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January 11, 2010 

To our new subscribers: Bisnow brings something you've never seen to real estate news: brevity, and even a dash of (attempted) humor. We're informative, but easy to read, and we hope you enjoy.

CBRE’s Andy Majowski made the prediction in our headline during Friday’s Boston market overview at the Intercontinental. Other, less specific, offerings suggest we'll slog through another winter of frozen conditions: high vacancies, falling rents, and scant sales, but ever hopeful for spring . . . 2011.
CBRE’s David Fitzgerald, here with Keller Augusta’s Kate Keller and Jodi Dakin

We snapped CBRE’s David Fitzgerald, here with Keller Augusta’s Kate Keller and Jodi Dakin. He delivered the rough news about downtown in ’09. The amount of available office space (direct and sublease) is 16.5%; absorption, negative 1.7M SF; and demand is down about 40% since the peak of ’07. Dave expects vacancies to keep rising and overall rents to slide another 5-10%. Cambridge availability is 17.5%; Boston area sales fell 90% from '07-'09.

BlackRock’s Mark Munroe and Triland Partner’s Tom Garden

BlackRock’s Mark Munroe has been busy “taking care of day-to-day business” looking after multifamily assets. Translation: light on the investment front. Triland Partner’s Tom Garden tells us his renewable energy development firm is planning a major solar energy facility in Williamstown, VT. The State of Vermont promised to buy energy from Triland for 25 years.

Cresset’s John Baxter and CB’s Nat Kessler

Cresset’s John Baxter and CB’s Nat Kessler. John has a tasty development project, building a new, 70k SF retail/restaurant complex with outdoor roof deck overlooking the water at the site of the old Jimmy’s Harborside. Among the attractions will be at least one hometown favorite: Legal Seafood, “will have a major presence.” They plan to open a little later this year.

House Hunting? How’s 26k SF?

Feingold + Alexander’s Jim Alexander and the Boston Preservation Alliance’s Susan Park

Though they couldn’t agree whether to go wide-eye, or deep in thought for the pic, Feingold + Alexander’s Jim Alexander and the Boston Preservation Alliance’s Susan Park agreed it was a great event for the industry’s history devotees, celebrating in the 1870’s Ames-Webster Mansion at 306 Dartmouth St. in the Back Bay on Thursday. For 40 years, Raymond Property has had its offices in the palatial townhouse; now, along with four partners, it has put it up for sale as an office, a few condos, or a single family house. It could be just the place for the family that wants 50 rooms, 28 fireplaces on five floors, and has about $22M to spare.

The Paul Revere House’s Kristin Preszka and Emily Holmes

The Paul Revere House’s Kristin Preszka and Emily Holmes: “just admiring, not buying.” Of course, they know about historic Boston homes since they staff downtown’s oldest building, Revere’s 1680, 3600 SF North Square residence. They’re doing some renovations of their own. The Revere House recently purchased an adjacent 1835 house to convert into classrooms and bathrooms. Emily says, with 250,000 visitors a year, they could use a WC.

GLC’s David Leff, Partners Healthcare Tim Pattison, and Goulston & Storrs’ Matt Kiefer

GLC’s David Leff, Partners Healthcare Tim Pattison, and Goulston & Storrs’ Matt Kiefer have deals in the works. David is consulting with Harvard on a plan to renovate its river houses—historic dorms along the Charles River. Matt’s clients, Gale International and Morgan Stanley, are planning for Seaport Square, 6.5M SF of mixed use development at Boston Harbor. They’re still seeking approvals for the offices, condos, rental apartments, restaurants, cinemas, and school.


The real estate community mourns the loss on Sunday of Boston Properties co-founder and CEO Ed Linde, who helped build one of the iconic companies in the industry since its founding in 1970. Mort Zuckerman assumes the CEO role. We express our heartfelt condolences.

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