The Deal Sheet
|Vornado Realty Trust announced on Monday that it has sold the Boston Design Center as part of a $228M package of mart properties located here and in DC, LA, and Canada. Vornado didn’t disclose the buyer. The REIT famously tussled with Mayor Menino after it stopped its redevelopment of the Filene’s site in Downtown Crossing during the recession. Vornado now has some participation in Millennium Partners' new plan for the Downtown Crossing site.|
|Brookwood Financial Partners purchased One Alewife Center in Cambridge from New Boston Fund for $12M. The nearly 90k SF office is 53% occupied but sits amid the fast-growing Alewife neighborhood where many new office leases have recently been inked and hundreds of multifamily apartments are being developed. NGKF’s Chris McMahon and Doug Adamian repped Brookwood. NBF repped itself.***Octagon Property Management paid $6M for 50-54 Kent St in Brookline, a 15-unit apartment building, to the seller, 50-54 Kent St LLC. NAI Hunneman Investment’s Carl Christie, Dan McGee, and Henry Lieber repped the seller and found the buyer.|
CONSTRUCTION & DEVELOPMENT
Suffolk Construction won the contract to build the $120M Waterside Place project being developed by The John Drew Co.
It includes: a 236-unit multifamily residence, 140 above-ground parking spaces, and 10k SF of ground floor retail. The project is expected to create 800 construction jobs and be LEED Silver.
|Oriol Health Care broke ground on a new three-story, 36k SF MOB in Holden for its own use and that of its primary tenant Reliant Medical Group, a multi-specialty medical group formerly known as Fallon Clinic. Margulies Perruzzi Architects designed the new base building for Oriol, and provided interior architecture and healthcare design services for Reliant’s fit-out.***|
|Boston-based Integrated Design Group provided architectural and MEP design services for the University of California, Santa Barbara’s North Hall Data Center. Construction was just completed for the facility that features technologically advanced computing systems and more computer rack space. IDG’s other higher education clients include: Brown, MIT, Harvard, and the UConn.***|
|The Salvation Army of Massachusetts completed its new $4M, 21k SF addition and renovation at 402 Mass Ave near Central Square. The two-story addition includes a medical clinic, daytime drop-in center, case worker offices, overnight shelter, transitional housing, youth program classrooms, and upgraded kitchen and dining facilities for the homeless. The original building (1969) and the new portions were designed by Symmes Maini & McKee Associates. Columbia Construction Co was the GC. The Salvation Army is raising funds for Phase II, which includes more daycare for homeless children.|