What's Up at the Seaport: Part Deux
At Bisnow's third annual Seaport District Summit Wednesday, Gerding Edlen director of East Coast and Midwest acquisitions Matt Edlen told 532 guests that the Portland, Or.-based firm's first Boston project, the 38-unit Factory 63, leased up in nearly one week last year. (It took us longer to sell our old lawnmower on Craigslist.) Since November, when leasing started at its 202-apartment 315 on A building, it leased close to half of the units. The tenants aren't all young, but they share a lifestyle and want to connect with each other. Now a Boston veteran, Gerding Edlen is developing multifamily projects in the South End and will soon start work in East Boston, Matt tells us.
The type of innovative companies gravitating to the Seaport District aren’t just low-rent payers; think of Manhattan’s Meatpacking District, says Jamestown COO Michael Phillips, also a panelist. They want to put their own stamp on their space; they don’t want their father’s building. The 100-year-old industrial buildings at the waterfront are flexible with lots of possibilities for interior layouts. (Each building also has wonderful stories about Woodrow Wilson.) On the ground floors, developers and owners have to think carefully about the tenants they bring in. It’s important not to commoditize the neighborhood too aggressively. Small, one-of-a-kind shops, restaurants, and cultural amenities reinforce the fact that the community matters and make the area compelling. This, in turn, helps companies attract and retain talent.
First Republic Bank’s Jeffrey Citerin and Shane Langston were among the companies that sponsored our event. So far this year, the bank—in the Boston market for seven years—is seeing an upswing of condo buyers coming in for financing and a decline in refis, Shane says. First Republic, a full service bank, runs the gamut from commercial lending to business loans and wealth management. We’d like to give a big thank you to our other sponsors: ADDInc, Vidaris, and Jacobs Global Buildings.