We’ve put together a synopsis of some of the biggest headlines and most important news articles in Boston commercial real estate. Every quarter we compile a highlight reel of what is going on with businesses, real estate transactions, and leases around the Boston area. Each article illustrates what transpired and what lies ahead in Boston’s CRE market.
The Q3 2019 Boston CRE update includes: Boston #1 in clean-energy efforts nationwide, new biomedical commercial real estate developments in the Boston area, Boston’s infrastructure woes impacting expectations for the CRE market, Logan Airport expansion, and Boston’s thriving multifamily sector.
While the overall assessment of cities by the American Council for an Energy-Efficient Economy was mixed overall, Boston took the accolades as the #1 city nationwide. Boston continues to lead the way in commercial real estate when it comes to life sciences currently, so it is no surprise that other tech / economic ventures follow suit. Read More
A partnership between The Davies Companies and Invesco Real Estate sells a 224K square foot lab building in Cambridge, Massachusetts to HCP Inc. The LEED Gold Lab commercial real estate property is on 35 Cambridge Park Drive. Read More
Boston’s ongoing infrastructure issues create a bottleneck for the continuous growth of the biomedical / life sciences sector in the city. To put it into perspective, biopharma jobs grew nearly 75,000 in 2018, which was the largest increase in over 11 years. The transportation issues will need to be resolved asap in order to assure the future of the industry here. Read More
Foundation Medicine inked a lease for 400 Summer St, a 16-story lab property within the Boston Seaport development. The building will be developed by WS Development and PSP Investments, and it was designed by Morris Adjmi Architects of NYC in conjunction with the Santec’s office in Massachusetts. Read More
Delta’s Terminal A expansion in Boston’s airport was originally set for completion 14 years ago, so officials had a big reason to celebrate when the project was finally completed. The expansion provides Delta with 21 gates at Logan Airport and adds direct flights to Rome and Paris. Read More
The most recent fiscal cycle saw multifamily as the top sector for investment capital out of all categories of commercial real estate nationwide. Despite the doubts in the economy due to an expected recession in the near future, CRE experts foresee an increase in capital to multifamily CRE and commercial real estate overall. Read More
As a follow-up story to the new Encore Casino that finished last quarter in Boston, the hotel opened with a bang and earned nearly $17 million in gaming during its first week of operations. To put things into perspective, MGM Springfield made $19.9M during the entire month of June. Read More
Despite a slight downtick in apartment complex deliveries, Boston’s metro area is among the top apartment markets in the United States according to RentCafé. Read More
The $114 million will be invested in a 3-building commercial real estate complex. The primary tenant will be Shoes.com with their headquarters and a handful of other tenants to occupy the units on the campus. Read More
40 Trinity Place in Boston’s Back Bay will be home to Raffles Back Bay Hotel & Residences, a 33-story mixed-use building. The Raffles center will have 147 hotel rooms along with 146 residential units, amenities for visitors / residents, and multiple dining establishments. Read More
The Q2 2019 Boston CRE update includes: Boston’s newest skyscraper, UMass expansion to Bayside, Massachusetts’ largest single-phase project ever, Harvard’s new research campus, and Cambridge’s life sciences real estate updates.
One Congress, State Street Corp.’s future home officially begins. It will be the tallest building on the Boston skyline since 1984. One Congress will be 600 feet tall and have 1,000,000 square feet in space. Read More
The University of Massachusetts Boston Campus is about to get a lot bigger, nearly 3.4 million square feet bigger, in fact. Accordia Partners and Ares Management Corp have been tapped for the redevelopment of the Bayside site for Boston’s prominent state university. Read More
The new $2.6 billion (with a ‘b’) Encore project is set to open in June of this year. It is considered Massachusetts’ largest project ever built within a single phase. The new Wynn Resorts’ Casino will have 3,000 gaming stations and 671 hotel rooms. Read More
BizJournals put together a sneak peak with pictures and more details of the massive casino project that is set to be completed already. See the Pictures
Harvard is now taking proposals for the initial development phase of its new Enterprise Research Campus in Allston, MA. The land proposed for the new campus is 14 acres, and will be adjacent to the new Science and Engineering Complex set to open in fall 2020. Read More
Beacon Capital sells Boston office complex in Dorchester, MA for $110 million. The property is across from the Bayside Expo Center. The complex was acquired by a joint venture between Accordia Partners and Ares Management Corp. Read More
A flurry of new development sites are arising from Seaport to Route 128. Most of these new construction projects are near to transit lines; however, developers and brokers are more keen on looking for lively streets and retail presence when it comes to scoping new places to break ground. Read More
BioMed continues to grow its presence in the Boston’s highly competitive commercial real estate sector, Cambridge. Cyclerion will join Synlogic and Biogen in the city’s main stage for life sciences. Read More
The 525K square foot building at 111 Harbor Way is 17 stories. 2 of the stories will be for retail and restaurant tenants, while Amazon will lease 430K SF of the building when it is complete in 2021. Read More
The 77.8K square-foot property in Cambridge was sold for $128 million. The property is near Harvard and Massachusetts Institute of Technology (MIT). Read More
The Boston CRE 2019 news update includes: Salesforce securing a major location in Boston, biotech relocations, Massachusetts General Hospital upgrading, and an update on Boston’s Logan International Airport.
