The Deal Sheet
Today, The Hamilton Co broke ground on a multifamily building in Back Bay that will be owned by and generate annual revenues forth the company's charitable foundation, which CEO Harold Brown has personally funded with $100M.
It's a basic human instinct to want to give back and create something that will have "eternal life," Harold tells us. Over the long term the charity, The Hamilton Company Charitable Foundation, will do more developments and funnel property proceeds to the local non-profits that it supports. After 14 months of construction, this first $14M building at 1085 Boylston St will have 30 one-bedroom apartments (about 600/SF each) that will rent for an average of $2,000/month. Once it's leased up, it will generate at least $200k/year for the non-profits, says Foundation chair Jameson Brown, Harold's son.
CONSTRUCTION & DEVELOPMENT
Salem State University will spend $32.9M in state funding to modernize and expand labs at Meier Hall and to teach students science, technology, engineering and math (the STEM fields). From the same state allocation, North Shore Community College will do $20.7M in renovations at its Lynn campus to build offices and classrooms and upgrade labs, Gov Deveal Patrick announced this week.
B.H. Normandy's $350M Station at Riverside mixed use project won approval from the Newton Board of Aldermen this week. Among the largest projects the town has seen in years, it will be on an 11-acre MBTA-owned site off Rte 128 and have: 290 apartments (44 affordables), a 10-story office building, parking garage, retail and a community center.
Genzyme, the Cambridge-based rare diseases arm of French drug giant Sanofi, is planning a new $80M, 72k SF processing facility in Framingham to help make its drug for the rare, inherited disease, Fabry. It's adjacent to Genzyme's cell culture manufacturing facility on New York Avenue, which opened a year ago and now has about 500 workers.
The Roslindale Substation, once an electrical facility used in switching trolleys on what is now the MBTA system, has been listed on the National Register of Historic Places. This paves the way for the Peregrine Group's 40-unit multifamily rental project on land that surrounds it. The substation will be renovated to house a restaurant.
Cottage Park Realty Trust completed the adaptive re-use of the former J. H. Emerson Company factory at 22 Cottage Park Ave in Cambridge into a sustainable a 16-unit condominium complex, Emerson Lofts. The $4.5M project's development team included Integrated Builders and O'Sullivan Architects.
Digital Federal Credit Union and the Primrose School of Burlington will move into build-to-suits on Greenleaf Way on Middlesex Turnpike in Burlington. DCU's 4,500 SF building and Primrose's 14-classroom building are under construction by Nordblom Cos.
Simpson Housing started leasing of The Victor, one of the first apartment complexes built at the Greenway on land made available by the Big Dig. The Colorado developer's $140M, 11-story apartment building is on a one-acre parcel at Causeway and Beverly streets across from the TD Garden. Its one- bedroom and two- bedroom apartments will rent for $2,865/month to $4,655/month for 546 SF to 1,256 SF. It will also have 17k SF of retail.
Equity Office has four new leases at South Station: CVS signed for 30k SF on two levels, Tavern in the Square, 780 SF, a Starbucks, and Barbara's Books, 300SF. Gilbane Building Co will do the landlord improvements for the flagship CVS.
Perfecto Mobile has sub-leased 9,720 SF from MediaTek USA at 120 Presidential Way in Woburn. Avison Young's Jack Kerrigan, Steve Cook, Mark Coelho and associate Colin Whitney repped the sub-landlord. RBJ repped the tenant
The Davis Companies paid $43.3M (on behalf of an affiliated fund) for Tower Point, a 155k SF office building with parking for 65 vehicles - in the Seaport District. The six-story office building, now 74% leased, was redeveloped in 1988, and upgraded in '06 and '12 to feature historically preserved brick and beam office space with high ceilings and new building systems.
The German GLL HRE Core Properties, a Munich-based real estate manager, is marketing One Winthrop Square, a 114k SF office building in the Financial District that it purchased for $21M in '09. Last month, Clarion Partners paid $54.4 M or about $346/SF , for a similar building, the 13-story One Liberty Square also in the Financial District. Built in 1873, One Winthrop has been renovated to preserve its 19th century details and add modern interior finishes, skylights and building systems.
Atlantic Management has secured $60M in bridge financing for 200 Forest St, a 528k SF office/R&D building in Marlborough. Atlantic acquired the building and the entire 109-acre Forest Street Office Park in '11. The loan provides a recap of the acquisition financing and will provide funds to redevelop the property into a mixed-use development. The building's first new tenant, Quest Diagnostics, is building out a lab. Colliers' Dave Douvadjian, Tom Welch and Brian Gaswirth secured the loan for Atlantic.