This Week's Boston Deal Sheet
A new joint venture plans to transform a 352K SF mixed-use building north of Boston into a life sciences center, backed by $135M in new financing.
Boston-based developer Berkeley Investments and Chicago-based Singerman Real Estate secured the financing from ACORE Capital for Exchange 200, a four-story mixed-use building just over 6 miles north of Boston. Developers have broken ground on the project and anticipate prospective life sciences users occupying it by next October.
The office-to-lab redevelopment at the property will upgrade HVAC and MEP systems, along with other lab-specific renovations. The property also includes 15K SF of street-level retail. The project is the latest significant life sciences asset along the MBTA Orange Line. Other life sciences developments along the subway route include projects at Cambridge Crossing, Sullivan Square and Assembly Row.
Berkeley Investments’ portfolio includes life sciences projects in Greater Boston and 176 Lincoln St. in Allston, while Singerman has life sciences properties in the suburbs, including a 288K SF office and lab complex at 10 Maguire Road in Lexington. Dellbrook JKS will handle Exchange 200’s construction, and Tria is the project’s architect.
The financing was secured through JLL’s capital markets team led by Lauren O’Neil and Coleman Benedict. Leasing will be handled by the firm’s team of Molly Heath, Peter Bekarian, Chris Decembrele and Maggie Dore.
LEASES
International firm PA Consulting consolidated its Boston and Cambridge spaces and leased 18K SF of offices at Tower Point, an office complex at 27-43 Wormwood St. in Boston’s Fort Point neighborhood. PA Consulting also signed a 16K SF lease for its office and research and development operations at 3 Middlesex Green in Concord, approximately 24 miles northwest of Boston.
Kirk Weller of Avison Young’s Boston office and Robert Katz of the brokerage’s Washington, D.C., office represented PA Consulting. The brokerage also worked with Paradigm, the landlord at PA Consulting’s new Concord space. Newmark's James Brady and Tim Bianchi represented Tower Point landlord Northwood Investors.
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The Massachusetts Institute of Technology-backed venture capital fund The Engine signed a two-year, 42K SF lease at Somernova Innovation Hub on Tyler Street in Somerville, a space owned by Rafi Properties. The Engine is maintaining its Cambridge headquarters. It will open next fall in a more than 150K SF lab and office headquarters at 750 Main St. in Kendall Square.
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School bus operator Vocell Bus Co. renewed a 16K SF lease with landlord Combined Properties at its fully occupied, 115K SF 378 Commercial St. warehouse in Malden. Since 2001, Vocell has been based in Malden, a 10-minute drive from downtown Boston. Combined Properties Senior Vice President and Director of Leasing Greg Regazzini represented Combined Properties in the renewal.
SALES
WCV - 300 Riverpark LLC, an affiliate of Wheelock Street Capital, paid $78.5M to acquire 300 Riverpark Drive in North Reading, a 229K SF warehouse leased to Amazon Robotics. The 31-year-old facility 16 miles north of Boston was previously owned by 300 Riverpark Property Corp., a partnership between Lincoln Property Co., Ibdar Bank and Ritz Banc Group.
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The Bulfinch Cos., through its 557 Highland LLC affiliate, paid $57M to John Muzi Associates for the site of the former Muzi Motors car dealership in Needham along Interstate 95. Needham residents earlier this year approved rezoning at the site to prevent industrial use and allow for up to 870K SF of mixed-use commercial space.
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400 Mystic Owner LLC, a company tied to Ian Macnab of Houston, Texas, spent $15.9M for 390-400 Mystic Ave. in Somerville, a four-story, 30-unit multifamily property. The property, built in 2018, was previously owned by Charmed Life LLC, a company tied to developers David Winick and David Matteo.
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Illuminate Building LLC, an affiliate of a Burlington architectural lighting sales firm, paid $5.6M to 50 Broad LLC, tied to private ownership, for 50-52 Broad St., a 10K SF office building in downtown Boston. The building, originally constructed in 1853, includes office space and street-level retail.
Newmark Co-Head of U.S. Capital Markets Robert Griffin, Senior Managing Director Michael Greeley, and associates Joseph Alvarado, George Demoulas and Casey Valente of the firm’s Boston private capital group represented 50 Broad LLC, and Senior Managing Director Matthew George of the firm’s downtown Boston leasing team procured Illuminate Building LLC.
EXECS
JLL named Brian Testorf as a vice president in its valuation advisory group’s hotels and hospitality practice. Testorf will provide clients with hotel valuations, appraisals and other advisory services and report to JLL Managing Director Charlotte Kang, the brokerage’s national hotels and hospitality practice lead for its valuation advisory group.
Testorf began his career in operations, including time at the Westin Copley Place Boston, and comes from LW Hospitality Advisors, where he was a senior associate focused on appraisals and feasibility studies of more than 150 hotels nationwide.
