'Burbs Got The Goods
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|JPMorgan Chase executive director Craig Thierl recently closed on a $215M investment in Nordblom’s Network Drive at Northwest Park office complex in Burlington.That ought to be enough to divert a few eyes from downtown Boston. Burlington has convenient highway access and amenities galore, says Craig, who will be a panelist at Bisnow’s second annual Boston Capital Markets Summit, Oct. 29 at the Long Wharf Marriott. Register here!|
|Live/work/play isn’t just for cities. In the ‘burbs, people can live near their office and avoid a nasty commute, Craig reminds us. What Boston 'burbs top his list? Burlington, Waltham, and the strip of Route 128 that runs between them. Far from dead, some suburban markets have strong CRE fundamentals. In prime locations, there are few—if any—large blocks of space. That’s why companies like Keurig are signing up for build-to-suits (that's potenitally 424k SF off of Route 3, in the case of the coffee purveyor). Overall, suburban vacancy rates are falling; rents are still below the peak but well off the lows.|
|But Craig isn't scoffing at the hot downtown market either. JPMC is investing in two major projects under construction: The Drew Co’s Waterside Place multifamily development in the Seaport (above) and Samuels’ Boylston West mixed-use project in the Fenway. Craig has an appetite to buy more office properties, but competition is stiff for the few assets that come to market. “We could get further involved in the Seaport,” he says. The submarket has gained momentum; events are moving quickly and construction on a new office could start fairly soon, he tells us. “I like Boston a lot,” Craig adds. “The challenging part is, we’re not alone.” (X-Files fans who only want to follow up on that last point still have to buy a ticket to the event.)|