The Deal Sheet
A lot has happened at Faneuil Hall and Quincy Market over the last 272 years: American colonists railed against British taxation, Washington toasted the nation’s first birthday, and The Rouse Co opened the first festival marketplace in 1976. (They also filmed I Don't Know How She Does It with Sarah Jessica Parker there... so not everything has been great.) Next month, owner Ashkenazy Acquisition will launch tens of millions in renovations.
AAC GM Kristen Keefe (above) says the goal is to bring back locals to one of the world’s top tourist attractions, which draws 18 million visitors per year. AAC has been working with Elkus Manfredi Architects, Sasaki Associates, and Dan Biederman Redevelopment Ventures on a master plan for the 300k SF complex. Glass pavilions will enclose some open patios to accommodate year-round use; think ping pong and chess tournies. In Quincy Market’s food hall, which now features mostly counters, table-and-chair seating will be introduced.
There’s a hint of the new retail mix with the signing of Uniglo’s Boston flagship store, Ghiradelli Café, and the only Make Way for Ducklings store. Within a month, construction is likely to start on public realm improvements: new lighting, signage, and awnings. By year's end, a new operator will be announced for the 185-key hotel to be built. More construction will start early in '15.
CONSTRUCTION & DEVELOPMENT
LCB Senior Living broke ground on The Residence at Five Corners, an 84-unit residence for seniors at 678 Depot St in Easton. It brought on Congress Cos to build the 81k SF project, which will feature a restaurant, living rooms, library, media room, recreation facilities, and outdoor sitting and walking areas.
Maybe the new RMV that MassDOT plans to open on Sept. 23 will bring us all good luck and speedier processing. The new location at 136 Blackstone St in Haymarket Square is designed for greater efficiency and customer privacy.
Construction is underway on the new $4.3M police station for the Town of Acushnet so it can relo from its current 1877 building. It will feature adult and juvenile cells, booking and processing areas, administrative offices, interview rooms, an E911 communication equipment room, and a dispatch room. Nauset Construction is leading the construction team.
Springfield Technical Community College Assistance Corporation received $3.1M in tax-exempt bonds to renovate 31M SF in the Springfield Technology Park across the street from the college that it will lease to Phoenix Public Charter Academy High School. MassDevelopment issued the bonds, which were purchased by PeoplesBank.
Contract logistics provider Exel is leasing 400k SF at 1111 Southampton Rd in Westfield, a manufacturing/warehouse facility with 1,452 parking spaces. Cassidy Turley repped the tenant; CBRE repped the landlord, NIP Owner.
Law firm Smith & Brink extended it lease for 16k SF, and VHA extended for its 7,500 SF from New Boston Fund at the 168k SF Granite Woods Corporate Center in Braintree. Colliers’ David Goodhue and Caleb Hudak repped the landlord, and Cushman & Wakefield’s JR McDonald repped the tenant.
Thrive Bioscience, a spinoff of Beverly-based Sage Science, has taken 7,500 SF of lab, production, and office space at 500 Cummings Center in Beverly from Cummings Properties. Founded by life sciences veterans Gary Paul Magnant, Thomas Forest Farb, and Dr. Alan P. Blanchard, Thrive will create analytical and automation technology for life science.
A partnership of Boston-based Centremark Properties and Chicago-based Pearlmark Real Estate Partners paid $12.5M to Joyce Hampers for 275 Newbury St. JLL brought the buyers together.
Cole Credit Property Trust IV paid nearly $10M to Retail Properties of America for Boston Commons in Springfield, a 103k SF shopping center anchored by Kohl’s and CVS. Cushman & Wakefield’s Rob Griffin, Geoffrey Millerd and Justin Smith repped the seller.
New England Development named Douglass Karp president. For 15 years, Douglass has been a key member of the company’s management team. He’s worked in all aspects of the business: site acquisition, financing, permitting and planning, design, construction, and leasing. He’s also collaborated with NED’s affiliates, including Nantucket Island Resorts, MarketPlace Development, The Pinehills, Newburyport Development, and Old Sandwich Golf Club
Calare Properties of Hudson , an investment firm focused on industrial and flex/office real estate, named longtime staffers Bryan Blake as president and Robert Flynn as COO. Its’ brought on Andrew Iglowski as a director.
Natixis Global Associates' Rob Lyons, Diversified Project Management's Phil Leonard and its prez Bob Keeley, and Vantage Builders' Ted Shannon played in DPM's 21st Annual Golf Classic, which raised $81,000 for the National Multiple Sclerosis Society. Over the tournament's life, it's raised $815,000 for the National MS Society's New England chapter.