The Deal Sheet
Baxter’s new 200k SF lease in Kendall Square is the latest confirmation of the area’s unique draw for life science and that the time landlord BioMed Realty spent courting the Illinois pharma giant was well spent. (The art of romance is not dead.)
It was a “very competitive” six-month selection process, says BioMed’s Bill Kane tells us. The space at 650 E Kendall is move-in ready because another life science tenant recently terminated its 125k SF lease. Baxter's 12-year lease is a "win, win, win for Baxter, Aveo (which moved), and us," says Bill (above surrounded by colleagues Lindsay Sard, Ashley Myslinski, and Allison Reid). From Baxter’s perspective, trying to find high-quality space in a hot market like Cambridge “takes a lot of looking,” says spokesman Brian Kyhos. It settled on Cambridge after looking at 30 other locations because of the unique combination of academic institutions, life science startups, and other established companies. Recently, Baxter announced a $1B licensing deal with Cambridge-based Merrimack Pharmaceuticals and also partners with neighboring Momenta.
Baxter expects to start moving into the building (above) within weeks, Brian says. Initially, activity will focus on managing clinical trials. But the structure designed by life science stararchitect Paul Zejfen also can be fit-up for labs at any time, Bill says. LEED Gold, it’s in the heart of Kendall Square with a public ice skating rink, boat dock, new housing, restaurants and bars just steps away. Baxter’s new VP of R&D, John Orloff, came from EMD Serono, which has offices in Rockland and Billerica.
Leasing
Sunstein Kann Murphy & Timbers renewed its 29k SF lease at 125 Summer St. in Boston’s Financial District with landlord Equity Office. It was repped internally by Ryan Enright. Transwestern | RBJ partners Michael Joyce and Tom Ashe repped the tenant.
Windstream Communications took 6,000 SF at Heritage Landing in North Quincy from landlord Campanelli. National Real Estate Group’s Michael Rareshide repped the tenant. Cushman & Wakefield’s Mike Frisoli, Matt Morgan, Dave Martel and Jason Roth repped Campanelli.
Sales
CBRE Global Investors' purchase of 100 High St from Oxford Properties has closed. Cushman & Wakefield’s Rob Griffin, Edward Maher and Matt Pullen repped the sale of the 28-story trophy office tower with a 273-car underground garage for Oxford.
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Brickman Associates has acquired Blackstone Science Square in Cambridge for $31.5M ($405/SF) from Centremark, which purchased it for $10.5M. JLL's Capital Markets team negotiated the sale.
Phillips Edison-ARC Shopping Center REIT paid $31M to Urstadt Biddle Properties for the Five Town Plaza in Springfield. Cushman & Wakefield’s Rob Griffin, Geoffrey Millerd and Justin Smith repped the seller, which owned the property for 40 years.
The Hamilton Co’s recent $3.1M purchase of 111 7 Commonwealth Ave. & 106 Cambridge St brings its acquisitions since ’09 to about $400M of multifamily and commercial buildings. This purchase was negotiated by svp Jackson Brown, son of founder Harold Brown whose company now has $1.5B in assets.
Construction & Development
Epoch Senior Living and National Development started construction on three new memory-care facilities in Mashpee, Westwood and Trumbull, Conn. The companies, which have partnered on two dozen projects previously, are building 64 apartments in Westwood, and 54 apartments in Mashpee, including six affordable units.
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Tomorrow, Hobbs Brook Management will top off the new Vistaprint building near Rt 128 in Waltham. Commodore Builders is leading the construction of the 315k SF project. The LEED Gold building was designed by Margulies Perruzzi Architects.
People
Laura Spressert has joined Avison Young’s Boston office as Vice-President of Marketing after several years as Director of Marketing for Colliers International. She’ll direct Avison Young’s regional marketing, public relations, and branding efforts throughout the Greater Boston region.
Assignments
CBRE brought to market last week a 427k SF portfolio of Seaport brick-and-beam office buildings for Crosspoint Associates. Credit worthy Thomson Reuters is a major tenant.
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Smith Legacy Partners retained Boston Realty Advisors to find an investor or partner for Cushing Village, a 166k SF mixed use project in upscale Belmont’s Cushing Square that will have: 115 luxury residences, 38k SF of retail and parking for 229 vehicles.
