Mount Holyoke College Lands $155M Bond For Geothermal Push: The Boston Deal Sheet
Mount Holyoke College has landed $155M in financing to supercharge its campus overhaul, with funds earmarked for sustainability projects and major renovations.
The Trustees of Mount Holyoke College secured a $155M tax-exempt bond from MassDevelopment to fund dorm renovations and continue the school’s transition to geothermal energy, according to a press release.
“The new bond will help fund MHC’s bold, multi-year comprehensive campus plan,” said Carl Ries, the college's vice president of finance and administration, in a statement.
Mount Holyoke launched the geothermal project in 2023 as part of its goal to reach carbon neutrality by its 2037 bicentennial, according to the Daily Hampshire Gazette. The total cost is estimated at $180M.
TD Bank purchased the bond from MassDevelopment.
LEASES
Pembroke signed 62K SF in new leases at 255 State St. in downtown Boston, bringing the building to 98% occupancy. Anderson & Kreiger LLP, Davis Malm and Quickbase, Inc. collectively took three full floors.
Newmark’s Debra Gould, Tim Bianchi, William Anderson and Melanie Cersosimo represented Pembroke. CBRE’s Rob Kinlin and Timothy Howe represented Anderson & Kreiger. JLL’s Barry Hynes and Maeve Cleary represented Davis Malm, while JLL’s Steve Cook and Roger Breslin represented Quickbase.
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FoxRock Properties landed a 178K SF lease with Arbella Insurance at its Crown Colony office campus, Banker & Tradesman reported. Arbella is relocating within the campus from 1100 to 1200 Crown Colony Drive. The lease is set to begin in mid-2027. FoxRock bought 1200 Crown Colony Drive in 2024 for $6M.
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Software engineering firm RapDev signed an 18K SF office lease at 501 Boylston St., a 610K SF building owned by Nuveen. JLL’s Dan Cavanaugh, Sarah Griffith and Lauren Hasson represented RapDev in the deal.
BNY renewed its 205K SF lease at One Boston Place in downtown Boston. The property, owned by Nuveen and La Caisse, is at 201 Washington St. BNY has been a tenant at the 41-story tower since 1980.
FINANCING
MassDevelopment issued a $21.4M tax-exempt bond on behalf of Worcester Common Ground, which will use the funds to renovate and preserve 73 affordable housing units across 16 buildings in Worcester’s Piedmont neighborhood. The Executive Office of Housing and Livable Communities is contributing $16.5M in equity to the project.
PERSONNEL
Cushman & Wakefield hired Tony Coskren and Brian Pinch as vice chairs of the firm’s Boston office. Coskren and Pinch will lead the firm’s national industrial advisory group. The duo will help build out C&W’s industrial sales platform in Greater Boston and New England.
Both worked at Newmark as managing directors. Over the course of their careers, the two have executed more than 120M SF of transactions within the industrial sector including warehouse, manufacturing, food/beverage, last mile and e-commerce industries tenants.
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Lincoln Property Co. hired John Dolan as managing director, where he will oversee leasing operations and advise office and industrial clients. Dolan brings more than 18 years of experience, most recently serving as principal and managing director of New England operations at Avison Young.
CONSTRUCTION & DEVELOPMENT
The Boston Planning Department on Thursday approved new flood protection measures and updates to its Article 80 process, while advancing the Citywide Needs Assessment. The board also greenlit roughly 166K SF of development totaling 159 housing units, 129 of which will be income-restricted.
The projects include Trinity Financial’s redevelopment of the Austin Street Lots in Charlestown and a 36-unit building at 80 Gardner St. in Allston. The board also granted final designation for a Nubian Square parcel to NUBA LLC, which plans a mixed-use project with 109 income-restricted units.
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The Davis Cos. formed a joint venture to develop The Clayborn in Medford, redeveloping a 3.5-acre site at 970 Fellsway into 289 housing units. Twenty-five percent — about 72 apartments — will be designated as affordable. Planned amenities include a pool, fitness center, playground, movie lounge, golf simulator, makerspace and work-from-home pods.
