Archive for the 'Boston Commercial Real Estate' category

Iconic shoemaker Converse has chosen Boston for its new world headquarters. The company, currently located in North Andover, will lease 187,000 square feet of office space in Lovejoy Wharf.

Located on Boston Harbor, near the Zakim Bridge, Lovejoy Wharf currently houses two dilapidated buildings and a neglected pier. The Beal Companies and The Related Companies plan to transform the site into a new office and residential development.

Read More:

• Converse Picks Boston for World Headquarters [CoStar]
• Converse Explains Its Move to Hub's Lovejoy Wharf [Boston Business Journal]

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The Renaissance continues in Downtown Crossing, with $3.2 million in city funds slated for improvements in the area, including sidewalk repairs, new illuminated street signs, street repaving, and bike racks.

“It’s time for us to go back into the Downtown Crossing area and do some reinvestments there, because things are changing and new businesses keep wanting to come there,” Mayor Thomas M. Menino is quoted by the Globe.

In addition, developers in the area are expected to make $10 million in privately funded improvements, including a new entryway for the MBTA station at Franklin and Washington Streets.

Over the next four years, 1,200 housing units will be built in and around Downtown Crossing, drawing some 3,000 residents to the area.

In the same vein of revitalization, a total of ten new restaurants have recently opened or are on the horizon. Back Deck, a collaboration of Bradley Fredericks of Fajitas and Ritas fame and acclaimed chef Paul Sussman, opened earlier this summer on West Street.

407 Washington Street is a 7-story, 25,616 SF mixed-use development opportunity. 

This is an opportune time for investors to capitalize on Downtown Crossing. Boston Realty Advisors has been retained as the exclusive agent for the sale of 407 Washington Street, located in the heart of Downtown Crossing directly across from the Millennium Tower project. Although historically occupied by retail users, 407 Washington is fully permitted and approved for 8,000 SF of retail and 14 residential units. Its current unoccupied status allows for easy renovations. For more information about this offering, please visit 407Washington.com.

• Downtown Crossing to get $3.2m face lift (Boston Globe)
• Boston's Downtown Crossing to get $3.2M touch up (Boston Business Journal)

Last month’s “Commercial Real Estate Market Update” event at the Needham Sheraton was a tremendous success with a high turnout of local business owners. For those that were unable to attend, the following is a brief recap of the presentation comparing Q4 2011 to three years prior.

2008 was arguably the peak of the commercial real estate market in Newton and Needham. Vacancy rates were low at 7.8% while the average office rental rate was in the mid-to-high $20’s per square foot. Fast forward to Q4 2011 when the vacancy rate spiked to 12.9% and rental rates were off by roughly 15%. Additionally, there was a strong decline in both the number of transactions completed and average deal size.  Q4 2008 experienced thirty-one transactions averaging 3,079 sf compared to only twenty transactions with a 2,600 sf average in Q4 2011. 

Although the 2011 statistics are rather dismal compared to those of 2008, the market is certainly showing signs of improvement. From mid-2009 to early 2011, the market experienced a low volume of office space tours as most tenants opted to sign 1-3 year renewals rather than relocating. This shift towards renewels was driven mainly by economic uncertainty, as businesses focused on merely staying above water instead of risking the distraction and expense of a potential move.

Since mid-2011, however, we have seen a strong increase in the number of companies looking to relocate. Many of these tenants, who are feeling more bullish and confident in their business, are signing longer term leases (4-5 years) in order to lock in the currently deflated rental rates. Due to these deflated rents, a significant proportion of those relocating are focused on upgrading to higher quality buildings than their current properties. 

Essentially, tenants are paying less rent than they signed on for 3-4 years ago and receiving a better quality product for their dollar. 

Adam Meixner is a Managing Director of Commercial Brokerage at Boston Realty Advisors. He can be reached at 617-850-9660 or ameixner@bracommercial.com 

100 people attended Tuesday evening's Urban Apartment 2.0 panel presented by NAIOP Developing Leaders. Our own Chris Sower served as the moderator for the discussion that covered the current multifamily market and what is in store for the future.

Panelists included: Kevin Ahearn, President, Otis & Ahearn, Inc; Scott Dale, Vice President, Avalon Bay Communities, Inc.; and Patrick McMahon, Vice President Development, Northeast Region, Simpson Housing.

Exciting things are happening in Boston's multifamily market: over the next 24-48 months, an additional 4,500 apartment units are predicted, including Avalon Exeter and Atlantic Wharf. With demographics are trending toward the Gen Ys and empty nesters, smaller units are the norm to fit within a price point. Development amenities are incuding better space solutions, basketball courts, and outdoor space.

If you would like specifics about the apartment development climate, please email Chris Sower.

As I am sure many of you have read, Boston is undergoing several transformations throughout several of its neighborhoods. Some are undergoing new additions, while others are getting renovated.

Here is an inside look with David Manfredi, principal of Elkus Manfredi Architects, whose firm happens to be one of which that is highly involved with several current/upcoming projects.

