After an extensive reno, a JV of NY-based ClearRock Properties and CT-based Juster Properties has picked up a circa 1909 building in Boston’s Leather District.
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The 73k SF, six-story office at 201-207 South St was sold by Meritage Properties for $27.5M. The building’s recent upgrades included a full façade restoration, and the conversion of a 4k SF storage area into additional office space. JLL repped the seller in the transaction and will continue as the leasing agent, while Lincoln Property Co will remain property manager.
Other Sales
An undisclosed buyer has purchased a pair of Lexington hotels from Rockwood Capital for $54M. The hotels, the 136-room aloft Lexington and the 123-key element Lexington, are on a 12.7-acre site at 727 Marrett Rd. HFF was tasked with marketing and repped Rockwood in the deal.
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LA-based CIM Group has picked up a six-story, 114k SF office building in Boston’s South End from the Community Builders for $43M. Colliers International’s Scott Dragos and Doug Jacoby repped Community Builders.
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A JV of Angelo, Gordon & Co and Jumbo Capital Management has acquired a 332k SF, two-building office complex at 7-57 Wells Ave and 75-85-95 Wells Ave from NJ-based Normandy Real Estate Partners for $62.3M. HFF arranged the transaction and JV equity financing.
Leasing
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Auto shopping site CarGurus has signed on for 30k SF at 55 Cambridge Pkwy, a Class-A office building along the Charles River. Lincoln Property Co repped building owner Invesco, while CBRE repped CarGurus.
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Law Warehouse Inc has inked a deal for a 132k SF lease at 59 Daniel Webster Hwy in Merrimack, NH. The building is owned by an affiliate of Hackman Capital Partners. CBRE/NE handled negotiations on behalf of the landlord, while Hirsch & Co repped Law Warehouse.
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Training and compliance solutions firm BLR is relocating its offices from 75 Sylvan St in Danvers to the Ferncroft Corporate Center at 35 Village Rd in Middleton. The company has signed on for a 13k SF lease at the Class-A space, which includes a conference center and cafeteria among its amenities. Cresa Boston repped BLR, while landlord Sovereign Partners was repped by NGKF.
This and That
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Leggatt McCall Properties has submitted an expanded project notification to the BRA for a massive development that will span a full city block in the South End. As planned, Harrison Albany Block will bring 710 residential units, 40k SF of offices and 14k SF of retail to a 3.1-acre site that was previously owned by Boston Medical Center.
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General Electric has chosen a spot for its new corporate HQ in Boston. The company will occupy two buildings spanning nearly 100k SF at 5 and 6 Necco Way at the P&G campus, and also plans to construct a new building at the site. The company expects to fully move into its Boston digs in 2018, but will move into 45k SF of temporary space at 33-41 Farnsworth St this summer.
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The Hull Redevelopment Authority has released an RFP for assistance in marketing for sale a 12.8-acre seaside property in Nantasket Beach. MassDevelopment and Utile Architecture & Planning have developed a conceptual master plan for the site, envisioning a $50M to $100M project at full build-out that would include an all-inclusive resort, a residential component and commercial space.
