Recent News
In a letter of intent filed with the Boston Planning and Development Agency on September 20th, Gazit Horizons Inc. proposed the development of an office tower atop Marketplace Center, a retail building connected to offices at 200 State Street. The real estate investment firm, which acquired the 62,000-square-foot retail property for $81.8 million in 2019, is a subsidiary of Tel Aviv-based Gazit Globe Ltd. In the U.S., the firm has offices in Boston, New York City and Miami...read more.
In a letter of intent filed with the Boston Planning and Development Agency on September 20th, Gazit Horizons Inc. proposed the development of an office tower atop Marketplace Center, a retail building connected to offices at 200 State Street. The real estate investment firm, which acquired the 62,000-square-foot retail property for $81.8 million in 2019, is a subsidiary of Tel Aviv-based Gazit Globe Ltd. In the U.S., the firm has offices in Boston, New York City and Miami...read more.
More than a year since the COVID-19 pandemic forced the shutdown of businesses worldwide, many employers remain uncertain about when employees will return to the office full time. A recent survey of more than a dozen major Boston employers reveals that many have pushed back return-to-office plans until much later this year. Even as vaccine...read more.
If you're looking for information about commercial real estate in Framingham, MA, Boston City Properties has you covered. Currently, Framingham and Natick are experiencing upticks in certain commercial real estate sectors. In particular, life science development has taken hold in the region, fueling speculation that MetroWest could soon become yet another burgeoning life science hub...read more.
Demand for life-science space in Boston’s Seaport District has been sky-high for some time, and it looks like that trend will continue into 2021. Despite one of the roughest years in recent memory – mostly thanks to the onset of the COVID-19 pandemic – the city’s hottest neighborhood continues to grow by leaps and bounds. According to a letter of intent filed with the Boston Planning and Development Authority on December 10, 2020, more than 300,000 additional square feet of lab space will be added to the district in the near future....read more.
A multinational construction giant has purchased what is believed to be the last remaining developable parcel in Boston’s tony Back Bay neighborhood. On December 4, 2020, Skanska, the Swedish development company, announced its acquisition of the parcel at 380 Stuart Street in Back Bay for $177 million...read more.
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...read more.
WeWork, the New York based flexible office space firm, has seen its fortunes fall and then rise thanks to the coronavirus pandemic. When COVID-19 first struck, the company had still been reeling from its failed IPO, which was supposed to happen in September. As offices around the country shut down due to lockdown orders...read more.
As the epicenter of life sciences and biotech in the United States, Boston has become ground zero for the research and development of vaccines and therapies related to the coronavirus. Although the COVID-19 pandemic has wreaked havoc on the economy, job market and virtually all aspects of life, it has triggered a major...read more.
It’s been a tough several months for the entire world thanks to the coronavirus pandemic, but some aspects of life are starting to return to normal in Boston. In particular, restrictions on construction work are over, so the familiar sounds of buildings going up can be heard all over the city once more. This means, of course, that work on office towers has been able to resume again; additionally, offices were permitted to reopen in the city at...read more.
An iconic fixture of the downtown skyline, One Post Office Square holds the distinction of being the 12th-tallest building in Boston. Developers are expected to perform a vast modernization and expansion of the Class A office building that will transform its facade, add a uniquely modern parking solution and increase its available office space from around 832,000 square feet to more than 1 million square feet. When the work is complete, the building will also boast 52,100 square feet of retail space and an 8,000-square-foot, 300-seat restaurant...read more.
Foreign investment in Boston commercial real estate is nothing new. The recent acquisition of an office building in downtown Boston by a Chinese real estate investment firm is just the latest example of the phenomenon – and it marks the second major move by a firm that is just getting started in Boston. Nan Fung Life Sciences Real Estate, better known as NFLSRE, is a local subsidiary of Hong Kong-based real estate conglomerate Nan Fung Group. Its acquisition of One Winthrop Square in downtown Boston likely means big changes for the building, including renovations that will help it to appeal more to life sciences firms...read more.
