Charlestown Pier Redevelopment Plan Gets Tentative Approval: The Boston Deal Sheet
The Boston Planning Department approved nine new developments during its monthly meeting Thursday night, including tentative approval of a redevelopment of public land at the Charlestown Navy Yard.
The newly approved projects, totaling 322K SF, include 278 new units of housing in total, with 170 units of income-restricted housing.
During the meeting, Courageous Sailing was given tentative designation to redevelop Pier 5 in the Charlestown Navy Yard. The project would include demolishing part of the current pier and constructing a new building and public open space.
Plans for the public space call for a roof terrace, harbor pool, floating dock and public venue.
Other projects approved include Hood Park LLC's mixed-use development at 15 Supertest St., a 41-unit development at 4259-4267 Washington St. in Roslindale and a senior housing project at 151 Lenox St. in Roxbury.
SALES
Brookfield Properties sold a four-building industrial portfolio in Westborough to Exeter Real Estate Income Trust, a Maryland REIT.
The sale consisted of 452K SF at 10, 25 and 27 Otis St. and 1-5 Sassacus Drive. The portfolio is 100% leased to multiple tenants.
CBRE brokered the deal.
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Thibeault Development LLC announced it had acquired 11-17 Avenue de Lafayette, a 58K SF office building, for $9.2M.
The sale was less than half of the prior sales price of $23M. The property has undergone roughly $7M in capital improvements, including a redesigned lobby and entrance, a fitness center, bike storage and a new HVAC system.
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Cummings Properties is in the process of acquiring a vacant Bedford office complex for $5.6M, the Boston Business Journal reported.
If the sale goes through for the 330K SF site, known as Bedford Woods, it would be a massive haircut. The parcel last sold for $93.5M in 2012. The complex has been vacant ever since security company RSA moved to Burlington.
Orion Properties was the owner of the site before it went to auction.
If the deal goes through, the acquisition would be Cummings' first since 2017.
LEASES
Wayfair is planning to consolidate office space into a Back Bay building in 2027.
The company signed a long-term lease at Oxford Properties' 500 Boylston/222 Berkeley St. It plans to consolidate operations to 340K SF at the location and will close its Copley Place and St. James Avenue offices, The Boston Globe reported.
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DraftKings plans to relocate from its Back Bay office to 225 Franklin St. in downtown Boston, Banker & Tradesman first reported. DraftKings will finish out its current lease in the location but signed a 105K SF lease at the new location through 2029.
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Biotech company Ionomr opened its 22K SF Development and Manufacturing Center at 500 Rutherford Ave. in the Hood Park campus in Charlestown. The new facility is expected to create more than 40 new jobs over the next three years. Ionomr joins Lydian, ArkeaBio, Solid BioSciences and Indigo Ag as tenants of the space.
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Veir signed a 53K SF lease at the 89K SF 45 Industrial Parkway in Woburn. The manufacturing facility is owned by Camber Development and Wheelock Street Capital. The lease leaves 36K SF on the first and second floor available for lease.
JLL's Chris Decembrele, Rachel Marks and Chelsea Andre represented the landlords. CBRE's Rob Kinlin and Columbia Realty Group's Anne Columbia represented the tenant.
FINANCING
MassDevelopment issued a $2M tax-exempt bond on behalf of the International Institute of New England to acquire a new 21K SF facility. The new facility is at 585 Middlesex St. in Lowell.
The organization plans to relocate from another facility in the city. The tax-exempt bond was purchased by Eastern Bank.
The organization has other facilities in Boston and Manchester, New Hampshire.
PERSONNEL
Suffolk hired Ken VanOverberghe as senior vice president of national design-build.
VanOverberghe will oversee all aspects of Suffolk's design-build projects. Prior to his role at Suffolk, VanOverberghe worked at Jacobs for 11 years, most recently as vice president operations for design-build.
