Today, State Street cut the ribbon on its new 525k SF built-to-suit at Channel Center, an "iconic project" that shows the leap of established corporate tenants into new-style offices downtown, says Colliers partner Kristin Blount. (Maybe now they can ease up on their dress codes, too. Ties are dead!)
Mayor Walsh and State Street CEO Jay Hooley were among those celebrating the 222-year-old financial services giant’s jump from the Financial District to the emerging Seaport. Kristin says State Street’s presence validates the Seaport as a desirable corporate address. And the building’s open layout—which emphasizes collaborative space over individual cubicles—is a “game changer." (It's also easier to see who's gossiping about you.) The company expects that at least 3,500 employees will move in by fall; it started moving in February. The build-to-suit was developed by Commonwealth Ventures and AREA Property Partners.
SALES
Dividend Capital paid $24.7M to Clarion Partners for the Durgin Square Shaw’s-anchored center in Portsmouth, NH. Repping the deal for the 138k SF, 94%-leased center was Cushman & Wakefield’s Rob Griffin, Geoffrey Millerd, and Justin Smith. The mix of national and regional tenants includes T.J.Maxx and HomeGoods.
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In an an unsolicited bid, Tisoped Corp paid $20M to 44 School Street LLC for the 60k SF office building at 44 School St across from Old City Hall in Downtown Crossing. Repping the sale of the 99% leased office building was NAI Hunneman’s Robert Tito, Gina Barroso, and Jeffrey Becker. They found the New York buyer, which recently also purchased The House of Blues in Boston.
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Cabot, Cabot & Forbes—for Sobin Park and Jenelle Realty—purchased a 2.3 acre development site across from the Quincy Adams T-stop. A. Construction of a 180-unit, Class-A multifamily development with 180 parking spaces is planned for the site. The sale was coordinated by BRA’s Capital Markets Team: Chris Sower, Jason Weissman, Andrew Herald, and Jennifer Price.
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MELJI Properties paid $1.3M to J.H.E. Properties for the 7,500 SF building at 1659-1665 Blue Hill Ave in Mattapan. Neil Denenberg repped the seller and found the buyer of the office/retail building, where tenants include H&R Block, Bank of America, and a physical therapist office.
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Healthcare Trust of America agreed to pay $200M for a 444k SF portfolio of six MOBs in Boston, Miami, and Baltimore. Two of the assets are in downtown Boston. After the closing by the end of June, Boston will be HTA's largest market by invested dollars and annual base rent, the company says.
CONSTRUCTION & DEVELOPMENT
Construction was recently completed on 150 affordable residences at Swan Pond Village in South Yarmouth. MassDevelopment’s Tony Fracasso, with Weston Associates’ Mark Donahue and Michael Packard, cut the ribbon to celebrate completion of the overhaul and show off the new roofs, windows, apartment interiors, bathrooms, HVAC systems, electrical upgrades, and external site improvements.
LEASING
Swedish bio-med company Sobi is relocating its US HQ to Waltham from Ardmore, Pa. By June 16, Sobi plans to move into 8,000 SF at 890 Winter St and by year's end will have 21 people here.
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Localytics moved into 19k SF at 101 Arch St and will add 40 employees by the end of the year to bring its headcount to 120.
FINANCING
North Star Management secured a $9M loan increase from Aetna Life Insurance Co for its conversion of the Drydock Center at 27 Drydock Ave in the Innovation District from warehouse/storage space to incubator lab and tech space. HHF’s Greg LaBine led the team that secured the financing.
THIS & THAT
Got an idea for three potential development of three sites on the Greenway above the ramps to the Central Artery? The BRA and MassDOT want to hear from you on June 26 at 6pm in City Hall. Three projects once planned for the available 180k SF were scrapped as too expensive: a YMCA, the Boston Museum, and a new arts center. Now it’s your turn.
