This Week's Boston Deal Sheet
The Davis Cos. has brought on a new chief operating officer who previously held the same position at another Boston-based real estate firm.
The firm announced Monday it hired Leslie Cohen, who previously served as the chief operating officer at Samuels & Associates for more than 20 years.
Cohen will work with Davis' senior management team to set the firm's overall business strategy, the company said. Her primary role will be day-to-day operations, and she will oversee multiple functions including property management, legal and human resources, public relations and marketing.
“I am both excited and energized by the prospect of working collaboratively with the outstanding senior leadership team at Davis," Cohen said in a release. "This team is among the best in the business, with a strong vision behind its investment strategy, a commitment to quality and community and a focus on fostering an outstanding place to work."
Cohen received her BCSE in Engineering from Tufts University. She also serves on the NAIOP MA Board Management Committee and previously served as the president of CREW Boston.
She has received multiple honors including Bisnow's Power Women in Commercial Real Estate, a Woman who Means Business by Boston Business Journal and numerous awards from CREW Boston.
SALES
Greatland Realty Partners and Barings partnered to acquire two buildings in East Cambridge totaling 54K SF. The two buildings, located at 167 Sidney St. and 99 Erie St., are lab and office buildings near one of the most coveted lab clusters in the country.
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Scout Cold Logistics acquired a 108K SF cold storage warehouse in Haverhill as part of a sale-leaseback. The firm bought the facility and executed a short-term lease with the seller, CF Cold Storage LLC. The space offers 102K SF of cooler space, 12K SF pallet position and 6K SF of office space. It also has an opportunity for a 45K SF expansion for more freezer space.
The deal closed on June 30 with JLL’s Michael Restivo, Lenny Pierce and David Coffman representing the seller.
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Fairfield purchased a 19.6-acre parcel of land in Woburn for $23.4M. The firm plans to build a 425-unit apartment community on the property. Before closing on the acquisition, Fairfield went through the permitting process and received approval for the development with 15% of units set aside for households earning 80% or less of area median income.
CBRE’s Simon Butler, Biria St. John and John McLaughlin represented Fairfield and the seller in the deal. In a press release, CBRE said a key component to the deal was the recent construction of the New Boston Street Bridge, which will provide residents direct access to the Anderson-Woburn Regional Transit Center and I-93.
LEASES
Venture capital firm The Engine moved into its new 155K SF Cambridge headquarters at 750 Main St. The firm, which was founded by the Massachusetts Institute of Technology, will shift employees from two other locations in Cambridge and Somerville to the headquarters. The firm plans to keep the two locations after the move, The Boston Globe reported.
The space will be a resource for startups developing "Tough Tech," a term encompassing a wide range of technologies that work to solve issues in human health, climate change, and advanced systems and infrastructure.
EXECS
Joseph Reilly was hired as senior director in Colliers Project Leaders USA. Reilly has over 35 years of experience in the construction, project management, operations and business development sectors. His work also covers a variety of market sectors including higher education, K12, life sciences, healthcare, residential and retail, according to Boston Real Estate Times.
He has worked in both the public and private sectors with clients including American Airlines, Boston Children’s Hospital, the Massachusetts Port Authority and the University of Massachusetts Dartmouth.
CONSTRUCTION AND DEVELOPMENT
Berkeley Investments received full approval for its 203K SF biomanufacturing facility development in Billerica. The firm acquired the 22-acre parcel located at 161 Concord Road this spring. The development is expected to bring more than 325 jobs once fully occupied.
Berkeley worked with the town and residents to rezone part of the site. The firm also agreed to gift the town of Billerica 2.6 acres of land along the Concord River for future conservation purposes, it said in a release.
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Mayor Michelle Wu announced Thursday she will sign an executive order to speed up the production of affordable housing in the city. The current process to approve affordable housing can take as long as 337 days, and the executive order aims to cut that time in half.
The executive order will consist of five components that will try to increase the speed: creating a more efficient path for Article 80 development, addressing zoning challenges to affordable housing development, prioritizing affordable housing in the development review process, creating a system that tracks affordable housing approvals and establishing a governance structure to ensure effective implementation.
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Woburn-based Somnath Hospitality filed a Small Project Change form with the Boston Planning & Development Agency asking for reapproval of its 2014 hotel proposal. The hospitality developer plans to build a 15-story, 47K SF hotel on the site of a former Bank of America.
