The Deal Sheet
Yesterday, the ribbon was cut on the 103-apartment 225 Centre, the first of 14 buildings completed in the $250M Jackson Square Redevelopment plan. Housing is in such high demand that 50% of the apartments have been leased in one day, says The Community Builders CEO Bart Mitchell. (At this pace, they'll have a full five-day weekend ahead of them.)
Over 20 years, several community groups--and non-profit developer TCB--designed the plan to re-knit JP and Roxbury neighborhoods where housing and stores were bulldozed for a failed highway project 40 years ago. (Bart above with Urban Edge prez Chrystal Kornegay and Mayor Menino.) Yesterday, construction also started on the next building in the plan: Jackson Commons, which will have 37 apartments, 13k SF of office space and 50k SF of community facilities. In addition to rental housing, the $52M, 225 Centre St has 16k SF of commercial space, underground parking for 86 vehicles, extra-wide sidewalks (for extra large lemonade stands), 44 new trees and other landscaping. Market rate rents for a two-bedroom, two-bath start at $2,300; 35 apartments are affordable.
Construction & Development
This morning, The Fallon Co officially celebrated the start of construction on Twenty Two Liberty, a 14-story, luxury condo building on the waterfront adjacent to Vertex' new 1.1M SF office/lab complex at Fan Pier. The entire 21-acre site is planned to have eight buildings: offices, residences, retail, a hotel, public park and a marina. Site work on the condos started a few months ago.
To kick off its alumni weekend, on Friday BU law school will celebrate its new Sumner M. Redstone Building that's under construction as part of a $184M redevelopment plan. Media mogul Redstone contributed $18M to the eponymous structure designed by Bruner/Cott, being built by Skanska and due for completion mid-14. The second phase, the gut renovation of the law school's tower, is slated for completion summer '15.
Norwich Partners broke ground on the $70M, 136-key Envoy Hotel at the Seaport, across a walkway from The Barking Crab. Slated for completion in '15, the Vermont-based developer purchased the 17k SF site for nearly $9M in '11.
Pioneering developer The Raymond Property Co's Ted Raymond is planning an 86-unit apartment building in Malden near the Commuter Rail Station. Working with Sagebrook Development, they expect apartments 650 SF to 1,200 SF to rent for $1,200 to $1,600. In the '80s, Ted was among the early investors to revive the Charlestown Naval Shipyard, transforming it from a military installation to a mixed-use community where the newest entrant is the $225M Spaulding Rehabilitation Hospital.
The South Shore Medical Center, a division of Atrius Health, completed its new $20M, 85k SF medical building at 143 Longwater Dr in Norwell where it will care for patients and have offices. It features: 100 exam rooms, 70 offices, more advanced diagnostic and treatment equipment and parking.
Clarion Partners paid $121M for 10 Brookline Pl in Brookline to Invesco, which in '10 acquired a 98% interest in the six-story, 173k SF office building near the Longwood Medical Area. Back then, Invesco's partners were National Development and Charles River Realty who in '08 purchased the property for $62 M. The anchor tenant is the Dana-Farber Cancer Institute and the remaining space is leased to the New England Institute of Art. The broker was Eastdil Secured.
The Massachusetts State College Building Authority on behalf of Framingham State University paid $6.6M to Salem Maynard Trust of Somerville for the apartment complex at 31,35 & 37 Salem End Rd, 75-89 Maynard Rd and the restaurant building at 1060 Worcester Rd, all in Framingham. Metrowest Commercial Real Estate's Mark Rosen was the sole broker.
Preservation of Affordable Housing (POAH) paid $7.8M to an affiliate of John M. Corcoran Company for Tribune Apartments, a 53-unit, Section 8 elderly apartment community in downtown Framingham. CBRE/NE's Simon Butler, and Biria St. John repped the seller and found the buyer.
Fortune 500 Owens & Minor leased 235k SF at 20 Freedom Way in Franklin, becoming the only tenant in the fully occupied, single-story warehouse where it initially moved into 50k SF. Jackson & Cooksey repped the tenant and RBJ's John Lashar and Paul Leone repped landlord TA Associates Realty.
RedTail Solutions leased 6,000 SF at 112 Turnpike Rd in Westborough, an 85k SF Class-A office building in Westboro Executive Park near I-495 and the Pike. Cushman & Wakefield's Stephen Woelfel and J R McDonald repped the tenant and RBJ repped landlord, Cornerstone Real Estate Advisors.
Sullivan, Cotter and Associates took 3,500 SF at 300 Trade Center in Woburn. Landlord Cummings Properties was repped by its leasing director Rob Yacobian and The Stubblebine Company's James Stubblebine. The tenant was repped by Gaughan Companies' Lou Suski.
EXECS ON THE MOVE
Steve Prozinski has joined Avison Young in Boston as a principal and director of property management services. He'll manage the company's 5.4M SF in New England and the Mid-Atlantic region, oversee daily operations of the 22-member property management division and work with the local brokers on accounting and forecasting.