A Compendium of Property & Capital News
Mar 2016
has steadily risen through the ranks at his firm, gaining respect for his work and taking on more responsibilities at every step. Yarboro, 28, has now served as a senior research analyst, brokerage operations associate, and currently associate broker on JLL’s North Suburban Leasing team covering the Route 128 area from Lexington to Danvers.
Pictured from left to right: Molly Davis, Jordan Yarboro and (CBA President) Dave Fitzgerald
After its completion in late 2016, Martignetti’s new complex will house 800 employees and have room for expansion of up to 1.3 million square feet. The new location will allow Martignetti to consolidate two existing facilities in Norwood and Braintree.
The transaction was initially tricky because Martignetti, the leading distributor of wine and spirits in New England and the seventh largest in the country, preferred to keep its consolidated presence on Route 128. But the Myles Standish Industrial Park emerged as the most feasible site for a major move and consolidation.
As the seller, the Taunton Development/MassDevelopment Corporation was represented by the NAI Hunneman team of Cathy Minnerly and Ovar Osvold. As the buyer, Martignetti was represented by the CBRE/New England team of Steve Clancy, Bob Gibson and Rachel Marks.
Collaborating professionals: The law firm Ropes & Gray for Martignetti; Ware Malcomb, architect for Martignetti; project/construction management, W&H Systems and Westphalia Technologies.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
In 2015, Barrack turned in yet another stellar performance by representing, along with other JLL team members, BNY Mellon in its ultimate decision to sign a 15-year lease extension of approximately 250,000 square feet at One Boston Place, making the transaction one of the largest lease deals in the city of Boston last year. Barrack took part in other major real estate transactions last year involving prominent players such as Prince Lobel Tye LLP and John Hancock Financial.
As leader of the New England Leasing Group at JLL and a member of JLL America’s Brokerage Leadership Council, Barrack maintains strong relationships with a number of other high-profile clients including: Morgan Stanley, TIAA-CREF, MetLife, RockPoint Group, Related Beal, Oxford Properties, The Abbey Group, Digitas/Publicis, DLA Piper, and The Boston Stock Exchange, among others.
The Bruins signed a 25,000-square-foot lease at a planned 225,000-square-foot facility at 80 Guest Street in Brighton, now being built by NB Development Group and HYM Investments. The 80 Guest Street site is part of the massive, mixed-use Boston Landing project transforming the Brighton area just south of the Massachusetts Turnpike in Boston.
The deal gives the Bruins Class A office space, a state-of-the-art training room, and locker rooms space. The agreement provides the B’s 300 hours of ice time at the Warrior Rink, also located at 80 Guest Street and part of the emerging 1.76 million-square-foot Boston Landing project that includes New Balance’s new headquarters.
The deal was creative and tricky because there was no ice rink in the project’s original planned development area, requiring additional meetings with the Boston Redevelopment Authority and hearings before the new sports-facility component could be approved. As part of the deal, the rink will also be open for public skating sessions, as well as for use by tenants of Boston Landing and youth organizations. The agreement between the Bruins and the NB Development Group and HYM Investments includes sponsorship and licensing opportunities.
NB Development and HYM Investments were represented by Transwestern/RBJ’s Steve Purpura and Chris McCauley. The Boston Bruins were represented by The Dartmouth Company’s Sean Gildea and David Smookler.
Collaborating professionals: Katherine Murphy, of the law firm Goodwin Procter, representing the landlord; Mark Sardegna and David Manfredi, Elkus Manfredi Architects; project/construction managers Tom O’Brien and David Bracken, HYM Investments; general contractor, John Moriarty & Associates.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
Totaling 1.25 million square feet, the deal fetched just over $1,000 per square foot. Combined, the two towers have 1.1 million square feet of office space, 150,000 square feet of retail, and a parking garage with 1,000 spaces. Located in the highly desirable Back Bay market, the two towers, which occupy an entire block, were 89 percent leased at the time of the sale.
The 22-story 222 Berkeley Street was designed by Robert A.M. Stern. The 760,000-square-foot 500 Boylston Street was designed by John Burgee and Philip Johnson, with a colonnaded entrance and two-story windows on the lower and upper levels.
The seller, Blackstone Group LLP and Equity Office Properties, was represented by Eastdil Secured, which also found the buyer, Oxford Properties and JP Morgan. Eastdil Secured also sourced acquisition financing on behalf of the buyer.
