This Week's Boston Deal Sheet
Shorenstein’s newly reimagined Center Plaza in Government Center, where a $25M renovation is underway, has another new tenant: Localytics, a Boston-based mobile app analytics and marketing company.
The tech tenant is taking 55k SF in the curved 720k SF building first developed by the legendary Norman Leventhal across from Boston City Hall. The renovations designed by CBT Architects began in the common areas and restrooms this summer. Exterior work is planned pending BRA approval.
Like many tech companies flooding into downtown, Localytics did time in Cambridge, where in ’09 it was launched in a co-working space. Perhaps as much as 30% of new lease deals are being driven by tenants in the TAMI sector (technology, advertising, media and information), says CBRE/New England’s Kevin Kennedy (above), who, with Andy Hoar, John Butterworth and Suzanne Brown, repped Shorenstein. T3 Advisors’ Greg Hoffmeister and Jon Frisch led the team repping Localytics.
A big draw of Center Plaza is that it’s just steps from the city’s major T-stations, Government Center and Park Street, where every subway line stops. It's two stops from Kendall Square. The building itself is a good fit for growing businesses, with its 85k SF floor plates that offer contiguous expansion space—a rarity in Boston. The expansive window line and 14-foot ceilings make for workspace filled with natural light, Kevin tells us. You can also check it out in person: Bisnow’s State of the Market event (with an amazing panel of top players, including James Rooney and Heather Boujulian) is being held in raw space there, 2 Center Plaza, Sept. 29, 7:30am. Sign up now!
Leasing
Applied Photophysics leased 2,400 SF for its first North American location, a demostration lab at Cummings Properties' Cummings Center in Beverly. APL has also announced the launch of its qCD product series, which is designed to help develop novel biotherapeutic drugs. Ribbon-cutters: Jeff Dillon, Vice Consul-Trade & Investment Officer at the British Consulate-General Boston; Sharon Polleck, Pfizer Pharmaceuticals; Mike Kennealy, MLSC; Laura Hamilton, MassBio; and Louise Madden, COO at Applied Photophysics.
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Eli Lilly is expanding by 6k SF its new drug delivery and device innovation center at 450 Kendall St to occupy a total of 23k SF in the building owned by BioMed Realty. Lily has said that it plans to occupy the center by year-end.
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It started a food truck in 2011 and now Vietnamese eatery Bon Me opened its third brick-and-mortar location in Cambridge at 201 Alewife Brook Pkwy, next to Trader Joe’s. It serves classic Vietnamese dishes such as rice bowls, sandwiches and noodles, as well as gluten-free and vegan options.
Sales
This 3,624 SF stretch at 217 Albany St is sure to transform someday, now that National Development closed on its $2.25M acquisition. It's on what is now named the Ink Block, where the developer has been building apartments, condos and retail. It’s important to keep the property in the Ink Block family to complete the street’s transformation, National VP Kathy McMahon tells Bisnow. Its 315 rental units are over 90% leased. The first condo building, Sepia, is fully sold with the 83 units opening in November.
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Midwood Investment and Development paid $18.2M to the International Institute of New England for One Milk St, a 36k SF mixed-use building at Washington and Milk streets in Downtown Crossing. JLL’s Frank Petz, Jessica Hughes and Matthew Sherry led the team that repped the institute in the sale.
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An affiliate of NorthBridge CRE Advisors paid $7M to an affiliate of The Bulfinch Cos for 20 Carematrix Dr in Dedham, a 39k SF property. HFF repped the seller on the sale and secured $4.7M in financing. The HFF investment sales team repping the seller was led by Coleman Benedict and Ben Sayles; its debt placement team was led by director Lauren O’Neil.
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Carpe Diem Management paid $5M to Hyde Park Realty Trust for 1329 Hyde Park Ave, a single tenant building leased to Rite-Aid. Lee & Associates’ Ryan Bennett and Ryan Barr repped the seller, who sought to take advantage of a low 5.48% cap rate, Ryan Bennett says.
Construction & Development
Mayor Walsh cut the ribbon on the $18.2M improvement to West Roxbury Education Complex Raiders Field, a facility to be used by nearby public schools and area residents. The Department of Public Works led the 14-acre project that converted a landfill that threatened the Charles River into a new community resource that includes: a six-lane paved running track with spectator stands, three tennis courts, two half-court basketball courts and a new energy-efficient lighting system.
