Insurance company Liberty Mutual is moving forward with a major redevelopment in Boston's Back Bay to create its office for the next century.
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The company filed a letter of intent with the Boston Planning and Development Agency to demolish three buildings as part of an effort to expand its headquarters at 157 Berkeley St.
The project would consist of two key components: a 23K SF vertical addition above its eastern wing and a 62K SF, 10-story addition on an adjacent lot on Columbus Avenue.
The three brick buildings it wants to raze are at 304-308 Stuart St., 135-137 Columbus Ave. and 139-145 Columbus Ave., which Liberty owns. The buildings include restaurant tenants Mooncusser Fish House and Moon Bar.
Liberty plans to consolidate its Boston workforce into this new headquarters once complete. The insurer plans to lease its other offices at 175 Berkeley St. and 30 St. James Ave. when it makes the move, the Boston Business Journal reported.
“The Project is intended to create an expanded and cohesive headquarters for LMIG; provide a seamless workplace experience for its employees; support contemporary and future conferencing and operational needs; and establish an enduring architectural presence that builds on the legacy of LMIG’s century-long presence in the Back Bay while positioning the workplace for the next 100 years,” the company wrote in its letter of intent.
SALES
Related Beal and partner Freeport Equity acquired the 1,037-space Motor Mart Garage at 201 Stuart St. for $89M. The previous owner, CIM Group, had acquired the property for $162.5M. Related said it plans to keep the garage as is for now as it looks at potential redevelopment plans.
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BGO acquired a fully leased, 132K SF industrial warehouse in Wrentham for $34.9M, according to deed records. The firm acquired the property at 545 Washington St. from Bluewater Property Group and Affinius Capital. The warehouse is fully leased to two tenants. JLL's Michael Restivo, John Plower, David Coffman and Tommy Hovey represented the seller in the deal.
LEASES
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Waymo signed a 65K SF lease at 180 Charles St. in Malden, Banker & Tradesman reported. The industrial property sits near Malden Center. The self-driving car company has been testing its vehicles in the state since the winter and is awaiting approval to deploy the taxis.
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Setra Systems renewed its 101K SF lease at 155 and 159 Swanson Road in Boxborough, according to a LinkedIn post from one of its brokers. Setra sold the property in a 2003 sale-leaseback agreement to National Development. The flex office and research and development property is owned by Fairlane Properties, which purchased the complex in 2012 for $18M. Colliers' Tim Brodigan, Greg Klemmer, Dan Driscoll and Will Torrence represented Setra in the deal.
FINANCING
MassDevelopment provided an $18M tax-exempt bond to Bridgewater State University for the conversion of Burnell Hall into the College of Education and Health Professions. South Shore Bank purchased the tax-exempt bond. Construction is underway and is expected to be completed later this fall.
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MassDevelopment also provided a $35.5M tax-exempt bond to the Learn to Lead Foundation of Lowell Inc. The bond will be used to finance the construction of a new 21K SF athletic and community center in the city. PNC Capital Markets sold the bond through a public offering. Construction is underway and is expected to be completed in October 2027. The organization is also using a portion of the proceeds to refinance previous debt.
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The Boston Housing Authority was awarded $16M in city, state and federal funding for the revitalization of its Fairmount public housing community in Hyde Park. The multiphase project would include substantial accessibility improvements, in-unit upgrades, a deep energy retrofit and heating system improvements. The public housing complex was constructed in 1951 and includes more than 200 housing units.
CONSTRUCTION AND DEVELOPMENT
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The Boston Planning and Development Agency approved four tax abatements for large, market-rate housing projects totaling 1,400 units on Thursday. The tax breaks are estimated to total $31.5M. The four projects are Fulcrum Global Investor's 1 Mystic Ave. in Charlestown, New England Development's Allston Yards complex in Allston, Nordblom Co.'s 83 Leo Birmingham in Brighton and Hines' 22-24 Pratt St. in Allston.
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Erland Construction, in partnership with Market Square Architects, was selected by Sunrise Senior Living to construct a 108K SF Newton assisted living and memory care community. The five-story, ground-up development includes 60 assisted living units and 30 memory care apartments. The project will also be designed under Passive House standards. The development marks Erland’s sixth partnership with Sunrise.
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MTK Development, city officials and community members celebrated the groundbreaking of the Marzuq Muhammad Plaza II, a mixed-use development in Roxbury’s Grove Hall. The development will include 18 affordable housing units, public green space and retail. The development is being financed through the state’s CommonWealth Builder Program, the Boston Mayor’s Office of Housing and the Massachusetts Housing Investment Corp. The development was named after community leader and developer Marzuq Muhammad.
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