The Eastdil Secured team that represented both the buyer and the seller included Jim McCaffrey, Peter Joseph, Sarah Lagosh, Molly Padien-Havens, Brian Barnett, Steffen Panzone and Pete Rogers.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
The resulting 15-year lease extension of approximately 250,000 square feet made BNY Mellon’s commitment to stay at One Boston Place the largest office lease deal in the city of Boston in 2015.
The extension is even more remarkable considering how many other firms have relocated to either new build-to-suit or existing building opportunities along the waterfront. BNY Mellon, which began its extensive evaluation ahead of its 2018 lease expiration at the BNY Mellon Center at One Boston Place, also looked at other Class A towers and build-to-suit opportunities from the Back Bay to Seaport. In the end, it decided to remain at the 800,000-square-foot One Boston Place, providing an added positive boost to the Financial District/Downtown Crossing area that has already seen significant amenity enhancements in recent years. For the BNY Mellon agreement, TIAA-CREF and Ivanhoe Cambridge agreed to new amenities at One Boston Place such as a second-floor outdoor terrace, a conference center, and a health and wellness center.
TIAA-CREF and Ivanhoe Cambridge were represented by CBRE/New England’s team of Andy Hoar, Chris Cuddy, Peter Dominski, Lauren Phelan Lipscomb and Kristen Blumetti. BNY Mellon Center at One Boston Place was represented by the JLL team of Bill Barrack, Bryan Sparkes, Ben Heller, Jessica Hughes and Peter Riguard.
Collaborating professionals include the law firms of Dain, Torpy, Le Ray, Wiest & Garner, P.C. for the landlord and Loebb & Loeb for the tenant.
Known for its recent pioneering work in the Fenway, the developer, owner and manager of numerous properties opened its new mixed-use office, residential and retail Van Ness complex last year at 1325 Boylston Street, with its retail component anchored by a flagship 170,000-square-foot City Target and with the remaining tens of thousands of square feet dedicated to a mix of specialty shops and restaurants.
The firm also broke ground last year on Pierce Boston, another mixed-use project at 188 Brookline Avenue that will include condos, residential rentals and retail. And the firm also completed the mixed-use residential and retail Continuum project at 219 Western Avenue in Allston.
Meanwhile, the Hojoko restaurant opened last year at the Verb Hotel at 1271 Boylston Street and the Tiger Mama (Tiffani Faison’s new concept) opened in the Fenway Trilogy at 180 Brookline Avenue.
Finally, Samuels & Associates last year launched the 100,000-square-foot Hatch Fenway in the Landmark Center at 401 Park Drive, offering co-work spaces to a community of early-stage innovation companies.
Founded in 1986, Samuel & Associates has 95 employees and some of its other clients include West Elm, Children’s Hospital Boston, Harvard School of Public Health and Toast.
Pictured (center) accepting the award for samuels - Peter Sougarides
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
Leaders of Genzyme Corp., a Cambridge biotech company bought by Sanofi in 2011, opted to leave its current headquarters at 500 Kendall Square after its 15-year lease expires in 2018. Genzyme, now a subsidiary of Sanofi, determined it needed additional space in anticipation of internal employment growth. Sanofi is also expected to relocate some of its other area employees to 50 Binney Street, which is part of the mammoth Alexandria Center in Kendall Square. The new 10-story building at 50 Binney Street is expected to host up to 1,300 Sanofi/Genzyme employees.
Alexandria Real Estate Equities was represented by the CBRE/New England team of Chuck Kavoogian, Adam Brinch, Greg Lucas and Curtis Cole. Sanofi/Genzyme was represented by JM Zell.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
Thanks to a component of the 675 West Kendall agreement and other side deals, Alnylam Pharmaceuticals has also obtained rights to other properties in Kendall Square that will give it further flexibility as it grows and awaits moving into 675 West Kendall in 2018.
Brokered by Transwestern/RBJ, the 675 West Kendall deal between Alnylam and owner BioMed Realty Trust was an off-market transaction for property now fully subleased out through April 2018. By striking the deal now, BioMed Realty benefits by eliminating any downtown in 2018 while Alnylam avoids a potentially more expensive build-to-suit option or having to split operations between its current 300 Third Street location and another site somewhere else.
As part of the 675 West Kendall lease, Alnylam also secured a Right of First Offer on 500 Kendall Square, adjacent to 675 West Kendall. In addition, Transwestern/RBJ helped Alnylam secure 71,949 square feet of space at 101 Main Street to solve interim needs before it can move into 675 West Kendall. Alnylam also holds the right to extend at its current location at 300 Third Street.
BioMed Realty was represented by the Transwestern/RBJ team of Steve Purpura and Eric Smith. Alnylam Pharmaceuticals was also represented by a Transwestern/RBJ team made up of Steve Purpura, Eric Smith and Jon Varholak.
