Harris. Case will serve as Cruz Management's vice president of asset management, Stretch will become vice president of Cruz Construction Co. and Harris will join the organization as compliance manager.
CONSTRUCTION & DEVELOPMENT
The Boston Planning Department approved five developments representing 295K SF and 226 new housing units, including 91 income-restricted units. The planning department also approved its first Squares + Streets plan in Roslindale. The new developments include an income-restricted project at 639 Warren St. in Roxbury, an office-to-residential conversion project at 4 Liberty Square in downtown Boston and a new residential project at 142-146 St. Mary's St. in Fenway.
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The Davis Cos. proposed a 315-unit apartment development in Waltham, scrapping its previous lab proposal. The company is pursuing the project through the state's 40B law, the Boston Business Journal reported. The project would redevelop a former Home Suites Inn at 455 Totten Pond Road. Davis bought the property in 2021 for $13M from Paino Associates. The developer plans to demolish the former hotel to make way for the five-story apartment building.
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Real estate firm Cathartes proposed three five-story buildings totaling 481K SF as the next phase of its Plymouth Station project, B&T reported. The development would be located at 56 Loring Blvd. overlooking Cape Cod Bay. The first phase of the project included 450 units at 30 Loring Blvd., which it completed in 2019 and 2020.
