This Week's Boston Deal Sheet
Workforce management solutions company Kronos has plans to relocate its HQ, and is ready to spend a healthy sum to modernize its new digs.
The company is entering a 12-year lease at Cross Point Towers in Lowell with building owner Anchor Line Partners, and plans to invest more than $40M to modernize a 400k SF open space facility that occupies 13 floors. Kronos, which has enjoyed a recent growth spurt, plans to relocate from its Chelmsford HQ by mid-2017.
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Leasing
Sign company MyWord is moving its operations from Dracut, and has signed on for a 24k SF lease at 1 Aegean Dr in Methuen. NAI Hunneman repped landlord PGA Realty, while Stubblebine Co negotiated on behalf of MyWord.
A JV of Saracen Properties and Artemis Real Estate Partners has appointed CBRE/New England as exclusive leasing agent for Mill & Main, a 1.1M SF, first class brick-and-beam office park in Maynard.
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Sales
NY-based US Realty Advisors has acquired 5 Omni Way in Chelmsford from Griffith Properties and Echo Bridge Partners for $32.5M. The 131k SF office building will be the future home of a Comcast regional call center and executive hub.
NGKF has negotiated the $21.6M sale of the Carriagetown Marketplace in Amesbury to Phillips Edison Grocery Center REIT II. The 65k SF center was constructed in 2000, and was 99% leased at the time of sale to a roster of tenants that includes Stop & Shop, Supercuts and Verizon.
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Financing
CBRE/New England’s Multifamily Debt & Structured Finance Group has secured a $28.15M loan on behalf of CPC Cornerstone Development to construct a condo development with a ground-floor restaurant at 14 West Broadway.
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This and That
Lab space is getting scarce in the Greater Boston area. That’s the word from Transwestern RBJ, which has released its bioSTATus – Year End 2015 report. The report finds that the availability rate for lab space hit an all-time low of 5.4% at the end of 2015.
The Church of the Immaculate Conception at 771 Harrison Ave in the South End may be reborn as The Cosmopolitan, a 63-unit condo project from developer Ronald Simons, who has filed plans with the BRA.
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Imagine Boston 2030 has outlined four key goals for Boston’s future:
- To provide quality of life in accessible neighborhoods.
- To promote a healthy environment and adapt to climate change.
- To drive inclusive economic growth.
- To invest in infrastructure, open space and culture.
The group released its proposed goals in anticipation of the city’s expected growth over the next 15 years.
