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The Deal Sheet

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The Deal Sheet
Sales
Cubist Pharmaceuticals has agreed to buy the Hayden Woods Corporate Center in Lexington for $53.5M from TA Associates Realty. The drugmaker occupies 80% of the building next to a property it already owns at 65 Hayden Ave. Cubist plans to pay for Hayden Woods in cash and expects to close in July.***
The Deal Sheet
National Development and Charles River Realty Investors announced today that they paid $20.1M for 25 and 29 Research Dr in Westborough. The 321k SF Class A office campus with up to 500k SF of expansion potential for office, hotel, retail, medical and industrial, is a half mile from the interchange of I-495 and the Mass Pike. Jones Lang LaSalle Investment Sales and Leasing team, which repped the seller and found the buyer, was: Scott Jamieson, Michael Smith, Phil DeSimone, John Duffy and Brandon Dickason.*** The New North Citizens? Council (NNCC), which provides family support services in Springfield and the Pioneer Valley will buy a 13k SF building it now leases, to operate as a daycare center, using a $933k tax-exempt bond issued by MassDevelopment.Hampden Bank bought the bond, and MassDevelopment also provided a mortgage insurance policy for the Bank. NNCC?s programs include advocacy, adolescent and parent home visits,youth violence prevention, HIV/AIDS and substance abuse prevention, family support, housing, resource and referral and childcare and youth services.
The Deal Sheet
NaviNet did a relo into to 65k SF at 179 Lincoln St, bringing the building owned by Millennium Partners to about 90% occupancy.First Wind, which agreed to lease 35k SF in another relo, adds to the roster of innovative tenants including: Yodle, TriZetto Group, PowerAdvocate, FlipKey and Merrill Corporation. The 220k SF, 19th century building, occupies a full city block overlooking the Rose Fitzgerald Kennedy Greenway and was recently redeveloped by Millennium winning LEED Silver certification. It is now equipped with modern interiors, upgraded building systems, a new entrance and lobby, and below-grade parking. The Boston Preservation Alliance awarded Millennium a Preservation Achievement Award for the Best Adaptive Use of Historic Industrial Space. For the NaviNet lease, CBRE's David Fitzgerald,Tim Lyne and Tim Howe repped the landlord and Hays & Sherry?s Peter Hayes worked with FHO Partners' Mike Brown and Will Foley for the tenant.***

Landlord New Boston Fund has inked seven leases at New England Business Center in Andover during Q1 totaling 34k SF. The tenants signing up include: Research in Motion for 21k SF,VTech Engineering for 4,118 SF, Melanson & Heath for 2,871 SF,Proactis for 1,895 SF, SNI Companies for 1,788 SF, BLW Engineers for 1,595 SF and Manpower for 1,371 SF. CBRE's Kerry Olson Hawkins, and Robert LeClaire repped the landlord in all of the leases and was at the table for Research in Motion, developer of the Blackberry. Melanson Heath & Co, a regional accounting and management firm, renewed their lease repped by Grubb & Ellis? Tyler Ewing. SNI Companies was repped by Colliers Chris Lawrence and Brian Tisbert. Manpower was represented by USI?s Michael Zahornacky.

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Landlord the Hampshire Cos recently signed two leases totaling 55k SF at 159 Rangeway Rd in Billerica. A national logistics company providing warehousing and delivery services will occupy 35k SF and Lynnway Auto Auction will move into 20k SF. Both tenants plan to occupy immediately. CBRE/NE?s David Corkery and Mark Reardon repped the landlord. The logistics company was repped by Burgess Properties' Philip Burgess and Lynnway Auto by The Stubblebine Company?s David Stubblebine.

Financing

Noble and Greenough School in Dedham has received a $9.11M tax-exempt bond from MassDevelopment to renovate and expand the ?Castle?. The late 19th-century building serves as the school dining hall, with meeting space and faculty housing on the upper floors. Noble plans to renovate and reconfigure the existing 34k SF space and link it to a new one-story, 13k SF addition. The project will also double the number of dining seats to 400 allowing the school to serve lunch in two periods instead of four.

Assignments

The Deal Sheet
KIMCO has hired Boston Realty Advisors to sell the former J.S Waterman Funeral Home in Kenmore Square at 493-497 Commonwealth Ave. Potential uses for the 1895 building designed by Arthur H. Vinal and Howard Walker are likely to be residential and/or retail.*** Fidelity Investments has hired Cushman & Wakefield to reposition, lease and provide disposition or JV strategies for the 750k SF, Class A corporate campus at 300 & 400 Puritan Way in Marlborough. Cushman & Wakefield's Michael Frisoli and J. R. McDonald will direct leasing. Luis Alvarado will lead efforts in asset strategy, redevelopment and property management. The Capital Markets team lead by Robert Griffin and Edward Maher will provide strategy for leasing and disposition.

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City Place LLC has hired Jones Lang LaSalle to sell Connecticut?s tallest tower, the UnitedHealthcare Center in downtown Hartford. The 8845k SF, 39-story Class A tower is 98%leased and occupied. The JLL team includes: Michael Smith,Scott Jamieson, Kelly Gaines, Dustin Stolly, and Chris Ostop. Anchor tenant, the UnitedHealth Group, has a long-term lease, and along with other investment grade credit tenants like Morgan Stanley Smith Barney and Willis, lease over 65% of the building. Completed in '83, it was designed by Skidmore, Owings & Merrill and has been renovated in the past five years.

People

Janine Wuschke has joined CresaPartners' Boston office as its first Graphic Design Manager.Janine, who has about 10 years of graphic design experience, will work with advisors at the firm to develop marketing collateral materials. Her five years of CRE experience include working as production coordinator and graphic designer at Holliday Fenoglio Fowler in Boston.