FISH AND BUILD
|Commodore Builders announced yesterday that it won the build out for 124k SF that Fish & Richardson will occupy at One Marina Park Drive. The interior, designed by ADD, Inc. and engineers at RDK, is aiming for LEED Silver. Fish & Richardson is the anchor tenant for The Fallon Company?s new Seaport District office designed by Elkus Manfredi.|
|Leasing Dynagraf has renewed its 100k SF lease at 5 Dan Rd., Canton on warehouse space that houses its high tech printing operation and HQ. Richards Barry Joyce?s John Lasher, Jay Nugent, Paul Leone, and Robert Byrne repped the landlord, TA Associates Realty. Dynagraf was repped by Cushman & Wakefield.***|
RiskMetrics Group leased 3,460 SF and Berkley Investments renewed nearly 6k SF at 121 High St., Boston. Lincoln Properties' Michael Edward, Jeffrey Moore,and Stephanie Richard represented the landlord, Blackrock. Mark Cote of T3 Advisors repped RiskMetrics and Berkley represented itself.
Minneapolis-based Craig-Hallum Capital Group took a small space at 175 Federal St. to make its entry into the Boston. GVA Thompson Hennessey?s John Hennessey represented the tenant and landlord EPO?s Britton Derkac negotiated on EOP?s own behalf.
The BRA Board last week approved four construction projects:
Berry, a division of Suffolk Construction, said on Wednesday that it was named construction manager for a $2.8M Distrigas of Massachusetts Visitor Center in Everett. Distrigas mainly sells natural gas to distributors, resellers, industrial consumers, and power producers.
Vivian Zottola has joined Boston Realty Advisors as a residential sales associate. She'll rep buyers and sellers working from the company's new office at 745 Boylston Street in Boston.
Moody?s/REAL Commercial Property Price Indices, April 2010, measured a 2.6% drop in US CRE prices in February after three consecutive months of rises. Values are down 25.8% from a year ago, 41.6% from two years ago and 41.8% from their Oct ?07 peak.
Grubb & Ellis reported this week that in Q1 the Boston metro office market did relatively well. Although the overall vacancy rate rose to 14.3%, up from 14% in Q4 '09, net absorption was positive 106,747 SF compared to net negative 456k SF in Q4 '09. That's "the first such positive movement in over a year." Rents were relatively flat with some incremental growth in Class A space. Available sublease space fell 400k SF to 5.5M SF but direct available space supply rose 1M SF from Q4 '09, reaching 31.2M SF. Although unemployment hit a 34-year high, 9.5%, Massachusetts recently posted a net job gain for the first time in 18 months, critical for office market growth.
Colliers Meredith & Grew reports that industrial space vacancies rose to 22.8% in the North, South and West industrial/R&D markets. But improved tenant demand and activity points to a possibly stronger Q2. Although most leases in Q1 were renewals, larger tenants are touring the market exploring expansion possibilities. Still profitable companies may find '10 to be a good time to take advantage of growing vacancies and decreasing rents.