The Deal Sheet
|With new office towers as rare as dinosaur feet, Monday was a banner day for the dignitaries who gathered at the groundbreaking of Liberty Mutual?s new $300M Back Bay office. Construction will start in December and be completed late 2012.|
|On hand were City Councilor Bill Linehan, Mayor Thomas Menino, Liberty Mutual CEO Ted Kelly, Gov. Deval Patrick, Rep. Michael Capuano, and Liberty Mutual president David Long. The 590k SF, 22-story tower at 157 Berkeley St., the insurer?s new world HQ, is being designed by CBT/Childs Bertman Tseckares for LEED Silver and will be nearly 20% more energy efficient than a typical office building of its size. Colliers Meredith & Grew is the development manager and Turner Construction is the construction manager. ***|
|Construction is underway on another major project, the new 600k SF Northborough Crossing open air retail center in, where else, Northborough. The anchors for the center that is 90% leased are Wegman?s, a family owned supermarket coming to New England for the first time, and Kohl?s. Junior anchors include: Babies ?R? Us, Toys ?R? Us, Michaels, PetSmart, TJ Maxx, and Golf Town. New England Development's Stephen Karp, who is doing the project with Brendon Properties, said they are building the first major new retail center to open in the state for several years because of a ?great location? and having Wegman?s ?will expand the trade area.? Steve added that financing includes a $100M private investment.|
|Financing MGH has launched a $1.5B fundraising campaign and announced that it has already raised $988M, which will go in part toward the new $575M patient care facility now under construction. Construction started on the 150-bed clinical facility two years ago and will be completed by next summer. It will be named the Lunder Building in recognition of a $35M gift from Peter and Paula Lunder and the Lunder Foundation.Leasing|
Colliers Meredith & Grew's north suburban team of Matthew Daniels, Christopher Lawrence, and Brian Tisbert represented landlord Transwestern Investment in 10 leases for 139k SF at Brickstone Square in Andover, Mass. The five new tenants are: the Federal Emergency Management Agency, By Appointment Only, Compliance Technologies, ArchiText, and Leadbridge Partners. Five tenants that renewed are: Genesis Healthcare, Schneider Electric, Lease & Rental Management, AutoTrader.com, and RBC Wealth Management. Colliers Meredith & Grew's Matt Daniels and Andrew Whipple repped By Appointment Only while CM&G?s Patrick Buckley and Christopher Lawrence represented Compliance Technologies. CBRE's Mark Reardon repped Schneider Electric and CB?s Robert LeClair repped Autotrader.com and RBC Wealth Management.
Merchant Warehouse has signed a new, nearly 43k SF lease at One Federal Street in Boston. McCall & Almy?s David Richardson and Garrett Larivee repped the tenant and Brian Chaisson represented the owner/operator, Tishman Speyer.
|HD Supply has leased 152k SF of warehouse, distribution, and office space at Boston Business Park, Building 100 in Dedham. It plans to relo from Norwood in February 2011. Newmark Knight Frank's Austin Smith repped for HD and NAI Hunneman?s Cathy Minnerly represented the landlord, Campanelli Cos.***Sonos has leased 33k SF in The Davenport Building in Cambridge, built in 1860 and renovated most recently in 2010. Sonos is relocating from 201 Broadway in Cambridge and expanding by 20k SF in the historic structure at 25 First Street. The move is set for this month. Colliers Meredith & Grew's Tucker Hansen, Joe Flaherty, and Ben Coffin represented Sonos. Cushman & Wakefield's Juliette Reiter and Debra Gould were there for the landlord, AEW Capital Management.|
Computer Sciences Corp. leased 27k SF at 404 Wyman Street in the Hobbs Brook Office Park in Waltham. Wyman Street Advisors'Chip Batchelder handled the lease for Hobbs Brook and Jones Lang LaSalle's Alex Dauria repped CSC.
89 Degrees has leased 12k SF for a new HQ at 25 Burlington Mall Rd. in Burlington. Colliers Meredith & Grew's Matthew Daniels and Andrew Whipple represented the tenant while Richards Barry Joyce represented the landlord, Equity Office.
Axcelis Technologies signed a five-year, 30k SF lease at 75 Sylvan St. in Danvers, a 90k SF flex building. CresaPartners' Dan Sullivan, Matt Harvey, and Adam Subber repped for the tenant, which is consolidating and expanding its warehouse operations. Colliers Meredith & Grew's Matt Daniels and Andrew Whipple were at the table for the landlord, Brookwood Financial Partners.
Zapp-East leased 8,500 SF of industrial space at 1 Walpole Park South Dr. in Walpole. NAI Hunneman?s Cathy Minnerly represented the landlord, John D. Murphy Co. and Kaplan Commercial's Rick Kaplan was there for the tenant.
Linear Retail purchased a free-standing Rite Aid in Westford for $3.4M. The seller was Sovereign A II LLC, an affiliate of Corporate Partners Property Gp. Eastern Net Lease Adviser?s Mike O?Mara repped Linear.