Aug 17, 2018
Allston Residential Development Approved
The proposal for 30 Penniman Road in Allston includes a new seven-story, 46-unit residential condominium building, including two artists live and work units. The building will have 42 parking spaces, consisting of 40 mechanical garage parking spaces and two accessible parking spaces.
As proposed, the 46 residential homeownership units will consist of 40 market-rate units and six Inclusionary Development Policy (IDP) units. There will be a mix of unit-types, with one studio unit, 34 one-bedroom units, five two-bedroom units, four three-bedroom units, and two loft style units with direct access from the street.
The approved project proposal also includes a contribution of $46,000 toward improvements and upgrades to Penniman Park.
Jul 02, 2018
Xchange at Bedford Acquired For $107.75 Million
Jumbo Capital Management has acquired Xchange at Bedford for $107.75 million from The Davis Companies. The property features an eight-building campus totaling approximately 475,000 square-feet located on Crosby Drive in Bedford, Mass. Formerly known as Bedford Business Park.
The Xchange at Bedford is conveniently located just three minutes from Burlington and one exit north of I-95/Route 128. The Park provides direct frontage and visibility on Route 3 and is within close proximity to numerous amenities.
Jul 02, 2018
Certificate of Occupancy for Penniman on the Park
A certificate of occupancy has been issued for Allston development, Penniman on the Park. The property features a new-construction residential building with 36 condominium residences located steps to Allston's Union Square and the Boston Landing development.
Residences are approximately 1,000 square feet in size with starting prices of approximately $500,000; Penniman on the Park includes four penthouse residences. Six residences are designated affordable.
May 14, 2018
Penniman on the Park Officially Sold Out
The highly anticipated Allston project, Penniman on the Park has officially sold out. Set to open this fall (2018), the new-construction residential building featuring 36 condominium residences is located steps to Allston's Union Square and the Boston Landing development.
Residences will be approximately 1,000 square feet in size with starting prices of approximately $500,000; Penniman on the Park will include four penthouse residences. Six residences will be designated affordable.
Jan 22, 2018
Waltham office park acquired for over $80 million
Jumbo Capital Management and Sound Mark Partners have acquired the four-building, 270,196-square-foot Stony Book Office Park in Waltham for $80.058 million. The sale amounts to about $296 per square foot; the property’s seller, Clarion Partners, acquired Stony Brook Office Park for $55 million, about $204 per square foot, in April 2006. NKF Capital Markets represented Clarion in the most recent sale and procured Jumbo and Sound Mark as the property’s buyers.
Stony Book Office Park is 100%-leased and includes tenants such as Brainshark, DDJ Capital Management, Kluwer, Stanley Black & Decker, TIAA, Ultratech, Wells Fargo and Wolters. “Throughout our ownership of Stony Brook Office Park, the asset has consistently posted strong performance,” said Clarion Partners Senior Vice President Brian Collins in a prepared statement.
The property is positioned in a desirable office location, visible from Interstate 95/128 and convenient to Interstate 90 and the MBTA commuter rail. “Stony Brook Office Park enjoys a superior location in Waltham, suburban Boston’s strongest and most established office cluster,” said NKF Executive Managing Director Matthew Pullen in a prepared statement. “Additionally, the asset is well positioned among a high-performing competitive set that has consistently outpaced the overall market in terms of rental rate growth in recent years.”
Nov 29, 2017
Two connected office buildings in Post Office Square sold to Guggenheim and Jumbo Capital for $20.8 million
Guggenheim Partners and Jumbo Capital Management, who acquired 50 Congress Street in Post Office Square for $79 million in May 2017, have acquired 12 Post Office Square and 10 Liberty Square, two connected office buildings located across from 50 Congress Street, for $20.8 million. The two buildings total approximately 56,000 square feet; accordingly, Guggenheim and Jumbo Capital’s acquisition amounts to about $371 per square foot. Guggenheim and Jumbo Capital acquired 50 Congress Street for about $439 per square foot.
12 Post Office Square and 10 Liberty Square both contain Class B office space and were last sold for about $9.4 million, about $168 per square foot, in October 2003. The buildings overlook Post Office Square’s landmark Norman Leventhal Park and are located in the heart of Boston’s premier business environment, the Financial District. The acquisition is the third notable sale in Post Office Square this year; LaSalle Investment Management also acquired the 445,000-square-foot 10 Post Office Square office building for nearly $185 million, amounting to about $415 per square foot, in March 2017.
