This Week's Boston Deal Sheet
Well, that was quick. A little more than a week after India Hotels Cos revealed plans to part ways with the Taj Boston hotel, a deal appears to be in place.
New England Development is heading up a group of investors set to acquire the luxury hotel. The sale price has not been disclosed, but the hotel’s owners were seeking at least $125M to hand over the keys.
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DM Realty Trust/GMD LLC has acquired a two-property multifamily portfolio in Lowell from Arrowpoint Properties for $2.3M. The sale consisted of an 18-unit building at 36 Burlington Ave, and a five-unit property at 569 Lakeview Ave. NAI Hunneman repped the seller and procured the buyer.
Leasing
Biopharm firm ImmuneXcite is relocating its HQ from Lexington to Waltham after inking a lease for more than 10k SF at 266 Second Ave, which is owned by an affiliate of Rockwood Capital. Transwestern RBJ repped both parties.
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Software firm Kronos Inc has finalized a 12-year lease at Anchor Line Partners’ CrossPoint in Lowell. The company will occupy 435k SF at the three-tower campus, with the build-out of the new digs set to begin soon. Cushman & Wakefield repped Kronos, while CBRE/New England repped the owners.
Development
The Abbey Group has been confirmed as the buyer of the 5.6-acre Boston Flower Exchange site in the South End, and word on the street is that it has its eye on developing a large commercial campus geared towards tech companies.
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Concord Square Planning and Development has plans in the works to redevelop the Brockton Furniture building at the corner of Montello and Centre streets in Brockton. Plans call for the eight-story building to be converted into 50 apartment units with ground-floor commercial space.
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Industry veterans Ron Perry and Larry Epstein have joined Avison Young as principals. The duo was previously with Colliers International, and will continue to focus on assignments for tenants and landlords in the downtown Boston market.
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The City of Boston has announced plans for a pilot program known as the Acquisition Opportunity Program, which will set aside $7M to help stem the tide of multifamily resident displacements. Developers that take part in the program are eligible for loans to help with acquisition costs in exchange for maintaining at least 40% of the acquired units as affordable housing.
