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Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
February 2, 2012 
 
 
Thank You, Kevin White

 
As a four-term mayor of Boston (1968 to 1984), Kevin White lifted the city up from the doldrums of the Great Depression and launched it on a path to again become a world class city by (among other things) planning, preserving, reviving, and building.
 
Mayor of Boston (1968 – 1984), Kevin White
During his tenure, a downtown devoid of new development since the 1920s embarked on a building boom that by some estimates included the construction of 38 new office buildings, 50 renovated offices, and 17 newly built or planned hotels. Historic Quincy Market was preserved and transformed from a gaggle of gritty stalls to a festival marketplace attracting millions of tourists. He helped trigger the revival of a forlorn waterfront from the South End to The Charlestown Naval Shipyard. Plans were launched to glorify the Public Garden by replacing the Hillbilly Ranch with the Four Seasons and to reinvigorate the Back Bay with the development of Copley Place. For all of that and much more, thank you and farewell.
 
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Seaport Vision
 
Berkeley Investments prez Young Park
Berkeley Investments prez Young Park says developing in the Seaport is especially exciting because it’s a chance to set the tone and direction of an emerging district. Hear more from him at Bisnow’s Seaport Summit, March 5 at the World Trade Center. Next month, Young plans to start construction on 44 rental units at 381 Congress St for occupancy next spring (near its almost soldout FP3 loft style condo project). ADD Inc designed the historic renovation of the old Boston Wharf building into “innovation” apartments, which at 670 SF are a bit smaller than the usual 800 SF. They’ll be affordable to some workers in neighborhood firms. Berkeley is also busy in Waltham, Providence, Worcester, and Everett.

Bisnow
New Fund for New Boston Fund
 
New Boston Fund prez Tim Medlock
New Boston Fund prez Tim Medlock (whom we snapped in his office this week, mostly so we could sneak a peak at that cool Viking helmet) expects ’12 to be a very good year. New Boston Fund is raising its first new investment fund since the recession, Fund VIII, targeted to launch mid-'12 to be between $200M to $300M. Tim sees “compelling” value-add—and perhaps some opportunistic possibilities—as owners who need to refi debt placed five to seven years ago decide instead to bring assets to market. Tim tells us that New Boston Fund is already seeing this in Atlanta, North Carolina, and DC. Started by the Rappaport family in ’93, it has raised $1.2B to buy $3.5B in assets over the years.
NBF Northeast Regional Director Gary Hofstetter
Northeast regional director Gary Hofstetter (the office rock ‘n roll aficionado) says that New Boston Fund's recapitalization strategy will enable it to increase deal volume and expand its footprint on the East Coast (New England, DC, and South Florida). The slow office leasing environment gives New Boston Fund a chance to buy into an asset at a low basis and lease it at competitive rents. For instance, 14 months ago, NBF bought from a lender a 300k SF office building in Doral, Fla. for $100/SF, which had been built for $300/SF, was 17% occupied, and its owner in default. New Boston Fund started leasing before it even closed, and the office is now 68% leased.
New Boston Fund Charles Nolfi and Jennifer Bustard,
Charles Nolfi and Jennifer Bustard, on the investor relations side, tell us that New Boston Fund now has an approximately $1B portfolio: 80% office/industrial, 15% multifamily, and 5% retail. In December, the company completed a 178k SF built-to-suit for Rockwell Collins in Sterling, Va. The offices are accompanied by manufacturing space for the assembly and design of flight simulators. In Boston this fall, New Boston Fund in a JV with the Asian Community Development Corp, will start construction on 295 rental apartments on parcel 24. The fund has been involved with the project for 10 years. But Chinatown has been waiting for 45 years to redevelop the site where housing was razed for highway construction.
 
Please, don't let our upcoming Super Bowl victory distract you from sending news ideas to Susan Diesenhouse, susan@bisnow.com.
 
 
 
 
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