A Compendium of Property & Capital News
Mar 2012
A perfect night of weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
A perfect night of Weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
A perfect night of Weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
David Provost, Patrick Mulvihill, and Philip Dorman of Boston Properties, with Steve Brodsky, President of CBA, and Ted Lyon of Cassidy Turley pose for their award picture after picking up the Office Deal of The Year for the 82,000 SF Brightcove lease at Boston Properties’ 290 Atlantic Ave. The 10-year lease brought the 700,000-square-foot office tower to 100% occupancy. Brightcove nearly tripled their space as they relocated from another Boston Properties-owned building, One Cambridge Center in Cambridge, and will occupy two floors of the 31-story building when they complete their move in the spring.
A perfect night of Weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
David Provost and Philip Dorman of Boston Properties and Ted Lyon of Cassidy Turley FHO represented the team taking home the Office Deal of the Year (Cambridge) Award, for the Biogen IDEC lease. The two separate leases totaling 500,000 square feet will relocate the pharmaceutical company’s headquarters back to Cambridge after a short-lived experiment in Weston. Both leases will run 15 years in two build-to-suit buildings with two different owners. The first is a 195,000 square foot office property being constructed by Boston Properties at 17 Cambridge Center, the last development of BP’s Cambridge Center master plan. The second is a 305,000 square foot lab property at 225 Binney St. owned by Life Sciences landlord Alexandria Real Estate Equities. The move was designed to bring the commercial side and the R&D sides of the company back together in Cambridge.
A perfect night of Weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
Mary Lentz of McCall & Almy makes her acceptance speech for the coveted Broker of The Year, after being up for nomination three consecutive years, from 2008-2010. Mary brokered the $280 million sale of Boston Properties’ 250,000 square foot build-to-suit at 75 Ames Street, for the buyer, The Broad Institute. Mary works with Partners Healthcare, Brigham & Women’s Hospital and MGH among others. Mary was the former director of the Commercial Brokers Association from 1992 to 2000.
A perfect night of Weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
Linda Houston and Richard Martini represented The Fallon Company by taking home the Landlord of the Year Award. The Fallon Company has developed billions of dollars of commercial real estate. In 2005, it acquired one of the most sought after waterfront sites in the United States - Fan Pier. Most recently, Fan Pier and the waterfront district has become the hottest spot for new and older companies alike to locate their companies. In addition to Fan Pier, The Fallon Company has also developed The Westin Boston Waterfront Hotel, Park Lane Seaport, ONE Marina Park Drive, Fifty Northern Avenue, and Eleven Fan Pier Boulevard.
A perfect night of Weather saw the commercial real estate industry’s best and brightest gather for the 2011 Awards Dinner at the Intercontinental Hotel, Boston - Thursday, March 8, 2012.
Peter Joseph, Brian Barenett, and Christopher Phaneuf represented The Eastdil Secured team as they picked up the always prolific Investment Sale of Year Award, for the blockbuster sale of the Nerwbury Street Portfolio. The 28 Back Bay properties centered around Newbury Street sold for a whopping $228 million. The team represented the seller, a partnership involving Taurus Investment Holdings, Federal Realty Investment Trust and Anglo Irish Bank, and procured the buyer Jamestown Properties, a German based Investment Group, with offices also in Atlanta, Georgia. The partnership increased the value of the portfolio by pushing rents up to market levels, standardizing leases, increasing operating efficiencies, and adding retailers.
Marc Margulies, president of Margulies Peruzzi Architect took home the Collaborating Professionals Award. The firm specializes in serving clients for whom the workplace is an important part of their business. MPA had an had an impressive year, winning a number of projects including Forrester Research, Hobbs Brook Management and Pioneer Investments. MPA’s founder Marc Margulies, a member of CBA Board of Directors, actively participates in CBA’s influential and membership initiatives, and is engaged in numerous philanthropic activities.
John Wilson, James Lipscomb of Richards Barry Joyce & Partners and Bradford Spencer of Grub Ellis took home the Suburban Office Deal of the Year Award, for the 261,961 SF Acme Packet lease at 100 Crosby Drive in Bedford, MA. RBJ represented owner DivcoWest and Grubb and Ellis represented the tenant in a deal that will run ten years. In order to secure the length of the deal, Divco invested $5 million in upgrades to the property, including numerous common area, parking and landscaping upgrades, plus modernization of the mechanical systems. Acme Packet had signed a short term lease in the building for 123,788 square feet in 2009 before becoming the sole tenant with the new lease.
Lauren Vecchione, of Colliers International was preseneted the Rising Star Award from Ed Maher of Cushman & Wakefield. Lauren is an Associate for Colliers, having begun her real estate career when she joined the firm in January of 2010. As a member of the Member of Boston Brokerage Team, Lauren participated in 170,000 square feet of transactions valued at $30 million in 2011, and brokered deals with NPR Digital Services for 14,000 square feet at 25 Thomson Place; Jones Day, for 36,000 square feet at 100 High Street; and law firm Arrowood Peters for 3,400 square feet at 10 Post Office Square (all in Boston).
Tim Lyne, Tim Howe, David Martini, Linda Houston, and Andy Hoar represented CBRE New England, taking home the Life Science Deal of the Year Award, for the 1,100,000 SF Vertex lease on Fan Pier lease. The deal was the largest single lease in the history of Boston CRE, when Vertex Pharmaceuticals signed a 15-year, $1.1 billion deal to lease two buildings from The Fallon Company when the company [Vertex] relocates from Cambridge upon completion of the build-to-suit properties.With the move, Vertex will be able to consolidate its operations into two adjacent buildings in South Boston, from the 10 it now occupies throughout East Cambridge. Designed by Elkus Manfredi, the two buildings are each eighteen stories high and include 60,000 square feet of ground floor restaurant and retail, plus underground parking.
Bob Gibson and Ed Jarosz represented CB Richard Ellis/NE, picking up the Industrial Deal of the Year Award, for the 405,000 SF lease of Horizon Beverage, in Norton, MA. In this complex transaction that involved tax incentives and an additional purchase of an adjacent 17-acre parcel, Horizon Beverage acquired the 394,000 square foot former General Motors plant in September for $20.6 million, with the total cost of the project expected to be about $43 million after the property renovation, expansion, and overhaul, before the liquor distributor moves its operations from its current location in approximately three years.