If you aren’t convinced that the Seaport District boasts one of the hottest real estate submarkets in Boston, consider this: 51 Sleeper Street was recently acquired by a Chinese real estate investment firm for $115 million – nearly double the price that it sold for in 2013. In the space of just seven years, then, the property has skyrocketed in value, highlighting the meteoric growth of the city’s newest neighborhood over the last handful of years. The sale also highlights the ongoing push for the development of more life sciences space in the city...read more.
Before looking in earnest for office space anywhere in the city, it helps to have a general idea for the current going rate of such real estate. As you are likely already aware, office space in Boston is among the priciest in the country – and lease prices continue to climb from one quarter to the next. In particular, new records were reached across many submarkets during the third quarter of 2019. Things downshifted a bit during the last quarter of that year in terms of demand, but lease prices still managed to increase – and it appears that they will continue doing so well into 2020...read more.
One of Boston’s most esteemed transit-oriented commercial real estate properties has changed hands once again. According to the Middlesex County Register of Deeds, Riverside Center in Newton was recently sold to Alexandria Real Estate Equities for $235 million. Although the sale has made a big splash across the world of Boston commercial real estate development, no immediate redevelopment plans are possible for the property, which is almost fully leased at this time...read more.
In a city where office space is truly scarce – and has been for several years now – the upcoming availability of hundreds of thousands of square feet of it in Dorchester should be piquing the interest of companies across the city, region, country and even the world. Nordblom Co., the lead developer of the $300-million gut-rehab of the former site of the Boston Globe headquarters on Morrissey Boulevard, recently announced that it is actively seeking tenants for the new tech-life sciences hub. Read on to learn more about what the BEAT is likely to do for the availability of key commercial space for companies of many shapes, sizes and scopes...read more.
If one thing is true about commercial real estate in the city of Boston, it’s this: Office space is incredibly hard to come by, and that has been the case for many years running. Therefore, the recent announcement of the commencement of a project that will bring hundreds of thousands of square feet of such real estate to downtown is being met with much enthusiasm. Indeed, construction of a skyscraper more than 20 years in the making is expected to start this month – and an entire swath of downtown Boston will be transformed entirely...read more.
When shared workspaces started popping up in major cities nearly a decade ago, many scoffed and assumed that the office sharing trend would be merely a flash in the pan. Fast-forward to late 2019, however, and it’s plain to see that providers like WeWork and Industrious are here to stay. In fact, coworking space has become practically ubiquitous around Boston. In a recent report, the city now ranks fourth in the nation for the amount of coworking office space that is available. As always, Boston City Properties is here to bring you the latest regarding this phenomenon...read more.
Around the city of Boston, it feels like you can’t turn a corner without seeing a building that offers flexible coworking space – and it is usually owned and operated by WeWork. Indeed, the Manhattan-based firm has quickly made its presence known in Boston, and it feels like the company has been snapping up additional office space at a dizzying rate. However, with the falling through of its proposed IPO and resignation of its CEO, WeWork appears to have hit a bit of a stumbling block – and two potential deals have fallen through recently, prompting some to wonder if the company has hit its...read more.
As reported by Boston City Properties during the summer, ground was officially broken on One Congress, the soaring new office tower that is expected to add hundreds of thousands of square feet of desperately needed office space to the city’s real estate market. With vacancy rates for such space in the city hovering at around 7.9 percent – the lowest since early 2001 – it is safe to say that more space is direly needed. How much will the completion of One Congress help, though? Read on to learn more about the situation thus far and what is expected in the future...read more.
Two ongoing trends in Boston are about to be put on display over in Fort Point. On November 18, development firm Related Beal filed a letter of intent with the Boston Planning and Development Authority, or BPDA, regarding tentative plans for a mixed-use development on the site of a former Gillette parking lot. In addition to doing away with yet another surface lot in the heart of the city, the project is slated to include huge amounts of lab and office space for life sciences and biotech firms, which continue to proliferate across the region...read more.
