The Deal Sheet
In a major expansion, Pegasystems has leased 163k SF at One Rogers Street in Cambridge owned by Principal Real Estate. The relo into its new HQ from 101k SF at 101 Main St in Cambridge is planned for year-end. The software company was repped by T3 Advisors president Roy Hirshland and managing director Mark Cote. Principal was repped by Jones Lang LaSalle's John Osten,Peter Bekarian, and Dan Kollar.
|Also taking a big leap, cloud content service provider Brightcove has inked a 10-year, 82k SF lease with Boston Properties at Atlantic Wharf. It plans to move out of its 30k SF in Cambridge next April. FHO Partners' John Boyle, Will Foley, Ted Lyon, and Joe Fallon repped Brightcove. Boston Properties was self-represented by David Provost, Phil Dorman, and Patrick Mulvihill.***|
|STMicroelectronics, Acquia and InterGen have signed up for about 100k SF at Burlington Centre this quarter. CBRE/NE? Kerry Olson Hawkins repped Bentall Kennedy, the advisor for landlord Multi-Employer Property Trust. STMicroelectronics was repped by CBRE/NE?s Mike Ripp and CBRE Chicago?s Peter Livaditis. CBRE/NE?s Mark Reardon and Chris Cuddy repped Acquia and JLL?s Brooks Murphy repped InterGen.|
Hines Global REIT has agreed to pay $103M to a unit of Eaton Vance for a 532k SF office campus in Marlborough, according to a regulatory filing by Hines. Belrose Capital, the Eaton Vance affiliate, purchased the property for $126.1M in ?06 from 3M Corp. 3M paid $85.4M for the site a year earlier.
|The Davos Family Trust has purchased the two-year-old, 24k SF Mansfield Marketplace for $10.3M from Hecht Development. Marcus & Millichap?s Robert Horvath and Todd Tremblay repped both sides in the deal for the retail center that houses Chipotle, AT&T Wireless, Sleepy?s, Radio Shack, Friendly?s, Knockouts Haircuts, Pearle Vision, and Asian Grill & Sushi.***Development|
The Abbey Group is seeking BRA approval to build a 210 unit residential building at 1282 Boylston St in the Fenway, the Authority says. Abbey, developer of Landmark Center and 45 Province, is thinking of doing a 333k SF mixed-use building that would also include 99k SF of office, 15k SF of ground floor retail and parking for 295 cars. Construction on the two-year project could start in late ?12.
Commonwealth REIT plans to sell 7.5M shares of common stock valued at about $181M, the Newton-based CRE landlord notified regulators. Since this spring, Commonwealth has agreed to buy about 3.5M SF of CRE for about $600M.
HFF secured financing for National Development and ASB Capital Management's mixed-use development Station Landing in Medford for an undisclosed amount in three separate loans. A fixed-rate loan was placed with Cornerstone Real Estate Advisers for the residential and retail, Cambridge Savings Bank provided the adjustable-to-fixed-rate loan for the office and Middlesex Bank provided financing for the 1,982-space parking garage. HFF?s Fred Wittmann and Porter Terry handled the financing.
The 110 Peterborough Limited Partnership will buy and renovate the West Fenway Apartments using proceeds from a $7M tax-exempt bond issued by MassDevelopment. The financing will save 48 units of affordable housing for elderly and disabled tenants in households earning no more than 60% of the area median income. Bank of New York Mellon, through the Massachusetts Housing Partnership, purchased the bond. Renovations will include a new solar-powered domestic hot water system, roof, boilers, and Energy Star appliances; upgrades for accessibility and energy efficiency; exterior repairs; common area improvements; and elevator modernization and some new kitchens and bathrooms.
Brookfield Office Properties has hired Eastdil Secured to sell 53 State St, hoping to draw about $650/SF or about $700M for the 1.1M SF tower known as Exchange Place. Its tenants include Boston Consulting Group, Citizens Bank, and Goodwin Proctor.
Eastdil Secured will sell the Mandarin Oriental and other trophies for Anglo Irish Bank Corp as the bank seeks to dispose of $10.5B in US CRE. Of the several troubled Irish banks selling off foreign assets, Anglo Irish has the largest US portfolio. Allied Irish Bank is selling $1B of US commercial property loans to Wells Fargo and Blackstone in separate deals for discounts of 7% to 15% off face value, according to a WSJ report.
Investments has hired Cushman & Wakefield to reposition and lease 300 & 400 Puritan Way in Marlborough, a two-building 750k SF corporate campus on I-495. On the leasing team are Michael Frisoli, J. R. McDonald. Luis Alvarado will work on asset strategy, redevelopment and property management.Robert Griffin and Edward Maher of theCapital Markets team will work on leasing strategies, disposition strategies and JVs.