This Week's Boston Deal Sheet: Buyer Of Dorchester Church Plans Housing Redevelopment
A community development corporation acquired a Dorchester church campus in hopes of redeveloping it into much-needed affordable housing.
An entity linked to the Codman Square Neighborhood Development Corp. acquired the three-building St. Matthew's church campus at 31-37 Stanton St. for $3.8M, according to public records.
The adaptive reuse project will "breathe new life" into the historic three-building campus by bringing in 72 housing units and creating new space for the Wesley Child Care Center and the St. Matthew's Food Pantry, the organization announced. It also plans to build a new structure on the Norfolk Street parcel it acquired.
"This project will make a major contribution towards addressing the crisis of affordable housing and gentrification in Dorchester and Boston by providing homes to low- and moderate-income residents," the organization said on its website.
The project would include 26 family-sized, first-time homeownership units and 46 rental units.
The site stands on multiple parcels along Stanton and Norfolk streets in Dorchester. St. Matthew's Church was established in 1923 but closed its doors in 2020 shortly after combining with nearby St. Angela's Parish.
SALES
Dallas-based Ashford Hospitality Trust announced it reached a deal to sell the 315-room Courtyard Boston Downtown hotel on Tremont Street for $123M. It didn't disclose the buyer, but it said the sale is expected to close in January. The REIT has been selling off assets and extending loans this year to deal with its large amount of maturing debt.
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SMC Management acquired a 59-unit Haverhill loft apartment building for $13.7M, Banker & Tradesman reported. The 50K SF building also includes three ground-floor commercial storefronts. CBRE represented the seller, Chinburg Properties, and procured the buyer. The building was completed in 2019 as part of a commercial-to-residential conversion. Chinburg paid $775K for the property in 2015.
LEASES
Global law firm Jones Day signed a 41K SF lease spanning nearly two floors at Hines' 51-story South Station Tower. The firm signed a 15-year lease for the 23rd and 24th levels of the building, which is expected to finish in 2025 and hadn't signed any previous office tenants. Jones Day has been in Boston since 2011 with an office at 100 High St.
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Eastern Bank consolidated two of its corporate offices into a 52K SF lease at Hobbs Brook Real Estate's The Edge campus in Wakefield, the Boston Business Journal reported. The new location will replace the bank's 152K SF Lynn office and its 40K SF Burlington location. The move is driven by hybrid work and its merger with Cambridge Trust. Newmark represented the landlord, and Cushman & Wakefield represented Eastern Bank.
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Korro Bio consolidated its operation from three facilities in Cambridge and Woburn into one location in Kendall Square, the BBJ reported. The biotech company will now occupy 50K SF at Anchor Line Partners' 60 First St. Korro previously held space at Building 600-700 and Building 1,400 at One Kendall Square and at 42 and 45 Cummings Park in Woburn, which it no longer occupies.
PERSONNEL
National Development promoted four principals to grow the company strategically. Haley Barrar, Bryan Clancy, Pat McAneny and Kevin Sullivan were all named principals. Barrar will act as chief financial officer of fund management, Clancy will lead capital markets, McAneny will act as senior vice president of investments and Sullivan will step into the role of general counsel.
CONSTRUCTION AND DEVELOPMENT
Holden-based Brandt Lane Development filed plans for a 491-unit development in Worcester, Banker & Tradesman reported. The developer proposed a five-building development on Route 122. Brandt paid $4.3M for the 17-acre site in 2023. The site contains a mix of commercial and residential uses, including a Stop & Shop-anchored plaza.
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Barcelona-based Werfen celebrated the opening of its new 130K SF, two-story lab and software building at 180 Hartwell Ave. in Bedford. The new building brings the campus's footprint to 490K SF. The company has invested $51M in the expansion that makes room for another 350 employees at the campus, bringing the total to more than 1,400. The company also has plans to move into a 230K SF distribution center in Devens.
