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August 4, 2022

Inside The $300M Renovation That Made A 1980s Office Tower Competitive Again

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Like many older office buildings in Boston and beyond, the 42-story One Post Office Square tower lost its anchor tenant in 2018, leading its owner to question the viability of its asset as newer, shinier buildings were rising in the city.

The owner, Anchor Line Partners, decided to place a major bet on the future of the 41-year-old office tower. It embarked on an ambitious $300M redevelopment to turn the former concrete block into a modern, glass-lined tower that could compete for high-end tenants. The bet appears to be paying off, as Anchor Line late last year landed a new 250K SF lease and is reportedly in talks for more big deals. 

The project, designed by Gensler and leased by JLL, is scheduled to deliver in the first quarter of next year. The team brought Bisnow on an exclusive tour this week to see how the redevelopment is taking shape. 

Inside The $300M Renovation That Made A 1980s Office Tower Competitive Again

The project is adding more square footage on one side of the building by vertically expanding on top of what was previously a six-story garage. It reskinned the building with a glass facade, and it is adding 40K SF of new amenity space designed to appeal to the modern preferences of office tenants. "In…

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The development partners on a planned $80M hotel in Boston's North End are being sued by a neighbor for exceeding the maximum height allowed by local zoning.Cross Street Ventures LLC, an entity controlled by 6M Development principal William Caulder, won approval from the Boston Planning & Development Agency in…

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SURVEY: What A Recession Means For CRE

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After the U.S. posted a second consecutive quarter of negative growth, "recession" is the word of the day.But with a job market still churning along, record-high rents in multifamily and industrial properties, and a strong dollar, the question of whether the economy is in a recession is an open one.Federal Reserve…

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Secondary Life Sciences Cities Stay The Course In Economic Headwinds

 

With the threat of a recession looming on the economic horizon coupled with foreboding predictions of funding drops for life sciences companies, emerging geographic markets across the country are in some cases better-positioned than their more established counterparts to weather the pending storm.

Downturns can be particularly dangerous for emerging markets, especially in life sciences, where there’s particularly high risk and long-term investment in larger developments. In late April, Alexandria Real Estate Equities Chairman Joel Marcus talked about a coming “have and have-not” era of biotech favoring established firms and markets. 

But the lower barriers to entry and growing talent pools in smaller markets may help insulate them from coming turmoil, especially those that have managed to attract major development players.

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Business Travel Bounces Back, Confidence Rises Among Hoteliers

Business travel is finally making a comeback for the country’s largest hotel operators, and this resurgence, combined with increases in leisure travel, has these operators feeling confident enough to rapidly expand their portfolios through acquisitions and development.

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