Collaborating Professionals: In-house counsel for BioMed Realty and Goodwin Procter for Alnylam.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
The landmark building’s owner, Millennium Partners, spent $120 million restoring and renovating the 220,000-square-foot structure at 10 Summer Street in the heart of Downtown Crossing. The lease deal represents Primark’s first retail foray into the highly competitive US fashion market – and the Boston site will serve as Primark’s flagship American store as it expands elsewhere in the US. Besides tapping into the dense and diverse demographic make-up of Downtown Crossing, Primark’s opening of its new Boston store last year is expected to spur additional international, national and local retail activity in the city’s central district.
Millennium Partners was represented by the Cushman & Wakefield team of Emily Ou, Gene Spiegelman and Kazuko Morgan. Primark was represented by Cushman & Wakefield’s Mark Burlton, who led the firm’s Cross-Border Retail team based in London.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
The Commercial Real Estate industry’s best were honored at the Intercontinental, Boston, on March 3, 2016. Over 600 professionals were at the dinner to see record breaking investment sales and lease deals awarded by colleagues.
In November, Amazon, the huge online retailer, bought 77.3 acres in the SouthCoast Life Science & Technology Park for $3.78 million from the Fall River Redevelopment Authority, where it now plans to build a $36 million distribution facility.
The Fall River Redevelopment Authority had previously assembled 300 acres of land over the years and won millions of dollars in state funding for key infrastructure improvements.
In 2012, the authority hired NAI Hunneman to represent the newly launched SouthCoast Life Science and Technology Park. NAI Hunneman crafted an extensive marketing program, including the highlighting of SouthCoast Life Science & Technology Park as one of only a handful of sites in Massachusetts that was “shovel ready” for major projects.
When Amazon approached the governor’s office a few years ago about locating a facility in Massachusetts, the Fall River park was already on the state’s list of potential major development sites.
The Fall River Redevelopment Authority was represented by NAI Hunneman team of F. Michael DiGiano, Cathy Minnerly and Ovar Osvold.
Collaborating professionals: The law firm of Bogle Descenti for the seller; project/construction manager Trammel Crow; and VHB Seller’s Engineer.
Most recently, the company has worked on the new US headquarters for Schneider Electric in Andover, the ongoing redevelopment of the Marlborough Hills complex for Atlantic Management in Marlborough, and on continued work for Constant Contact in Waltham. It has also maintained long-term, ongoing relationships in the area with Reebok/Adidas and The Mathworks.
Among its other high-profile clients over the years have been Boston Properties, Biogen, Children’s Hospital, PTC Inc., Shire Pharmaceuticals, The Park School, New England Sports Network (NESN), Philips and General Electric.
Celebrating its 20th anniversary this year, J. Calnan & Associates employs about 150 workers at its headquarters in Quincy and office in New York City. The founder and current CEO of the firm is Jay Calnan, one of five partners at J. Calnan & Associates.
Over the years, J. Calnan & Associates has been recognized for its philanthropic and professional work. It has received a Boston Business Journal Citizenship award for its philanthropic efforts for nine years in a row. Among other things, Jay Calnan co-founded Team IMPACT, a charity that matches children with life-threatening illnesses with college athletic teams, allowing children to attend games, practices and other team events. Since 2011, Team IMPACT, which operates out of J. Calnan & Associates’ headquarters in Quincy, has helped about 850 children across the country.
The CoreNet Global New England Chapter has also twice recognized JC&A as “Regional Service Provider of the Year.”
EMD Millipore – which manufactures filtration, purification equipment and systems, as well as bioprocessing tools – will eventually have a new cutting-edge facility at Burlington Summit, complete with office and lab space. The complex will house about 400 employees, as well as serve as a “major hub” for Merck KGaA, EMD Millipore’s parent company.
Before signing EMD Millipore to a 15-year lease agreement, the Gutierrez Company faced a number of challenges, including buying the building site from the state Department of Transportation and coming up with a design for a new facility that could accommodate both offices and life-science functions. Besides being attracted to the increasing number of amenities and large talent pool in Burlington, EMD Millipore also secured key Tax Increment Financing and infrastructure improvements that sealed the build-to-suit deal.
The Gutierrez Company was represented by the Cushman & Wakefield team of Michael Dalton, Michael O’Leary and Blake Baldwin. EMD Millipore was represented by the JLL team led by Matt Daniels and assisted by Chris Lawrence, Chris Decembrele, Andrew Whipple and Brian Tisbert.
