Morgan Stanley has acquired the properties at 828 & 830 Winter Street in Waltham for $240 million.
828 Winter Street is located adjacent to 830 Winter Street, a 185,000-square-foot 100%-leased life science office building owned by the proponent, creating a new approximately 330,000-square-foot Waltham life science office development that will be the greater Boston area's largest multi-tenant lab campus outside of Cambridge.
Site work has started along Summer Street in the Seaport District for the upcoming Marine Wharf Hotel. The dual-branded hotel will include a 245 Hampton Inn and a 166 room Homewood Suites. In total, the project will be around 320,000 sf and include a 75 car parking garage. Construction is expected to last 24 months.
Addition of New Floors Begins at MIT's 290-292 Main Street
Concrete work for the new 6th and 7th floors is in progress at 290-292 Main Street in Kendall Square. Interior and exterior renovations are also continuing on the lower floors of the existing buildings at the site. When complete the project will be 28 stories and feature 450 housing units for MIT along with 10,000 sf of retail, and parking for over 1,450 cars.
Facade Work Starting at 399 Binney Street in Kendall Square
With framing in place facade work is starting at 399 Binney Street in the very busy Kendall Square, Cambridge. This mixed-use building will featuring 164,000 sf of office, lab and retail space. 75% of the space is already leased to three drug specialists, Rubius Therapeutics, Relay Therapeutics and Celsius Therapeutics. A green roof deck will provide open space for tenants of the building.
Renovations Underway at 290-292 Main Street, Kendall Square
Renovations are underway at 290-292 Main Street in the heart of Kendall Square. The two existing buildings at the site will be incorporated into the new 28 story tower being built by Massachusetts Institute of Technology. The building will include around 450 graduate student housing units, a new office for MIT's Innovation and Entrepreneurship Program and the school's Admissions Department. A childcare facility will be located on the building’s second level and around 10,000 square-feet retail will also be on site. The project is expected to be completed by 2020.
A building permit has been issued for the upcoming Marine Wharf Hotel in Boston's Seaport District.
The 14-story, 320,000 square foot dual-branded hotel will include a 245-room Hampton Inn and a 166-room Homewood Suites, providing a total of 411 new Seaport District hotel rooms.
Approximately 19,300 square feet of amenities will be located at Marine Wharf Hotel including an exterior terrace, a fitness center, an indoor pool, meeting spaces and a 500-seat restaurant. Approximately 3,500 square feet of retail will be located on the hotel's ground floor.
Parcel 9 - Haymarket Hotel moves forward in Downtown
FROM THE BPDA
The development team has filed a Second Notice of Project Change and an Amended and Restated Development Plan to the PDA. The uses of the Proposed Project will remain the same. The key changes are a modest increase in its maximum height, from 65 feet to a maximum of 69 feet, 6 inches and a decrease from 29 feet to 27 feet for the restaurant portion of the building. The Amended and Restated PDA have been submitted to reflect the advancement of the design for both the height as well as the ground floor layout and other aspects of the building.
Live: 225 hotel units, patio and open space, new street-front landscaping Work: Approximately 125 permanent jobs and 300 construction jobs Connect: 9,000 square feet of retail and restaurant space, rooftop amenities, revitalized Blackstone Street and support for the Haymarket Pushcart Association
The NPC for the Parcel 9 Haymarket Hotel project, located on a 29,400 square foot parcel along the Rose F. Kennedy Greenway was approved with a modest increase in the maximum height of the building, from 65 feet to a maximum of 69 feet, 6 inches tall to achieve acceptable floor-to-ceiling heights within the building.
The project consists of a 225-key hotel, containing approximately 9,600 square feet of complementary retail and restaurant uses, a one-story component at the Hanover Street end that will house a restaurant as well as a rooftop deck and ground floor area off Blackstone Street that will be leased to the Haymarket Pushcart Association to accommodate storage and restrooms for their members. The ground floor of the building will also include restrooms accessible to the public as well as meeting space that can be made available for community use. The building design includes glass storefronts as well as building materials which provide a contemporary take on the historic setting of the project site between Blackstone Street and the North End neighborhood. The project will reconstruct Blackstone Street from North Street to Hanover Street, as well as streetscape improvements around all sides of the building, subject to required approvals from the City's Public Improvement Commission.
Waterstone Melnea Cass LLC acquires multiple properties for $15.5 million
Waterstone Melnea Cass LLC (Waterstone Development) has acquired multiple abutting parcels at 58 Hampden Street in Roxbury along Melnea Cass Blvd from P&K Holdings LLC, Max Ultimate Food Inc, Hampden St LLC 101-107, and Hampden Street Realty Trust. $15.5 million of land was purchased for the development of Junction58 which will consist of medical office, lab/office, translational medicine, and office space.
