This Week's Boston Deal Sheet
Roseland Residential Trust has announced several key investments in the northeastern US, including one right here in East Boston.
Roseland, a subsidiary of Mack-Cali Realty, has agreed to acquire its majority partner’s interest in the 175-apartment Portside at East Pier 7 on the East Boston Waterfront for roughly $38.1M. The transaction increases Roseland’s interest in the property to 85%. Roseland also holds an 85% interest in the adjacent and under-construction Portside 5/6, which will include 296 apartments upon completion.
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Storage Pros has expanded its portfolio of self-storage facilities with the purchase of Cumberland Self Storage in Cumberland, RI, from Summit RES for $4.1M. The Stubblebine Co repped both the buyer and seller.
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Leasing
Cloud commuting firm Bullhorn has officially completed the relocation of its global HQ to 100 Summer St in downtown Boston. The company will spread its wings across two floors totaling 77k SF. Bullhorn previously occupied 44k SF at 33-41 Farnsworth St.
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Partners in Health has signed on for 37,600 SF at the Prudential Tower on 800 Boylston St. The company will occupy the entire third floor and a portion of the 14th floor in a long-term deal. Cresa repped the tenant, while landlord Boston Properties handled things in-house.
Financing
Blackstone Group has originated a $335M mortgage with the assistance of Cornerstone Real Estate Advisors to fund its acquisition of four Club Quarters hotels across the US, a portfolio which includes a 178-room hotel at 161 Devonshire St.
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Parkside Landing Maverick has received a $4M Freddie Mac Small Balance loan to refinance Parkside Landing, a mixed-use property in East Boston. Colliers brokered the deal with Hunt Mortgage Group, which provided the loan for Parkside.
This and That
OneUnited Bank is on the lookout for new digs, and has enlisted the Taylor-Smith Group to help find up to 20k SF. The bank currently houses its operations in 6k SF at 100 Franklin St, and would like to relocate in or near Roxbury’s Dudley Square.
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Verizon plans to spend more than $300M to bring a higher-speed fiber optic network to Boston. The company will complete construction by neighborhood, with the areas of Dorchester, West Roxbury and Dudley Square on tap to be wired in 2016.
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Gensler has been tasked with the design of GE’s new global HQ in Fort Point. The firm was selected from a pool of more than 35 firms across the globe over a 10-week process.