Bloomberg covers the reasons why Boston and LA provide the best opportunities for commercial real estate investments, especially because the economies are booming in the respective locations. They are healthy economic beacons currently, while the rest of the country is noticing a slight slowdown compared to previous years. Read More
After hiring Lexington native, Keith Block, as president and vice chairman of Salesforce, it became a key player in Boston’s growing technology market. The CRM giant has offices in Burlington, Cambridge, and Back Bay; however, now it is looking to have a more prevalent presence in the area. Read More
Foundation Medicine, an important Cambridge-based biotech firm, is looking to relocate to the Seaport area. If the move occurs, it will be the largest life-sciences company to relocate in the area since Vertex Pharmaceutical’s move five years ago to Fan Pier. Read More
The tech giant expands its footprint in the area with the lease of a 362,000 sq ft building at the Kendall Center in the Cambridge, Massachusetts area. The redo of this site, located at 325 Main St, will have a new 16-story building with 400,000 sq ft of space. Read More
Massachusetts General Hospital recently notified the Boston Planning & Development Authority about a $1B expansion project. The new building will have over 1 million square feet of space and will include six stories of underground parking and two centers focused on cancer and heart treatments, respectively. Read More
Fresh off another Super Bowl victory, Tom Brady is not stopping when it comes to further developing his name and brand in the Boston area. The storefront is expected to be on Boylston Street. It will most likely replace the Boston Sports Club, which recently announced it would be closing in March 2019. Read More
The kids’ toys big box brand that went out of business and closed many stores nationwide last year has emerged with a new team and vision for the future. It appears that they are not totally out of the game. Will this new plan put the company back on the map? Read More
Logan International Airport saw over 40 million passengers travel through its gates in 2018. The record year has generated conversations around a possible expansion in order to capitalize and amplify the potential for more travelers. Read More
A virtual reality (VR) theme park company from Singapore is beginning to make moves into the United States by opening studies on various markets. Boston is one of the initial locations the innovative company is looking at as a host for its expansion. Read More
As seen above, many major companies are inking deals to lease or own space in Boston and surrounding areas. This Yardi Matrix report breaks down the biggest factors contributing to data points in the Boston office real estate market. Read More
Boston Real Esate Times summarizes the latest Boston Office CRE Report for Q1 2019. There are some incredible statistics in the report for a market that seemingly could not get any better. Read More
Boston CRE 2018 news update includes: AI’s role in CRE, the Boston Red Sox further development of Fenway Park, big tech companies signing major leases, and Apple now occupying important office space in the area.
Greater Boston scores a big commercial real estate deal with the announcement of 3 heavyweight companies sharing space in Kendall Square. Read More
Sanofi’s lease of two buildings at Cambridge Crossing establishes the development as a biotech hub, and is the largest single lease deal signed in the history of the city. It is also the biggest single lease deal signed in the Greater Boston Area since 2011. Read More
After more than a decade of back-and-forth with the city and the Federal Aviation Administration regarding the tower’s height and building plans, Winthrop Center’s construction has commenced. Originally proposed as a 1,000 foot project, Millennium Partners inked the deal at 691 feet due to the takeoff and landing patterns of planes to and from Logan International Airport. Read More
Artificial intelligence and it’s effect on commercial real estate was a main topic at CoreNet’s 2018 Summit in Boston. Benefits as well as downfalls were discussed regarding how AI will be adopted into the CRE market. Read More
Harmonic Drive currently operates out two buildings in Peabody, but will be returning to its roots in Beverly, Massachusetts. It’s a move to both consolidate operations and prepare for future growth. Read More
After a rebrand and numerous real estate educational forums and events, REFA celebrated the leaders and contributors of Boston’s commercial real estate finance community. Read More
$350 million project in Boston proposed by Samuels & Associates at crossroads of Massachusetts Ave, Boylston St, and Newbury St near the Massachusetts Turnpike. Read More
The Biotech boom in Boston, especially in East Cambridge’s Kendall Square, is creating a very competitive real estate market for lab space. Read More
Skanska sells the newly built edifice to joint venture between American Realty Advisors and Norges Bank Real Estate Management for $455 million. Read More
Fenway Sports Group and Live Nation are planning to build a 5,000-seat music venue next to Fenway Park, on the corner of Ipswich and Lansdowne. Read More
NKF Capital Markets sold the 107-acre site to Leggat McCall Properties. The space on Montvale Hill is located eight miles north of Downtown Boston. The massive opportunity development site is lab, manufacturing, and / or office use. Read More
Verizon will expand its local wireless network in the Greater Boston area for 10 years with a $600 million deal. Read More