Berklee Buys Fenway Development Site For $28.1M: The Boston Deal Sheet
A Back Bay-based college acquired property in the Fenway district less than two months after cutting 70 staff positions.
Berklee College of Music acquired a vacant office building and piece of land located at 2 and 6 Charlesgate West and 1161 Boylston St. for $28.1M, according to deed records.
The college acquired the site from Samuels & Associates.
The move comes after the college announced in late September that it was cutting 70 support staff positions, or 3% of its workforce. Berklee College President Jim Lucchese said the cuts were because of a budget crunch caused, in part, by declining enrollment, according to The Boston Globe.
The school didn't share its plans for the property, but Lucchese said in a Nov. 20 letter to the student body that the school has sought to acquire 2 Charlesgate West over the past two decades.
"The property presents an exciting and unique opportunity to address our acute need for more space in a way that connects our campus across the Fenway and increases Berklee’s visibility," Lucchese said.
Samuels did not provide comment on the sale at press time.
Samuels was the highest bidder for the site at a Sept. 16 auction held by New York lender CMTG, Banker & Tradesman reported.
The lender forced the properties to auction earlier this year after student housing developer Scape defaulted on the property.
Scape acquired the properties in 2019 for $39M with plans to redevelop it into 400 compact apartments under the city's defunct compact living pilot program.
SALES
Montana Avenue Capital Partners acquired a two-building, 431K SF office and manufacturing campus for $84.5M in Burlington.
The campus, located at 53 and 63 South Ave., is occupied by Keurig Dr Pepper and consists of a 280K SF office building and a 151K SF research and development/manufacturing facility.
Newmark represented the seller, Peakstone Realty Trust, and procured the buyer.
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Logistics Property Co. acquired a 43-acre site at 38 and 40 United Drive in West Bridgewater for $13M, according to deed records. The company plans to build two industrial buildings totaling 312K SF.
The deal is the company’s first speculative development in Greater Boston.
Newmark represented seller Ajax Partners in the transaction. The project is set to complete in the first quarter of 2027.
LEASES
Lincoln Property Co. completed two lease renewals totaling 98K SF at the 1.1M SF Mill & Main office campus.
Penguin Solutions renewed its lease at the current space of 69K SF, and Epsilon Associates Inc. renewed its lease and expanded its footprint to 29K SF.
Penguin was represented by Cushman & Wakefield, and Epsilon was represented by JLL. LPC’s Tim Latham, Chris Devaux and James Tambone represented the landlord in the deal.
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Schneider Electric signed a 75K SF lease at MP Boston’s Winthrop Center, moving from One Boston Place and tripling its current office footprint, according to a company press release.
The greentech company says it selected Winthrop Center, in part, because the office building was built with passive design principles that use 150% less energy than the typical trophy office space.
PERSONNEL
Christopher Collins was elected chair of Enterprise Community Partners' board of trustees.
Collins will assume the role on the affordable housing developer's board in 2026, succeeding former U.S. Rep. Rick Lazio. Collins is the co-founder of Boston-based real estate investment firm First Atlantic LLC.
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NAIOP Massachusetts, the state chapter of the Commercial Real Estate Development Association, elected HRP Executive Vice President Melissa Schrock as 2026 chapter president. HYM Investment Group Chief Investment Officer Doug Manz was appointed as 2026 board chair.
Other appointments include Patrick Sousa of Marcus Partners as president-elect, Stephen Davis of The Davis Cos. as treasurer and Damian Szary of Redgate as secretary.
CONSTRUCTION AND DEVELOPMENT
National Development proposes to build a 950K SF industrial project on the former Intel campus at 75 Reed Road in Hudson.
The developer already has begun to demolish the site and expects to complete demolition in the first quarter of 2026. National envisions the space at 75 Reed Road as a good fit for advanced manufacturing, distribution and logistics.
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Waverly Development broke ground on its 181-unit multifamily development at 358 Waverly St. in downtown Framingham. The project features 3K SF of retail, 21 affordable units and 230 garage parking spaces. Amenities include a clubroom, fitness center, work-from-home offices and a swimming pool.
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The Davis Cos. broke ground on a 289-unit multifamily development at 970 Fellsway in Medford. The project, known as The Clayborn, includes 25% affordable units under the state’s 40B affordable housing law. The project includes a mix of studios and one-, two- and three-bedroom units as well as six townhomes.
Amenities include a resort-style swimming pool, children’s playground, movie lounge, makerspace workshop and work-from-home pods. The project began construction in August 2025 and is scheduled to deliver in fall 2027.
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Homeowner’s Rehab proposed a 111K SF mixed-generation affordable housing development on two former Lesley University properties, B&T reported.
The project would consist of 95 units, including 40 reserved for residents 62 years or older.
It is estimated to cost $95M with funding coming from low-income tax credits and the city’s affordable housing trust.
The developer acquired the sites at 28-30 Wendell for roughly $16M.
