BCEC’s New Neighbors
In June, State Street cut the ribbon on its new 525k SF HQ around the corner from the convention center (shell and core designed by ADD Inc). By the fall, the financial services firm expects to have 3,500 of its people moved into the build-to-suit developed by Commonwealth Ventures and AREA Property Partners in Channel Center. Talk about game changers; it was huge to have this old-line firm that’s been in the Financial District for decades cross Fort Point Channel. A flood of leasing (and rising rents) has followed.
Now, Commonwealth Ventures is building two mid-priced hotels across D Street to be run by Starwood: a 180-key Element and a 330-key Aloft at a total development cost of $140M. The former is slated for completion in early ’15, and the later in early ’16. These, and the HQ hotel to come, will help Boston catch up to rival convention cities. The Hub has only 1,700 hotel rooms in walking distance to the BCEC compared to about 8,000 rooms for cities like San Diego and Orlando.