The Deal Sheet
One of Boston's largest and most complex projects--Simon Property Group's $500M expansion of Copley Place--is advancing with the recent city approval of its revised plan to add rental apartments to the residential mix. (Soon Copley Place will be so big it will need it's own government.)
Simon will build 433 rental apartments and 109 condos instead of 318 condos in the 625-foot, 52-story tower apparently to prepare for any changes in the market, company statements indicate. The BRA's approval of the new plan is critical for moving the project ahead. Certainly things will be different when the mixed-use project is completed in '18 or '19. By then, the economy and housing market may be in a new cycle and there will be competition from new luxury residences being developed in the nearby Prudential Center, Christian Science Center, and 40 Trinity Place. Simon's addition also includes 115k SF of retail plus an all-season atrium that will be built in air rights over the turnpike and MBTA tracks, a complicated, time-consuming process.
CONSTRUCTION & DEVELOPMENT
Dana-Farber Cancer Institute's Edward Benz and State Rep. Nick Collins celebrated the start of construction Wednesday on a $15M, 50k SF lab facility at its Harbor Campus in the Innovation District, adjacent to the Lurie Family Imaging Center. Researchers will be making chemical tracers that "light up" cancer cells and molecular pathways to improve cancer diagnosis and treatment by developing precision drugs matched to individual patients.
Oaktree Development has completed construction of a new 56-unit , 80k SF luxury residential complex in Chelsea in one year using its GreenStaxx modular technology. The complex includes one, two, and two-plus bedroom units (from 700 SF to 1,000 SF), an open-concept kitchen equipped with high-end stainless steel appliances, granite countertops and custom cabinets; walk-in closets in each bedroom; parking; 2,100 SF of community space; and an outdoor patio. Tocci Building Cos managed the project.
PerkinElmer completed construction on its 200k SF Center for Innovation in Hopkinton, where R&D teams will work on the development of new products and applications in areas such as biotherapeutics, imaging and pathology, biomarker research, and genomic analysis. The development team: construction manager JM Coull and architect Gorman Richardson Lewis.
Calare Properties and Hackman Capital are renovating the 700k SF new Riverview Technology Park at 495 Woburn St in Rockland. With project manager Integrated Builders, they are creating 100k SF to 500k SF spaces for creative offices, R&D, and light manufacturing. So far, they've completed a 400-car parking lot , new lobby entrance, and facade. By year's end, they will complete interior demolition to add new windows, skylights, upgraded electrical, and a new facade.
Bose Corp signed a 250k SF lease extending its tenancy at 9 Technology Dr in Westborough, seven miles from its main HQ at The Mountain in Framingham. By renegotiating early, it was able to stay at its Route 9/I-495 location with improvements: a new roof, HVAC, energy management and upgraded fire alarm systems, and TI allowance. Bose was repped by McCall & Almy, and landlord, Wells REIT II 9 Technology Drive, by Cushman & Wakefield.
American Holt, a maker of aftermarket equipment parts, signed-up long-term for 5,417 SF of warehouse and distribution space at 129-147 Morgan Dr in Norwood. Elliot & Co's Elliot Ravech and Dennis Nolfi repped landlord CMI Property. American Holt reppd themselves.
Bierbrier Development signed two new leases for 6,000 SF at Arlington Village Shops in Arlington. Bagelville, which operates several restaurants in Faneuil Hall, leased 3,525 SF repped by Barry Realty Group's Rich Canzano. CareWell Urgent Care leased 2,494 SF repped by 1st US Realty's Mark Sobel. Bierbrier repped itself.
Alumni Capital Partners sold Harrison Court Apartments, a 71-unit apartment in Boston, for $21.5M to an undisclosed buyer. CBRE/NE's multi-housing team of Simon Butler and Biria St. John repped the seller, a venture between RF Walsh Company and Kenney Development, and found the buyer.
Charter Realty & Development and Regency Centers purchased from Berenson Associates the 150k SF Fellsway Plaza in Medford, which is anchored by a Stop & Shop, for an undisclosed price. PNC Bank provided permanent and development financing. Blake Commercial Property's Hank Blake repped the buyer.
Gravitas Capital Partners paid New Boston Fund $6.1M for 151 Campanelli Dr in Middleboro, a 59k SF, one-story office building that's 100% leased to Eastern Bank. Colliers' Lisa Campoli, Gail McDonough, Anthony Hayes, Timothy Mulhall, and David Goodhue repped NBF.
LCB Senior Living secured $12.3M in financing from Wells Fargo Bank for its acquisition of a 60-unit Alzheimer's facility built in '09 in Lincoln, RI. Prudential Real Estate Investors provided the equity financing. LCB's executive team previously founded Newton Senior Living, once the nation's 16th-largest assisted living company. Cushman and Wakefield Massachusetts' Richard Swartz, Jay Wagner, Aaron Rosenzweig, and Stuart Kim arranged the deal.