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Real Estate Bisnow
   
January 8, 2012 
 
 
Big New Tenant at
Kendall Square;
The Deal Sheet

 
Alexandria Real Estate Equities announced yesterday that drugmaker Ariad Pharmaceuticals signed a 244k lease at its 1.7MSF Kendall Square complex. With lease in hand, construction started a few days ago on the second building, 386k SF and now 63% committed.
 
Alexandria EVP Tom Andrews
Alexandria EVP Tom Andrews is happy because he's talking to us and oh ... BTW ... Ariad’s lease at 75/125 Binney St in Alexandria Center at Kendall Square runs for 15 years. In Q1 ’15, when the lab/office building is completed, Ariad will relo its HQ from Forest City's University Park in Central Square. The façade of the new building (designed by Payette Associates) features a pattern that recalls the shape of DNA. In total, Alexandria Center will include four life science buildings. The first, a 305k SF build-to-suit for Biogen Idec, is under construction and due for completion Q4 ’13. Alexandria Center will also have 200k SF of residences.

Utah Has Powder; Boston Has Multifamily
 
ADD Inc prez Fred Kramer
ADD Inc prez Fred Kramer, from atop Snowbird in Utah (snapped yesterday), says he’s skiing on packed powder we’d love to see here. That may not happen soon but one thing we’ve got plenty of is multifamily projects like the 330-apartment building Fred’s team is designing for Skanska USA Commercial Development at the Seaport. Fred expects up to 28 months of construction to start in May for the project at Seaport Blvd and Boston Wharf Rd. ADD Inc also designed Hanover’s $193M multifamily building at Pier 4 where foundation work recently started for a Feb ’15 completion. Hear more from Fred at Bisnow's 3rd Annual Multifamily Summit, Jan 16, Westin Boston Waterfront. Register here!

The Deal Sheet cont'd
 

Schneider Electric has agreed to lease 230k SF from Leggat McCall at 800 Federal St in Andover that it plans to occupy December ‘13. Cushman & Wakefield’s Rich Ruggiero and Torin Taylor repped the landlord. The French energy tech firm will house about 900 workers at the site and employs 130,000 people worldwide.  

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Rumor has it that Millennium Partners may have a 220k SF lease commitment from Arnold Worldwide for office space in a refurbished Burnham building at the former Filene’s site. If true, the deal would go a long way to get shovels in the ground at what’s planned as a $615M mixed-use project that will transform the once beleaguered Downtown Crossing submarket into the place to be.
3 Highwood Dr in Tewksbury
Cambridge Isotope Laboratories leased 39k SF at 3 Highwood Dr in Tewksbury, one of three Class-A office buildings in the 105k SF Highwood Office Park. Amenities include a full-service hotel, restaurant, health club, café and fitness center. Cushman & Wakefield’s Matt Adams, Rich Ruggiero, Torin Taylor and Rory Walsh, repped the landlord, BPG Properties.
480 Pleasant St in Watertown

Mimecast, a cloud-based e-mail management company, has nearly doubled its space by leasing 34k SF at 480 Pleasant St in Watertown in a relo from the Waltham Watch Factory. Cassidy Turley’s senior managing director Brian Hines and Ryan Romano repped the tenant. JLL’s Daniel Kollar repped the landlord, Farley White.

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In yet another Cambridge relo to Boston, Publishing Technology leased 6,665 SF at 38 Chauncy St in Downtown Crossing, doubling its footprint. Lincoln Property Group repped the landlord, Brickman, and Cresa repped the tenant.

DEVELOPMENT

The Massachusetts Convention Center Authority (MCCA) is seeking city approval to develop two mid-priced hotels across the street from the Boston Convention & Exhibition Center; a 250-key limited-service hotel and a 250-key extended stay. The new development would also include a parking garage and ground-floor retail. They would boost the existing supply of only 1,700 hotel rooms within walking distance of the BCEC. The MCCA expects the new project to generate $520M in economic impact.

                                                                                         

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Samuels & Associates is planning a 350k SF retail and residential development on Harvard University owned land in Allston’s Barry’s Corner. A plan recently filed with the city calls for two buildings and a total of 325 apartments, 45k SF of ground-floor retail, parking for 221 vehicles and 3,600 SF of outdoor open space. If the BRA green lights the project, two years of construction could start in the fall.

SALES
     
Liberty Hotel, Boston
LaSalle Hotel Properties paid $170M to acquire a 99.99% interest in the 298-room Liberty Hotel from the original developer, an entity controlled by Carpenter & Co CEO Dick Friedman. His group retains a 0.01% interest in the full-service, luxury hotel at 215 Charles St. The stone building has a fortress look because it was built as the Charles Street Jail in 1851.
 
18-28 JFK St, Harvard Square, Cambridge

Alliara LLC paid $31.7M to 18-28 John F. Kennedy Boulevard LP for 18-28 JFK St in the heart of Harvard Square. Boston Realty Advisors’ principal Jason Weissman, whose firm repped the seller, says that at least 250 groups looked at the asset that has 28k SF of retail and 16 residences.

                                                                                         

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Skanska USA Commercial Development paid $33M for parcel L1 in Seaport Square from MS Boston Seaport, a partnership between Morgan Stanley and Boston Global Investors, which is planning a 6.3M SF mixed-use project. Skanska expects to develop a 455k SF office building. For the ground-floor retail, Skanska will collaborate with WS Development.

FINANCING

JLL Hotels secured $215.6M in financing for a hotel portfolio owned by a partnership of Ashford Hospitality Trust and Prudential Real Estate Investors that includes: the 390-room Back Bay Hilton (financed as a stand-alone asset with a $103M loan), the 296-room Westin Princeton at Forrestal Village in NJ, and the 673-room Renaissance Nashville in Tenn.

Upcoming Bisnow Events!
 
Wednesday, Jan 16, 7am-10am. Bisnow's Boston Multifamily Summit. Hear our all-star panelists break down current trends, capital markets, and the effect of new requirements in sustainability and innovation on development. Register here.
 
In the New Year, please send new ideas and new news to Susan Diesenhouse, susan@bisnow.com
 
 
 
 
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NewAcre (300k) BOS
 
Reznick (CohnDebut) BOS
 
Arent Fox (REI) BOS
 
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Microsoft (Share)
 
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