Oct 20, 2017
Pre-sales begin at Penniman on the Park luxury condos in Allston, new renderings revealed
Penniman on the Park, a new-construction condominium building in Allston featuring 36 high-end residences, will begin pre-sales next week starting at $500,000. Located steps from the new Boston Landing MBTA commuter rail station, Penniman on the Park will feature garage parking, elevator access and a gorgeous finish palette featuring wood flooring and designer-level kitchen, bath and lighting finishes such as custom cabinetry, quartz countertops and high-end Jenn Air appliances. Penniman on the Park is expected to open in Fall 2018. The latest renderings of Penniman on the Park are posted above.
Aug 06, 2017
Steel frame tops off at Penniman On The Park luxury condos in Allston
Penniman On The Park's six-story steel frame has topped off, and weatherproofing of the building's facade is well underway. Wooden exterior panels have been fitted along nearly the entire facade, and moisture-resistant cladding has been affixed to over half of the building. In the coming months, installation of windows and exterior finishes will take place. Inside Penniman on the Park, sections of metal stud framing have been erected in order to partition individual residences. Opening in Fall 2018, Penniman on the Park will feature 36 luxurious condominium residences, including four penthouses with private outdoor terraces. The following are photographs of Penniman on the Park:
May 17, 2017
Guggenheim and Jumbo Capital acquire 50 Congress Street, 180,000-square-foot Post Office Square office building, for $79 million
Guggenheim Partners and Jumbo Capital Management has acquired 50 Congress Street, a 180,000-square-foot office building in Post Office Square, for $79 million, approximately $439 per square foot, in cash. The building was listed for sale by seller KBS Capital Advisors in September 2016 via HFF Capital Markets. KBS acquired 50 Congress Street in July 2013 for $51 million, approximately $283 per square foot. Prior to July 2013, 50 Congress Street was owned by Nordblom Company of Burlington, MA for over 60 years. 50 Congress Street is located next to 10 Post Office Square, a 445,000-square-foot office building acquired by LaSalle Investment Management of Chicago for nearly $185 million last March, amounting to about $415 per square foot, .
May 07, 2017
Penniman On The Park condos in Allston near topping off
The steel frame of Penniman on the Park, an upcoming 36-unit luxury condominium building in Allston, has reached five stories high and will soon top off at six stories. The building’s concrete elevator core has topped off. Erection of vertical metal framing has begun on lower floors to partition Penniman on the Park’s individual units. Penniman on the Park is expected to open in Fall 2018. The following are photographs of Penniman on the Park:
Aug 28, 2016
New developer building 36 Allston condominiums approved in 2011
Penniman on the Park, a 36-unit Allston condominium building approved in 2011, is moving forward with a new development team comprised of Jumbo Capital Management of Quincy and investor Brad Spencer. The new development team secured a $12 million mortgage for 20 Penniman Road on August 19th, 2016 through East Boston Savings Bank; the project cost was pegged at $7.2 million upon approval in 2011. A building permit valued at $8.604 million was issued by the City of Boston on August 22nd, 2016 to general contractor Groom Construction to construct the 42,190 square foot Penniman on the Park.
The new development team also entered a lease on August 19th, 2016 for 14 parking spaces in an adjacent parking lot that will take effect upon the City of Boston's issuance of a Certificate of Occupancy for Penniman on the Park. An easement was also granted to the team by the owners of the adjacent lot; Penniman on the Park's underground parking garage will be accessed through the easement. At this time, a deed has not been recorded transferring ownership of Penniman on the Park to the new development team; this page will be updated with additional information as it becomes available.
In an interview with Banker and Tradesman, Spencer claims that the nearby Boston Landing development and associated MBTA commuter rail station due to open next year were key factors in the new development team's decision to invest in the Allston neighborhood. “The new commuter rail station is definitely the main impetus for us to pursue something there," said Spencer. "We see that area looking totally different in three to five years than it does today." A 93,000 square foot mixed-use building containing 80 rental residential apartments, a 562 square foot ground-floor retail space and a 1,715 square foot startup incubator space is currently under construction across from the Penniman on the Park project site at 61-83 Braintree Street.
Spencer also explained that the approved Penniman on the Park project will be revised to include all-steel construction as well as higher quality finishes than originally planned. Condominiums will be approximately 1,000 square feet in size with starting prices of approximately $650,000. Construction of Penniman on the Park will last approximately 14 months.