New street-level glass atrium opens at 100 Federal in Financial District
A new public glass atrium overlooking Post Office Square teeming with natural lighting has opened on the ground floor of the 100 Federal office tower. Dubbed The Exchange, the atrium features 8,500 square feet of retail, 500 square feet of kiosk space and a 8,990 square foot year-round garden. The atrium’s civic space is now open, and retail announcements will follow in the coming months. The following are photographs of The Exchange:
Rubius Therapeutics to anchor 75%-leased 399 Binney lab development in Kendall Square
Cancer drug specialist Rubius Therapeutics has leased 45,000 square feet at Alexandria Real Estate Equities’ new 164,000-square-foot 399 Binney Street development in Kendall Square, becoming the property’s anchor tenant. Per Alexandria, 399 Binney Street is 75%-leased, with other committed tenants including Relay Therapeutics and Celsius Therapeutics. 41,000 square feet remain for lease at 399 Binney Street, which is expected to open beginning in the fourth quarter of this year. 399 Binney Street is part of the nine-building One Kendall Square office and retail campus, and will be built to LEED Gold efficiency certifiable standards. The new-construction building also includes a 1,500-square-foot ground-floor retail space.
W. L. French completes mass excavation at 399 Binney, upcoming lab and office building in Kendall Square
W. L. French Excavating Corporation has completed the mass and footing excavations for 399 Binney Street, an upcoming 172,500-square-foot lab and office building located in Kendall Square, one of the United States’ strongest life sciences real estate markets. W. L. French has hauled and disposed of over 60,000 tons of soil, and is currently preparing and installing basement slab subbase materials. As part of W. L. French’s contract to install site utilities at 399 Binney, work has begun to connect water services to the project site. W. L. French will install water infiltration, drainage and sanitary sewer systems throughout the site in Spring 2018. 399 Binney’s excavation is supported by an internally braced support of excavation system, which was installed between May and July 2017.
Completion of 399 Binney is expected by the end of 2018. The building will be built to LEED Gold efficiency certifiable standards and will also include a 1,500-square-foot ground-floor retail space. 399 Binney is part of the existing nine-building One Kendall Square office and retail campus, which 399 Binney developer Alexandria Real Estate Equities acquired in November 2016 from DivcoWest for $725 million, or $1,124 per square foot, one of 2016’s most significant real estate sales. Space at 399 Binney is now available for lease, with demand reportedly strong; overall, the Cambridge lab real estate market has a microscopic vacancy rate below 1% per Lincoln Property Company's latest Cambridge Office & Lab Market Report. The following are photographs of work underway at 399 Binney:
Common area renovations underway at Constitution Wharf, creative waterfront office space overlooking Boston skyline now leasing
Large common area sections of Constitution Wharf, a creative office building overlooking the Downtown Boston skyline undergoing a full repositioning, have been demolished, with framing and fit out of exclusive, innovative new amenity spaces well underway. Metal framing sections have been erected within Constitution Wharf’s lobby area to build the building’s future lounge, cafe and fitness areas, and the building’s high-ceilinged, natural light-filled entryway has been prepared for installation of modern new finishes. Outside Constitution Wharf and along the Harborwalk, landscaping has been cleared to make way for construction of a revolutionary outdoor work & social room featuring an oversized media screen, creative seating, interactive event space, a fireplace, public art and sweeping Boston Harbor views.
Tenants at the newly repositioned, 180,000-square-foot Constitution Wharf include online shoe shopping destination Shoes.com, who has opened a new 31,300-square-foot headquarters at the building featuring oversized windows and a dedicated rooftop patio featuring sweeping views of the Boston harbor. Completion of renovations to Constitution Wharf’s common areas is expected by the end of 2017. The following are photographs of Constitution Wharf:
The following are photographs of Shoes.com’s new headquarters, courtesy Newmark Knight Frank:
MIT breaks ground on 28-story Kendall Square tower featuring 450 graduate student housing units
MIT broke ground last week on a new 28-story tower in Kendall Square, which upon completion will become Cambridge’s tallest tower, that will contain 450 graduate student housing units. At 28 stories and 319 feet tall, the tower will surpass MIT’s 295-foot-tall Green Building, Cambridge’s current tallest building. MIT received zoning approval last week to construct buildings up to 500 feet tall at the Volpe Center site in Kendall Square.
The 28-story graduate student housing tower is the first building of MIT’s $1.2 billion, 1.7-million-square-foot Kendall Square Initiative development to start construction. Completion of the tower, located at 290-292 Main Street adjacent to the Kendall/MIT MBTA Red Line station, is expected in 2020. The building will also contain maker space, retail, an innovation and entrepreneurship hub and space for MIT’s Admissions Office.
The tower will provide MIT with crucial graduate student housing space, benefitting the university and its’ students as well as the Cambridge community at large. “Placing more graduate students in campus housing relieves pressure on the housing market in Cambridge. That’s good for everyone,” said Cambridge Mayor E. Denise Simmons in a prepared statement.
As part of the approval of MIT’s zoning for the Volpe Center site, MIT has committed to construct 950 new graduate student housing units, including the tower, which will allow the Institute to house more than 50 percent of its current graduate student population on campus. MIT is currently formulating plans to construct a second building with at least 500 units in the coming years, and intends to apply for a discretionary or building permit no later than the end of 2020, MIT will also work to add or apply for a discretionary, alteration or building permit to convert existing campus buildings into 200 additional graduate student housing units before the end of 2020.
