This Week's Boston Deal Sheet
Boylston Properties closed on a $300M refinancing deal for a portion of its Arsenal Yards development in Watertown.
The firm secured the loan through AllianceBernstein and will use it to pay off a construction loan from Wells Fargo and to complete the remaining storefront work, it announced Thursday. The transaction was brokered by Eastdil Secured.
"We are invested in the long-term success of Arsenal Yards, and this refinancing affords our team the ability to meet the tremendous demand and ongoing development of the East End of Watertown in particular,” Boylston Properties President Mark Deschenes said in a release.
In 2013, Boston-based retail development firm Wilder Co. and Boylston Properties acquired Arsenal Mall for $70.3M, and the team then transformed it into the open-air mixed-use development, part of a trend of redevelopments of older mall properties in the region.
When completed, the mixed-use development will include nearly 400K SF of life sciences space as well as multiple popular restaurants and retail shops including Shake Shack, Ulta, Pure Barre, Roche Bros. and Buttermilk & Bourbon.
SALES
SRS Real Estate Partners’ National Net Lease Group brokered the sale of a 14K SF retail property in Watertown for $16M. The property is fully occupied by CVS, which still has 19 years on its triple-net lease, according to a press release.
Built in 2016, the property sits on a 0.9-acre site at 655 Mount Auburn St. SRS NNLG’s Vice President Kevin Held represented the seller. Marcus & Millichap's Josh Kanter represented the buyer, which wasn't disclosed.
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Berkadia brokered the sale of a 72-unit multifamily property in Revere for $27M. The property, named Point of Pines, includes two-bedroom units with in-unit washers and dryers, private balconies and granite countertops. Other amenities include a package concierge and a resident lounge. Berkadia's Adam Dunn, Chris Phaneuf and Matt Olson represented the seller and the buyer, Helge Capital.
LEASES
The parent company of Eaton Vance finalized its lease for over 282K SF at One Post Office Square, agreeing to take space on the 14th through 21st floors of the $300M adaptive reuse project, the Boston Business Journal reported. The deal, the third-largest office lease in the Greater Boston area since the pandemic, was first reported to be in the works by Bisnow in November.
The deal was signed by Eaton Vance's parent company, Morgan Stanley, which also owns One Post Office Square. The lease is set to begin in March 2024, with Eaton Vance leaving its former headquarters at the 340K SF International Place.
CONSTRUCTION AND DEVELOPMENT
CRISPR Therapeutics opened its new U.S. headquarters at The 105 by Breakthrough, the recently completed 263K SF project from Breakthrough Properties' at 105 West First St. in South Boston.
The gene editing company will occupy the entire building, leaving behind its old Cambridge headquarters. CRISPR signed a lease to move into the project in 2020, planning to use it as a research and development center for the company's U.S. subsidiary.
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CRG broke ground on its 1.1M SF warehouse facility in Douglas on Tuesday. The project, marketed as The Cubes at Gilboa, is being built on 83.8 acres at 123 Gilboa St. The firm was joined by Newmark officials, Massachusetts state Sen. Ryan Fattman, Massachusetts Rep. Joe McKenna and town officials at the groundbreaking
The Cubes at Gilboa were designed by CRG's parter, Lamar Johnson Collaborative. The project is scheduled to be completed in the fall of 2023 and will bring 450 jobs to the site if fully leased.
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HYM Investment Group and My City at Peace won a major endorsement from Roxbury Strategic Masterplan Oversight Committee, positioning it to win the bid for the Parcel P3 site. The partnership received the endorsement just days after a competing development team, Tishman Speyer and Ruggles Progressive Partners, withdrew its application on Friday.
Parcel P3 is an empty 7.7-acre site across the street from the Boston Police Department headquarters. HYM's proposal includes 700K SF of life sciences space, 144 affordable ownership units, 164 affordable rental units and 45K SF of retail space.
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Greystar acquired and began construction on a 412K SF warehouse in East Bridgewater. The warehouse will be built at 798 North Bedford St. and is expected to be completed near the end of 2023. This warehouse marks the firm's entry into the Greater Boston logistics market. The firm selected JLL as the exclusive marketing and leasing agent for the property.
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Condominium units in South Station Tower will be sold under the Ritz-Carlton brand, as part of a new partnership with developer Hines, the Boston Business Journal reported. The 51-story tower will consist of mostly office space, and the top 16 floors will be made up of 166 condo units.
This will be the hotel brand's second Boston property, the first being its hotel and residential tower in Downtown Crossing. South Station tower is planned to open in 2025.