With office space at an absolute premium throughout downtown Boston and outlying areas, much of the focus of real estate watchers has been on the development of brand-new buildings that offer hundreds of thousands of square feet of such space. However, the city is still home to hundreds of older but still impressive office buildings that continue to be hot commodities on the market. A key case in point can be found in the $50-million acquisition of the Bedford Block, an office building located at 99 Bedford Street in Downtown Crossing, by Credit Suisse. Boston City Properties has more information regarding the transaction and the property below...read more.
Although reports indicated that the cost of office and lab space in highly in-demand Cambridge was beginning to drop at the beginning of 2019, that appears to have been merely a blip in an ongoing trend toward sky-high rents and limited availability. Home as it is to MIT, Harvard and countless other universities and think tanks, it seems only fitting that Cambridge in general and Kendall Square in particular have become a true innovation hub in the region and country. However, the startups and young tech companies that made it what it is today are now being forced out; how long will this trend last?...read more.
With lab space in Cambridge essentially full, life sciences and biotech firms are increasingly turning to Boston and its suburbs for what they need. Between ground-up construction projects and many conversion projects, in fact, lab space in Boston has become more available than ever. However, that hasn’t translated into drastically more affordable rents – or in the ability to quickly and easily acquire useful lab space when needed. As quarterly absorption for such space across Greater Boston has been positive for nine quarters in a row – the longest streak thus far on record – it is safe to say that this trend is nowhere near over...read more.
Lately, much of the buzz surrounding commercial space around Greater Boston has revolved around the dearth of the availability of lab and life sciences space. Much is also often made of things like coworking space, which is also in high demand and continues to thrive across the city. For companies, including startups, that don’t need science or lab space but prefer more open floorplans and flexibility, loft office space is a nice compromise. However, how easy is it to find that type of space in Boston right now? Read on to learn more...read more.
As lease prices reach and remain at historic highs across much of Boston and Cambridge, and vacancy rates remain at or near historic lows, businesses of all sizes and scopes are starting to look beyond the city proper and into the suburbs for growth opportunities and rent relief. As a result, Boston’s suburban office space market has continued to thrive as a whole over the last year, and that trend is likely to continue, or even to intensify, in the months and years to come. Read on to learn more about the office real estate market in Boston’s suburbs below...read more.
Assembly Row in Somerville continues to thrive and grow – and the effect is expanding outward in a big way. One prime example of this is the announcement of a tentative new office and lab building at 74 Middlesex Avenue. The approximately one-acre lot is located between I-93 and Middlesex Avenue – and it is within close proximity of the thriving Assembly Row. It is also not too far away from Union Square, which has lately been giving Assembly Row a run for its money in terms of new commercial real estate development...read more.
Business continues to boom in Boston’s Seaport District, which is rapidly turning into yet another hot pocket of innovation in a city that is already bursting at its seams with life sciences and biotech activity. However, an in-the-works project that was originally to focus on providing residential housing now appears to have been reinvented. In early September, WS Development, the developer behind the proposed residential development at 350 Summer Street in the Seaport, requested approval from the Boston Planning and Development Agency to update its plans. Instead of being reserved for residential units, the new property will be almost exclusively focused on providing lab, office and research space...read more.
Modern workers are abandoning the “nine-to-five” structure and unchaining themselves from sitting at the same desk every day. The standard office setup is out, and flexibility is in. Thanks to innovative technology and the ubiquity of mobile devices, the concept of remote work has shifted from a rarity to an expectation...read more.
The distinctive pick-and-red smokestacks of the Boston Edison Plant, which have become a landmark of sorts in South Boston, will soon be no more. Assuming that preliminary plans unfold as expected, the site will eventually become a sprawling mixed-use development that is sure to transform this section of the city. Although groundbreaking isn't expected until sometime in 2018, it is never too early to start making plans. If you think that you may want to make the new development your home, Boston City Properties can help...read more.
