This Week's Boston Deal Sheet: Downtown Office Tenant Expands Lease To 250K SF

A marketing automation company renewed and expanded its space in a downtown office building in Boston's largest lease of the first quarter.

Klaviyo signed a 250K SF lease renewal at Oxford Properties' 125 Summer St. office building in the financial district, according to Savills' first-quarter market report. That represents a 56% expansion from its previous footprint of 160K SF.

“We are thrilled to continue our partnership with Klaviyo and support their growth,” said Matthew Polhemus, vice president of leasing at Oxford Properties, in a statement to Bisnow. “Klaviyo committing to more space for a longer term at 125 Summer Street clearly reflects the high quality of our asset and our conviction in the continued demand for centrally located, sustainable buildings focused on curated employee experiences.”

Klaviyo didn't respond to Bisnow's request for comment. 

In 2016, Klaviyo signed a 25K SF lease at 225 Franklin St., another building Oxford owned. But the company was rapidly growing, and roughly three years later it leased 160K SF across the fifth through 11th floors at the 495K SF office building on Summer Street.

Other tenants in the building include Haemonetics, Analog Devices and Tatte Bakery & Café.

SALES

Dedham-based developer Joseph Federico Jr. acquired a development site at 1717-1725 Hyde Park Ave. near the MBTA's Readville commuter rail station for $6.8M. The site was previously planned for a 279-unit development. The former owner, Boston-based Ad Meliora, was originally approved to build 151 condominiums and 122 apartments for an estimated $70M before filing for bankruptcy on the site. 

LEASES

Reveneer relocated its global sales operation from Burlington to Woburn, taking up 10K SF at Cummings Properties' TradeCenter 128 campus. Hunneman's Steve James and Henry Birmingham worked with Cummings on the deal. The campus is home to Teresa's Ristorante Bar & Pizzeria and Apple Spice Boxed Lunch Delivery & Catering.

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New England Force LLC signed a full-building lease at Cheboygan Realty LLC's 45K SF building at 38 Riverside Drive in Pembroke. The property is situated just off Route 3. The youth soccer training company has previously occupied 25K SF in the town. The expansion allows it to have four new turf fields, classrooms, office space and a mezzanine to view the fields. The tenant is scheduled to occupy the space on Sept. 1. Radar Properties represented the landlord and procured the tenant.

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Commodore Builders moved its headquarters to an office building it recently acquired, the Boston Business Journal reported. The company bought the 96K SF 1210-1230 Washington St. building for $23.8M from The Davis Cos. and Marcus Partners. The developer moved into a 30K SF office on the property with about half of its 240 workers based there. The building is fully occupied now that Commodore has moved in.

FINANCING

Affinius Capital originated a $212M refinancing loan for The Overlook at St. Gabriels in Brighton. The loan was provided to a joint venture between Blue Vista and Cabot, Cabot & Forbes. A junior mezzanine loan was also provided by Siguler Guff & Co. The 555-unit apartment complex was a renovation of the historic St. Gabriel's monastery and church.

PERSONNEL

Matthews Real Estate hired Nick Jasinski as vice president to spearhead the company's expansion into the Boston market. In the role, Jasinski will oversee the company's New England multifamily properties and manage transactions for private capital, middle market and high net worth investors and developers. Before joining Matthews, Jasinski was the director of multifamily sales at Berkadia's Boston office.

CONSTRUCTION & DEVELOPMENT

A Suffolk Superior Court judge ruled that the city and Boston Unity Soccer Partners LLC could move forward with their renovation of White Stadium in Franklin Park. The judge determined that the new soccer stadium didn't violate state laws for parkland protections. The new stadium is planned to include a new grandstand, locker rooms and vendor stalls for local businesses.