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Real Estate Articles of Note
March 5 – March 9, 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.

 


 


Spear Street in Talks to Buy Reebok Canton Campus from Adidas
The Real Reporter — March 09, 2018
Spear Street Capital of San Francisco has agreed to purchase the 680,000-sf former Reebok headquarters being divested here by Adidas Inc., parent to the Massachusetts-based athletic footwear company that has relocated to Boston’s Seaport District. Late-stage pricing is pegged in the range of $80 million for an opportunity pitched sans tenants.

 


Sources: Heitman Ties Up 28 State St. for Near $430M Via Eastdil Exclusive
The Real Reporter — March 08, 2018
One of the Financial District’s pioneering office towers—28 State St.—is being awarded to Midwest investor Heitman Capital Management at pricing that could near $430 million. The 40-story structure at Congress and State Streets is said to be trading for upwards of $750 per sf in a season thus far low in major tower transactions.

 


WeWork expands again, leasing space for 1,700 desks in the Back Bay
The Boston Globe — March 08, 2018
The co-working giant has signed a lease for two floors in 501 Boylston St. in the Back Bay. The space, about 120,000 square feet, will have room for 1,700 desks, and WeWork aims to open it this summer. With 501 Boylston, WeWork will occupy nearly 650,000 square feet of office space in the city.

 


Blue Bikes: It’s Hubway’s new name under a deal with Blue Cross Blue Shield
Curbed Boston — March 07, 2018
The Boston region’s ridiculously popular bike-share system is changing its name to Blue Bikes under a six-year sponsorship deal with insurer Blue Cross Blue Shield of Massachusetts. The number of bikes is due to expand to 3,000 from 1,800 by the end of 2019, and the former Hubway will add 100 new stations.

 


Apple’s Fourth U.S. Campus: Handicapping Where It Will Go
Bloomberg — March 07, 2018
In January, Apple Inc. announced plans for a fourth U.S. campus—a down-payment of sorts on its commitment to hire thousands of Americans and redeploy billions of dollars stashed overseas. Apple seems likely to choose among northeastern states such as Pennsylvania, Massachusetts and upstate New York; North Carolina and Florida in the southeast; and Midwestern states like Illinois and Wisconsin.

 


Boston might require developers to set aside more low-income units
The Boston Globe — March 06, 2018
City officials are gearing up to review Boston’s policy later this year that requires builders to set aside units at modest rents, with an eye towards increasing those requirements. That would make it the second increase in three years.

 


A new look for the North Station office tower being built by Boston Properties
Boston Business Journal — March 06, 2018
Boston Properties is changing the design of its office tower at The Hub on Causeway, a $1.2 billion mixed-use development going up now above North Station. The tower was originally approved to rise 420 feet and span 668,000 square feet. Boston Properties is seeking approval now to build a 24-story tower rising 495 feet at its highest occupiable point, spanning 651,500 square feet.

 


Will Somerville’s Union Square become the next Kendall? Developers think so
The Boston Globe — March 06, 2018
DLJ Real Estate Capital Partners recently filed plans for a complex of nearly a half-million square feet in what’s known as Boynton Yards, a warren of scrapyards and industrial properties just south of Union Square and near where one of the new Green Line stations will be built. Later phases of the 3.4 acre project could include as many as 400 apartments and more office space.

 


Verizon on the Hunt for 300K-SF Office in Boston
Banker & Tradesman — March 06, 2018
Real estate sources say the media giant appears close to a commitment as anchor tenant of a future 24-story office tower at The Hub on Causeway. Developer Boston Properties has acknowledged negotiations with tech tenants to occupy space in the planned 651,500-square-foot tower.

 


Developer proposes residential tower atop Back Bay parking garage
Boston Business Journal — March 04, 2018
CIM Group intends to build a 233,500-square-foot residential tower, with 280 apartment and condominium units, that would rise up to 278 feet. The development would also involve redeveloping 205,000 square feet of the existing Motor Mart Garage “to integrate the structural core of the new tower” and create 106,000 square feet of residential and retail space.

 

 

 

 

 

Colliers In The News

 


Verizon may become a major tenant in a new North Station tower
The Boston Globe — March 06, 2018
It’s a large enough lease, in a crowded-enough market, that Verizon probably had to opt for new construction, said Aaron Jodka, research director at the real estate firm Colliers International. “These are top-dollar projects,” Jodka said. “But these companies are trying to retain and attract talent. And they’re willing to pay for that.”

 


Nixon Peabody signs lease at 53 State, shrinking its footprint
Boston Business Journal — March 08, 2018
Nixon Peabody LLP has signed a lease to move into 105,000 square feet at 53 State St. in downtown Boston, a significantly smaller space than the law firm’s current office at 100 Summer St. Recently, other Boston law firms have similarly moved into smaller space. There is intense demand for — and little availability of — large blocks of office space in Boston proper. A recent report from brokerage Colliers Boston said some 250 tenants in and around Boston had active space requirements totaling more than 6 million square feet.

 


Leaders Stress Latest 115 Winthrop Square Design Is Not Done Deal
Bisnow — March 08, 2018
Millennium Partners won a hotly contested bidding process in 2016 for the rights to build a 775-foot skyscraper at a city-owned parking garage at 115 Winthrop Square. But the proposal’s latest iteration is shorter and denser, and the new Great Hall is similar to pass-through lobbies in neighboring buildings. "The community can certainly feel this is a switch, but it’s important to remember this was a competition first, and then you see what you can really do on the site after," said Colliers International Director of Research Aaron Jodka.

 

 

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