"Given all the development in places like Dudley Square, the Fenway, and the South Boston Waterfront, how do you expect the design and atmosphere of the city to change in coming years?

We’re very fortunate, planners and architects especially, to be in Boston. There is activity here, and there are large parts of the country where there’s not nearly as much activity. What’s exciting is that we have this incredible waterfront that sits right next to our downtown, and there is a lot of development there now. It’s not like we’re building at the edges; we’re building so close to the heart of everything." ...Read more HERE (photo credit boston.com) 

photo credit: Boston.com

New Construction in Back Bay, Underway?: "AvalonBay Communities Inc. is expected to start construction today on a 28-story apartment building on Exeter Street in Boston’s Back Bay" Read More

Former Govenor's Cambridge Home up for Sale for 5.5 Million: "The 15-room, eight-bedroom, 4 1/2-bath “Arthur Astor Carey House” at 28 Fayerweather St. went on the market during the middle of last week. The seller is Susan Roosevelt Weld, the former governor’s ex-wife. She now lives in Washington." Read More

Amanada Knox is Headed Home to the USA a Free Lady: After being in an Italian prison for 4 years, "Knox sobbed at the news conference and held her mother's hand as her lawyer Theodore Simon said her acquittal "unmistakably announced to the world" that she was not responsible for the killing of Meredith Kercher." Read More

Citybizlist.com recently featured Boston Realty Advisors (BRA) in an article about the realty company's announcement that the owners of the historic Brownstone at 86 Commonwealth Avenue have decided to use BRA to sell the property.

One really could not ask for a more beautiful building in downtown Boston.  86 Commonwealth is a four-story (including the basement) French, Academic style, brick brownstone with tandem parking for six cars. Designed and constructed by acclaimed architect T.P. Briggs in 1877, this building is rich with historic detailing that is difficult to find and gives residents and visitors a feeling of deep, historic luxury.  How often do you come across hand carved marble mantels, wainscoting, mahogany staircases, and ornamental crown molding all in one home? You'll find all of that and even more ornate touches at 86 Commonwealth.  

According to Jason Weissman, BRA Principal and Founder, "86 Commonwealth has so many potential uses, it could be an incredible condominium conversion, or potentially a single family."  Boston Realty Advisors is currently offering tours of the property by appointment to qualified buyers.  If you would like to schedule an appointment, contact Boston Realty Advisors.

View the original article on citybizlist.com

photo credit: boston.com

New Retail & Apartment Complex Planned Near TD Garden: Construction is set to start next week on a new complex known as "The Victor." It will be housing 286 apartments, new restaurants, and 138 parking spots. The creation of this new complex will significantly increase the Boston real estate value in the area. Read more at [Boston.com]

Boston's Union Oyster House Turns 185 Today!: "For Daniel Webster, a light lunch at Boston’s Union Oyster House meant devouring at least six plates of oysters, tossing back a tall tumbler of brandy, and washing it all down with a glass of water - all while holding forth on current events."...Contiune reading [Boston.com]

Best Ice Cream Joints in New England: With the days of summer slowly slipping into fall, start enjoying every single day that is left of summer the best way you possibly can - with ice cream of course! Check out all of these delicious ice cream destinations throughout Boston at [Boston.com]

Recently, Boston Realty Advisors' principal and founder Jason Weissman was featured in New England Real Estate Journal as well as Banker & Tradesman for selling two retail properties in Beacon Hill. The two properties were located at 125 Charles St. and totaled 2,073 square feet. The final sale price was $1.4 million to Charles Avenue LLC who was represented by Chuck Silverston of Prudential Real Estate. Weissman represented the seller, 125 Charles, LLC.

Boston Realty Advisors (BRA) was featured in the July 15th, 2011 issue of The Real Reporter because they are currently handling two exciting listings in Back Bay that will prove to be great rehabilitation projects. 

493-497 Commonwealth Avenue

Formerly the JS Waterman Funeral Home, BRA's listing at 493-497 Commonwealth Avenue has been out of use for several years, and is finally going to be brought back to life.  It is a 19,500 building currently in "shell condition."  This makes the building a blank canvas.  It may possibly become a residential space, but the central location could make for great offices or other forms of commercial space.  The building is right on the edge of Kenmore square, which is a great area and will soon benefit from major improvements to Boston's Green Line.  Boston Realty Advisors has not announced any definite details of a deal, but whatever happens, Kenmore square will soon have a new great space.

463 Beacon Street

Just a few blocks away, this beautiful building is currently a 20-room lodging house offering nightly and weekly rates.  This property may stay as is, but according to BRA founder Jason Weissman, it is possible that the space may work as a single household.  He also told The Real Reporter that converting the space to condominiums could be a viable and possibly more valuable solution.  The building has 2,400 square feet of frontage on Beacon street, easy access to Massachusetts Avenue and a slew of prestigious Universities, and six parking spaces in the rear.

Interested in these listings or looking for more information on buying or renting real estate in the Boston area?  Contact Boston Realty Advisors today!