The Boston Redevelopment Authority, or BRA, has been quite busy over the last several years. Things seem to be reaching a fever pitch of sorts, with the agency approving several projects during its September 15, 2016, session. Several projects were approved during that session, but a couple are particularly noteworthy. Namely, the BRA approved a project for the construction of a new office building at 321 Harrison Avenue in the South End. For a long time, new construction in the neighborhood has revolved around residential, but it appears that this is about to change. As always, Boston City Properties is keeping close tabs of this story, and we will continue to bring you updates as it unfolds...read more.
As you probably already know, Boston is currently experiencing some of the lowest office vacancy rates in history. Huge, established companies don't tend to be too affected by this phenomenon, as they have the resources that are needed to afford ever-increasing rents and the flexibility that's needed to move elsewhere if necessary. Things are different for startups, however. Around the city, they struggle to acquire affordable office space that suits their unique needs. Sound familiar? If so, Boston City Properties is here to help...read more.
So many major commercial real estate transactions have been happening around Boston that it's getting tricky to keep up with them all. However, the recent acquisition of a prime piece of real estate in Kendall Square is a definite standout. The property, which is located at 245 First Street, was recently acquired by Clarion Partners, a New York based real estate investment management firm for $311.25 million. Like Boston, Cambridge has been experiencing a red-hot real estate market for some time. As always, Boston City Properties is keeping tabs on this new development and will keep you up to speed regarding its progress...read more.
In a city where real estate in virtually every neighborhood is experiencing one of the biggest booms in recent memory, Boston's Seaport District still manages to stand out. In fact, many would argue that the real estate boom has hit the Seaport the hardest, prompting a flurry of activity over the last several years that has transformed the area in many unique ways. If Skanska USA Commercial Development gets its way, the neighborhood's Marine Industrial Park will soon have a new addition: a 13-story office building...read more.
In some cities, office space is abundant and readily available. In fact, in some cases, landlords have a very hard time keeping buildings and properties occupied. This is not an issue in Boston, where office vacancy rates are among the lowest in the nation. Indeed, Boston's office vacancy rates are lower than those of all but six other major U.S. cities. This is great news for landlords, but it can cause a great deal of stress for companies that are looking for specific types of space. Why does Boston have such low office vacancy rates? Why is that a good thing for investors? How does one go about navigating the market? Boston City Properties is here to help. Read on to learn more...read more.
33-41 West Street, a Class B office development in Downtown Crossing, was recently acquired by Bay Management Corporation. Situated about a block from Boston Common, the development sold for a grand total of $16 million. When the property, which will remain an office building, changed hands in 2002, it sold for $7.2 million. Once again, it is clear that Boston's commercial real estate market is thriving, and experts expect the trend to continue for a long time to come...read more.
Dorchester is abuzz with excitement over the recent approval by the Boston Redevelopment Authority for the development of South Bay Town Center. Upon completion, which is slated for the second quarter of 2016, the development will include five buildings that boast more than 1 million square feet of space. According to Stantec, the developer, it will include 475 housing units, a hotel, a cinema, parking spaces and more than 12,000 square feet of retail space. The walkable development will be constructed in three phases...read more.
Considering that the company acquired 12,000 square feet of space at 281 Sumner Street back in 2014, the recent news that they will be expanding to more than 40,000 square feet is quite remarkable. The digital technology company is rapidly expanding and expects to hire many new employees in the months and years ahead. Located about a block away from the future headquarters of General Electric Co., the space is transforming this corner of Fort Point, and you can expect to see a lot more development occurring there in the near future...read more.
The Fiduciary Trust Building, which offers prime Class A office space and is located at 75 Federal Street, was recently acquired by a large German investment firm. Deka Immobilien Investment GmbH, the investor, acquired the property for $139 million, adding yet another high-dollar transaction to the many that have been occurring around the city. The building, which offers more than 227,000 square feet of space, is located across from Dewey Square. It does not appear that the acquisition will affect current tenants...read more.