The Deal Sheet
The MBTA closed its Government Center station for an $82M overhaul, a major step forward in its $1B, 14-year project to upgrade stations and make them all handicapped accessible. This is about “dignity” and because mass transit is the backbone of our growing economy, MassDOT secretary Richard Davey tells us.
The stop—sometimes criticized for its bunker-like appearance—is nevertheless a major draw for those building, buying, or leasing downtown. When construction is completed in three years, the universally accessible Government Center station will have a sleek, steel entrance with landscaping and will take riders to Logan Airport, Richard says. It will also have new lobbies, elevators, fare collection, security, finishes, lighting, emergency exits, and more retail space. (You won't recognize it. It'll be like that kid in school who lost a ton of weight at camp over the summer.) This isn’t just a T-stop—it’s a hub for city and state government and a major transfer point between the green and blue lines, he says. HDR designed the new look and Barletta Co is overseeing construction.
CONSTRUCTION & DEVELOPMENT
Glanz Properties is completing the renovation of 9,000 SF at 121 High St for tenant Polaris Capital Management. Dyer Brown designed the multi-level space and Vantage Builders is the GC. It features an exposed post- and-beam ceiling, brick and glass walls with frameless glass doors, and custom hickory flooring.
SALES
A partnership of DLJ Real Estate Capital Partners, Sea-Dar Real Estate, and CNW Capital Partners paid nearly $24M to the Unitarian Universalist Association for its former HQ at 25 Beacon St, 6 Mount Vernon Pl, and 7 Mount Vernon Pl. Boston Realty Advisors’ Christopher Sower and Jason Weissman repped the UUA and their adviser Leggat McCall Properties.
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A JV of Taurus Investment Holdings and Water Street/PhilMor Real Estate Investments paid $20M for The Meadows, a 180-unit garden-style complex in Chelmsford. They secured $16M in financing repped by CBRE/NE’s John Kelly. Taurus CEO Peter Merrigan says that like another recent purchase of a Class-B building in Lowell, he plans on making strategic investments in the property.
ASSIGNMENTS
Wood Residential Services will manage the $45M Alta Legacy Farms being developed by parent Wood Partners in Hopkinton. The 240-apartment community is part of Baystone Development’s master-planned, 730-acre Legacy Farms: 940 residences, 450k SF of commercial space and 500 acres of preserved and restored open space.
