The Deal Sheet
European retailer Primark will make its US debut in a 112k SF space it leased at the Millennium Tower/Burnham Building, part of a $689M complex under construction downtown, with phases wrapping in ’15 and ‘16. More than a lease, “It’s a cultural move,” Cushman & Wakefield vice chairman Gene Spiegelman tells Bisnow. (Especially when they realize we don't put mayonnaise on our french fries.)
In Downtown Crossing, a district resurgent after decades of decline, Primark will re-anchor downtown retail with a new offering: a high-volume, fashion trend store with competitive pricing, Gene says. Primark recognizes that it’s a great location, in a great building and a great business opportunity. Nearly 52,000 pedestrians/day walk through the intersection of Washington and Summer streets, pedestrian counts, which are comparable with some of Manhattan's busiest retail intersections such as 5th Avenue at 53rd Street or Broadway at Wall Street. (Must be a primo location for a shoe shine business.) The building, the former home of Filenes is a historic landmark, was designed for retail with high ceilings, regular floor plates and columns, and is now 97% leased. Nearly all of the region’s rapid transit runs through the neighborhood.
The area is sorely under served with retail but that’s changing and Millennium Partners' project is a big part of it. Also moving into its complex will be a Roche Bros supermarket and Havas/Arnold Worldwide, which is taking 125k SF in a relo from Back Bay. Gene and his team—Kazuko Morgan and Emily Ou—repped longtime client Millennium and spent 27 months searching for a tenant. Millennium Partners wanted a retailer that would be new to the city and Primark was ready to introduce its brand to the US. Discussions started a year ago and took shape in Q4.
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Also leasing a total of 25k SF nearby in the Financial District were tenants repped by Avison Young Principal Karyn McFarland and VPs Matt Twombly and Justin Dziama:
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Preservation of Affordable Housing took 7,560 SF, expanding at 40 Court St. CBRE New England's Timothy Lyne and Bill Crean repped the landlord, Brickman 40 Court.
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Boston Link Space signed up for 7,061 SF sublease space at 101 Arch St repped by Twombly and Dziama. Cushman & Wakefield’s Jason Roth repped the sublandlord, Anthelio Healthcare Solutions.
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Absolute Software took 2,428 SF at 100 Franklin St where landlord Synergy was repped by Newmark Knight Grubb's Jason Cameron and Jeremy Roy.
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Business publisher Galileo Press is leasing 4,096 SF of office space at 2 Heritage Dr in Quincy. DTZ SVP Thomas Powers repped the tenant.
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Foxx Life Sciences, a leader in filtration and fluid management products for research, biotech, and pharmaceuticals is relocating its HQ into 18k SF at 6 Delaware Dr in Salem, NH repped by CBRE/New England’s Chris Healey.
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ATEA Pharmaceuticals leased 4,068 SF at 125 Summer St. Boston Realty Advisors’ managing director Adam Schneier repped the subtenant, and DTZ’s SVP James M. Halepis repped the master tenant, Pitney Bowes.
Sale
Katz Properties based in New York paid $31.2M for the 201k SF Monadnock Marketplace power center in Keene, NH. Now, the 70-acre property is 90% leased. It’s on Franklin Pierce Highway near Routes 9 and 10 in Keene and features a Home Depot, Dick’s Sporting Goods, Bed Bath & Beyond, a series of casual dining restaurants, and a Price Chopper supermarket. This is Katz’s second shopping center in Southern NH.
Construction & Development
UMass athletic director John McCutcheon, joined by UMass Building Authority interim executive director Patricia Filippone and basketball player Trey Davis, celebrated the topping off of the Champions Center, UMass Amherst’s $22M men’s and women’s basketball center slated to open in a year. It features: practice courts, coaching staff offices, locker rooms, strength and conditioning areas, and places for athletic training services.
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Boylston Properties plans to start construction in Q4 or Q1 ’15 on a 148-room Marriott Residence Inn on the former Charles River Saab site on Arsenal Street in Watertown. The six-story extended-stay hotel will have: a pool, fitness center, and a top-floor lounge and balcony; a meeting room, dining room, small marketplace, guest laundry facilities, a business center, and a lounge. The team includes: ADD Inc, with Group One Architects and Vanasse Hangen Brustlin engineers and landscape designers.
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Family Health Center of Worcester completed construction on the first of two phases of the $4M, 27k SF renovation for its facility at 26 Queen St in Worcester. Timberline Construction and JACA Architects are doing the fit-outs on the ground, first and third floors of exam rooms, dental treatment areas, visual services pharmacy, reception and waiting area, administrative areas and improved mechanical, plumbing and electrical services.
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On Thursday, Simon Property Group will start a $6M makeover of the The Mall at Rockingham Park, a 152-store complex that is much the same as when it opened in 1991. Work is slated for completion by Nov. 15, in time for the holiday shopping season. Simon is redesigning the entrances, façade; flooring, ceilings, lighting, seating, glass railings and Food Court.
On Sunday, the newly built 80k SF Wegmans—with a 10k SF liquor department—opened in Chestnut Hill at 200 Boylston St, the company’s second store in the region. Located in New England Development’s Chestnut Hill Square, the selection is wide and prices on par with bargain-oriented Market Basket.
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Massachusetts College of Liberal Arts (MCLA) in North Adams is planning to renovate its main performance venue, the Church Street Center with the help of a $30,000 grant from MassDevelopment and the Massachusetts Cultural Council. The 19k SF Center also hosts the college’s speakers series.
