This Week's Boston Deal Sheet: Samuels Buys Fenway Development Site
Samuels & Associates acquired a Fenway development site with plans to add more housing to the initial design.
The Boston-based developer acquired two parcels at 69-81 Kilmarnock St. in the Fenway for $9M from an entity linked to Los Angeles-based CIM Group, according to property records. The property is home to a one-story commercial building.
Samuels filed a notice of project change earlier this month saying that it would add 12 more units and increase the number of affordable units from the former developer's plan. The initial plan, proposed by CIM and Cabot Cabot & Forbes, called for an eight-story, 77-unit residential building.
The new proposal includes 45 patient-family units for visitors at Boston Children's Hospital and 44 residential units. Of the new residential units, 15 would be income-restricted.
Cabot Cabot & Forbes purchased the parcel and the surrounding land at 60, 69 and 80 Kilmarnock St. and 59 Queensberry St. for $51M in 2017. The developer, in partnership with CIM Group, had planned to build two residential buildings on the sites named west site and east site. They went forward with construction on the east site, building a 365-unit apartment building known as Idyl.
SALES
Apple acquired the 21K SF property at 815-825 Boylston St. in the Back Bay for $88M. Apple moved into the location in 2008, its largest store in the United States at the time. The company has 11 stores in Massachusetts. Newmark represented the seller, an affiliate of London-based Tribeca Holdings, which acquired the property for $27.5M in 2012.
LEASES
Dynatrace signed a 25K SF lease at BXP's Atlantic Wharf office property. The software company plans to move its headquarters from its 40K SF at 1601 Trapelo Road in Waltham. The firm plans to move into the new space in the spring of 2025. The 790K SF mixed-use building has 89 residential units and office space.
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FM Global signed a 50K SF lease at Hines' South Station Tower. The insurance company is the second tenant in the 51-story building, following Jones Day's 40K SF lease late last year. The office tower, scheduled to be completed later this year, still has more than 600K SF of offices left to fill.
FINANCING
A joint venture between Magellan Development Group, RAS Union Square Development, Cypress Equity Investments and Affinius Capital secured a $125M loan from Northwestern Mutual. The loan is for Prospect Union Square, a 450-unit residential property built in 2023. It sits on 1.4 acres in Somerville's Union Square.
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The Mayor's Office of Housing awarded $64.2M to create and preserve 637 units of affordable housing in eight Boston neighborhoods. The funding will help support 12 projects. The awards were funded through the federal Home Investment Partnerships and Community Development Block Grant programs as well as the local Inclusionary Development Policy, Community Preservation Act and linkage fees.
PERSONNEL
Redgate announced the promotion of four principals: Kristi Dowd, Peter DeLuca, Alex Dubanowitz and Laura Gregoriadis. The four join the firm's other six principals. DeLuca's previous role at the firm was as executive vice president and investor services co-lead, and Dowd's previous role was as executive vice president and institutional services lead. Dubanowitz most recently served as executive vice president and corporate services lead, and Gregoriadis was chief financial officer.
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Pennrose named Timothy Henkel as CEO, and Boston-based Charlie Adams, former regional vice president of New England, is succeeding Henkel as president of development. In the new role, Adams will oversee the Philadelphia-based company's national development strategy. Karmen Cheung will succeed Adams and will oversee development in Connecticut, Massachusetts and Rhode Island.
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National Development restructured its executive leadership, with Brian Kavoogian taking the role of CEO, Ed Marsteiner becoming president and Andrew Gallinaro becoming chief investment officer. Other roles include Steve Kinsella resuming his role as chief financial officer and Charlie Rollins stepping up as chief operating officer. The restructuring comes after co-founder and longtime Managing Partner Ted Tye stepped down from the role.
CONSTRUCTION AND DEVELOPMENT
Skanska USA unveiled plans for the first phase of its Longwood Place project that would add lab space and housing. The phase would include two commercial buildings, a residential building, below-grade parking and public space. The development is in partnership with Simmons University and is planned to include an 18-story living and learning center with beds for roughly 1,100 students. The center is expected to be completed by fall 2026.
