This Week's Boston Deal Sheet
A dual-branded hotel development has opened in the heart of the Seaport District.
Partners Ares Management and CV Properties, in collaboration with Starwood Hotels and Resorts, have opened the 330-room Aloft Boston Seaport and the 180-room Element Boston Seaport, both across from the Boston Convention and Exhibition Center at a prime location on D Street. Suffolk Construction and Elkus Manfredi Architects handled construction and design for the $158M complex, which occupies a 5.2-acre parcel leased from the Massachusetts Convention Center Authority.
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Sales
True North Capital Partners has purchased two Boston-area apartment buildings from Equus Residential for $41M. The portfolio consists of the 76-unit Webster Green Apartments at 757 Highland Ave in Needham, purchased for $25.5M, and the 49-unit Phillips Park Apartments at 324 Washington St in Wellesley, which was acquired for $15.5M. CBRE/New England’s multi-housing group repped the seller and procured the buyer.
Jumbo Capital has purchased a 59k SF, Class-A office building at 1099 Hingham St in Rockland from the Grossman Cos for $8.5M. JLL’s Capital Markets team managed the transaction and secured financing on behalf of Jumbo.
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Financing
HFF has arranged a $60.67M construction loan for Boylston Properties for LINX, a 185k SF speculative office development in Watertown. The development, at 490 Arsenal Way, will offer amenities including a private shuttle bus to Harvard Square.
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This and That
Gov. Charlie Baker and Boston Mayor Martin Walsh announced that a 5.5-acre state-owned parcel at 185 and 165 Kneeland St is being made available for redevelopment. The site is between South Station and Chinatown and home to a MassDOT district HQ, the Rose Fitzgerald Kennedy Greenway Conservancy office and the Veolia Energy steam plant, a scaled-down version of which will be included as part of the redevelopment.
Rockland-based Integrated Builders has completed its exterior renovation at 205 Burlington Rd in Bedford on behalf of Calare Properties. The firm specializes in general contracting and construction management services and worked with ci design to deliver an updated façade and overall improved look for the 51k SF building.
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Leasing
NAI Hunnemann has completed two transactions totaling 221k SF at 625 University Ave in Norwood. PODS Enterprises has leased 122k SF, while ASD Lighting Corp has signed on for nearly 99k SF, bringing total occupancy for the industrial property to 97.6%. NAI repped landlords Hackman Capital Partners and Calare Properties, while JLL represented PODS and ASD.
Boston Children’s Hospital and Harvard Pilgrim Health Care have signed on as tenants at Samuels Associates’ Landmark Center building at 401 Park Dr. Children’s will occupy 257k SF, while Harvard Pilgrim has moved into 58k SF.
