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New Balance Sells Former World Headquarters

The New Balance organization has been attached to the city of Boston since it opened as New Balance Arch Support Company in 1906. In the ensuing years, it has expanded into a global athletics corporation. Although they are best known for their running shoes, they make athleticwear for many sports and sponsor teams and events around the world.

In 2015, the company moved from its previous world headquarters at 20 Guest St. in the Allston neighborhood of Boston. It was not a long trek. They relocated to 100 Guest St., a newly-built facility a little to the west. For the past five years, they have retained ownership of the older building and leased it to such groups as Major League Lacrosse, Harvard Business Publishing and the Butcher Box meat delivery company.

A Major Property Transaction

In an exciting real estate deal, New Balance recently sold the 228,000 square-foot building for $72 million. The purchase was a joint venture by Griffith Properties of Boston and Artemis Real Estate of Washington, D.C. These companies plan to take advantage of the transformation that is happening in the Boston Landing community.

Due to the COVID-19 pandemic, there is a fair amount of open office space in the Boston area. As companies have sent more employees home for remote work, some smaller organizations have ended their leases to save money. These events may have affected the sale price of approximately $315 per square foot. However, New Balance representatives say they are hopeful that the 20 Guest St. building will become an integral part of the larger Boston Landing project.

A Vision for Boston Landing

This neighborhood development project is moving forward due to the effort and investment of the New Balance corporation. In 2017, with financial assistance from the company, a new commuter rail station on the Framingham/Worcester line opened in Boston Landing. The new stop made the Allston development accessible to a much larger population.

At the same time, Boston Landing has grown to include training facilities for the Boston Bruins and Boston Celtics. New Balance has built a state-of-the-art gym and health club in the neighborhood. The company is also funding a large track and field training facility near its headquarters. The long-term goal is that Boston Landing will become a research and training hub for athletics in the Northeast.

At the same time, New Balance envisions Boston Landing as a walkable environment where employees can both live and play. Such development will require more than excellent athletic facilities. Already, there are plans for new development in Allston on the northern side of the Mass Turnpike. There are also plans in the works for expanded green space in the community.

The building at 20 Guest St. will be part of the overall growth of the area. With ample space available, there are many possibilities for residential and commercial development at the location. Boston Landing will need additional living space as well as restaurants, coffee shops and grocery stores. If the New Balance vision comes to fruition, athletes and employees will enjoy living in this new community while taking advantage of all that Boston has to offer.