Real Estate Articles of Note
March 24 – March 30, 2018
The following represents articles of interest to the Boston real estate community that appeared in various publications during the week. Certain news links may require site registration or subscription to access the complete article.
John Hancock to move headquarters from Seaport to Back Bay
Boston Business Journal — March 27, 2018
In a move sure to shake up Boston’s commercial real estate market, John Hancock will move its headquarters from the Seaport District to Back Bay by the end of 2018 and will seek to sell or lease its Seaport tower. Hancock expects to move each of the approximately 1,100 employees now located at 601 Congress St. in the Seaport to its Back Bay offices at 197 Clarendon and 200 Berkeley.
A deal to buy Shire would make Takeda the new king of Cambridge
Boston Business Journal — March 28, 2018
Takeda’s potential bid to acquire Shire plc sets the stage for the Japanese drugmaker to tighten its grip on the Cambridge biotech cluster, potentially creating a company that would rival Sanofi Genzyme as the largest life sciences employer in Massachusetts, the global center of biotech.
General Catalyst raises $1.4B for new fund
Boston Business Journal — March 26, 2018
Cambridge-based General Catalyst has raised $1.4 billion for its ninth fund, according to a document filed with the U.S. Securities and Exchange Commission. As more money than ever flows through the venture capital and private equity markets, General Catalyst joins a small group of Massachusetts firms that have been able to raise $1 billion in venture capital funds since the Great Recession.
Robotics sector thrives in Massachusetts as automation firms add to their ranks
Boston Business Journal — March 29, 2018
The “automation innovation” that defined last year’s BBJ list of the Largest Robotics Companies in Massachusetts continues to dominate, with nine new companies on the list and hundreds more employees.
A wave of new hip hotels is headed for long-overlooked corners of Boston
The Boston Globe — March 29, 2018
Colwen’s just-opened AC Hotel at Ink Block is full of sleek, elegant furniture and a lobby that displays museum-quality art. Studio Allston, along with its art, will have a hip brick-and-beam restaurant with a swanky outdoor courtyard. Being “Instagrammable” is a stated goal for both. And more like them are on the way.
New Reebok Campus Owner Weighs Multitenant Strategy
Banker & Tradesman — March 29, 2018
The new owner of Reebok International’s former 65-acre campus in Canton is considering a multitenant leasing strategy to fill up the office complex. San Francisco-based Spear Street Capital paid $88 million this month for the 680,000-square-foot complex on Royall Street, which was custom-designed for the sporting goods manufacturer in the late 1990s.
Massachusetts Senate releases bill to tax short-term rentals
The Boston Globe — March 29, 2018
The bill would impose existing state hotel taxes on the rooms and allow communities to impose local excise taxes.
Fairlawn Plaza Redevelopment to Begin in April
Banker & Tradesman — March 29, 2018
Fairlawn Plaza will be redeveloped into a new 32,000 square-foot medical facility in Shrewsbury.
First of 24 new Green Line cars has arrived
The Boston Globe — March 24, 2018
The first of 24 new Green Line cars has arrived in Massachusetts for testing and is expected to join the Green Line fleet this summer, with a second car expected later this spring. The new trolleys, known as “Type 9,” differ slightly from existing Green Line cars: They can fit about 10 percent more passengers, and inside they have bright yellow handrails, intended for better visibility.
It’s not your imagination. Your Boston commute is getting worse.
The Boston Globe — March 26, 2018
Numerous studies show that commuters are spending more time stuck in traffic than ever. As the drives get longer, living in or close to Boston is becoming farther out of reach financially for average workers. An analysis of single-family home sales found that prices are rising much faster in or near the city compared with prices in far-flung towns, according to Timothy Warren Jr., chief executive of the Warren Group.
Colliers In The News
Colliers Expands Boston Office Leadership, Hires Curtis Cole, Chris Cuddy and Peter Conlin
Boston Real Estate Times — March 27, 2018
Colliers International Boston announced that three senior brokers have joined the firm including Curtis Cole as executive vice president, Chris Cuddy as executive vice president and Peter Conlin as senior vice president. “As Colliers continues to grow market share, we are also committed to growing our Boston office and continuing to bring in the city’s top talent,” said Tom Hynes, co-chairman and chief executive officer of Colliers Boston.
Colliers Brokers Sale of 185-Unit Apartment Portfolio in Suburban Boston for $45.2M
REBusinessOnline — March 29, 2018
Colliers International has brokered the $45.2 million sale of a two-community, 185-unit apartment portfolio outside of Boston. Colliers represented both the buyer, OBP Partners, and the seller, True North Capital Partners, in the transaction.
Thibeault Trades Hub Assets to Chinese Investor for $23M in Colliers Exclusive
The Real Reporter — March 28, 2018
Pacific Rim capital has landed a pair of instant redevelopment opportunities harvested by Thibeault Properties. Office and retail have been traditional uses in the buildings and throughout the Central Business District, but the Colliers multifamily team’s involvement in the marketing indicates residential could also be in the mix.
Pappas Properties/CBRE Lease 37,500 SF to 908 Devices at 645 Summer Street in Boston
Boston Real Estate Times — March 29, 2018
908 Devices, a manufacturer of purpose-built analytical tools for safety and security, life science, and other applied markets, will relocate their full-scale production facility from 18,000 SF within Boston’s Innovation & Design Building to 37,500 SF at 645 Summer Street in Q3 2018. Colliers International’s Evan Gallagher and Dan Collins represented 908 Devices in the transaction.
OBP Partners Acquires 2 Boston Properties
Multi-Housing News — March 28, 2018
Colliers International’s multifamily investment sales team represented the sellers in the transaction. “We have seen tremendous investor appetite for commuter rail-centric, suburban apartment product,” said Christopher Sower, Colliers International senior vice president. The Colliers team also included Bruce Lusa, Jonathan Bryant, John Flaherty and Maggie Collins.
Untapped Tech Capital And Real Estate Boost Boston's HQ2 Bid
Bisnow — March 29, 2018
Amazon already has a growing presence in the Seaport, with a 150K SF office expected to open later in 2018. The company is also negotiating a lease for 430K SF at a WS Development Seaport Square office building. “If Amazon were to choose Boston’s preferred site at Suffolk Downs, these major leases would not prevent a full HQ2 build-out,” Colliers International Senior Vice President Lauren Vecchione said. “A scattered campus could also be achieved. If Boston has the chance to land a 50,000-person office, we will find a way to make that happen.”
Bloomberg Baystate Business: Northern Pass, Wynn and Fuel
Bloomberg — March 28, 2018
Aaron Jodka, Director of Research at Colliers' Boston office, joined the radio staff at Bloomberg to discuss the local real estate market. Their conversation begins at 19:07.
Boston & Cambridge Hotel Market Reaches Historic Highs in 2017 Before Next Wave of Supply
Hotel Online — March 26, 2018
The Greater Boston Convention & Visitors Bureau has reported that Boston had an all-time high 1.7 million international visitors in 2017, up 5.3% over 2016. The office market fundamentals also remained strong in Boston and Cambridge in 2017 with 1.1 million square feet of positive absorption and a vacancy rate of 9.0% according to Colliers International.