BPDA approves two new office and laboratory buildings at Northpoint, Cambridge approval still required
The Boston Planning & Development Agency (BPDA) approved two new office and laboratory buildings totaling approximately 798,000 square feet at the 42-acre NorthPoint development site at last Thursday’s board meeting. The buildings, located on NorthPoint Parcels G and H, will be partially located in Boston; the vast majority of Parcels G and H is located in Cambridge, where the remainder of NorthPoint is located. The two buildings remain under review by the City of Cambridge’s Planning Board, and will require Cambridge approval in order to proceed with construction. Both a 14-story office and laboratory building containing approximately 450,773 square feet and a 15-story office and laboratory building containing approximately 347,600 square feet will be constructed on Parcels G and H, respectively.
Two new office and laboratory buildings proposed at NorthPoint
DivcoWest proposes to construct two new office and laboratory buildings at the 42-acre NorthPoint development site in East Cambridge. Two buildings totaling over 798,000 square feet would be constructed on NorthPoint Parcels G and H, adjacent to the Gilmore Bridge. On Parcel G would be a a 14-story office and laboratory building containing approximately 450,773 square feet; on Parcel H would be a 15-story office and laboratory building containing approximately 347,600 square feet of Gross Floor Area. Because portions of both parcels are located in Boston, the buildings will require approval from the Boston Planning & Development Agency (BPDA) in addition to the City of Cambridge. Plans have been filed with both cities, who are now reviewing the proposed project.
Haymarket Hotel groundbreaking scheduled for Spring 2018, new investors join project team
The developers of the approved $106 million, 145,000-square-foot Haymarket Hotel, located on the Greenway between Downtown Boston and the North End, expect to break ground on the project in Spring 2018. In addition to original proponents Harbinger Development and Normandy Real Estate Partners, CV Properties and Olshan Properties have now taken interest in the project. The Massachusetts Department of Transportation (MassDOT), owner of the 1.2-acre parcel on which the Haymarket Hotel will be built, has granted the developers a development agreement extension through April 2018. The Haymarket Hotel's financial terms were approved by the Federal Highway Administration (FHWA) in May 2017, and the Boston Planning & Development Agency (BPDA) approved the project in June 2016. The Haymarket Hotel will feature 225 new hotel rooms and 25,000 new square feet of retail and is expected to open in mid-2019.
Shoes.com opens new waterfront headquarters at Constitution Wharf, newly renovated creative Boston office building now leasing
Online shoe shopping destination Shoes.com has opened its’ new 31,300-square-foot headquarters at Constitution Wharf, a newly renovated creative Boston waterfront office building. Shoes.com has doubled its’ local employment base with its’ move to Constitution Wharf from its’ longtime Downtown Crossing headquarters, following Wal-Mart subsidiary Jet.com’s acquisition of Shoes.com in January 2017.
Shoes.com’s new headquarters takes full advantage of Constitution Wharf’s unparalleled waterfront location, with oversized windows overlooking Boston Harbor and a dedicated rooftop patio featuring sweeping views of the Boston skyline. Employees also have access to Constitution Wharf’s common spaces, including a lounge, a cafe, a fitness area and a revolutionary outdoor work & social room featuring an oversized media screen, creative seating, interactive event space, a fire pit and sweeping Boston Harbor views. Office space at the 180,000-square-foot Constitution Wharf is now available for lease. The following are photographs of Shoes.com’s new headquarters at Constitution Wharf, courtesy National Development.
BLDUP’s Building of the Week: Constitution Wharf, creative Boston waterfront office space
Situated on eight waterfront acres overlooking the Boston skyline, Constitution Wharf is undergoing a full repositioning which will create 180,000 square feet of creative office space now available for lease. Constitution Wharf will feature revolutionary common spaces, including an outdoor work & social room overlooking Boston Harbor with an oversized media screen, creative seating, interactive event space and a fire pit. The following is a video exhibiting Constitution Wharf and its’ multiple desirable amenities:
W. L. French breaks ground on 399 Binney Street, new Kendall Square research and development building
W. L. French Excavating Corporation has broken ground on 399 Binney Street, an upcoming 172,500-square-foot research and development building that will expand the existing nine-building One Kendall Square office and retail campus in Kendall Square. W. L. French has successfully completed site demolition and utility relocation and is now at work excavating the building's basement level. A temporary internally-braced sheet pile cofferdam has been installed across the project site to support and retain the basement throughout excavation. 399 Binney Street's basement will be 22 feet deep; W. L. French will also operate dewatering and groundwater treatment systems on site and dispose of upwards of 65,000 tons of soil.
399 Binney Street's developer, Alexandria Real Estate Equities, acquired the 7.88-acre One Kendall Square campus in November 2016 from DivcoWest for $725 million, or $1,124 per square foot. The building will be primarily composed of office and lab space, with approximately 1,500 square feet of ground-floor retail. Expected completion of 399 Binney Street is in late Fall 2018. The following is a photograph of W. L. French at work at 399 Binney Street, courtesy Gaston Electrical:
$135 million financing arranged for 330,000-square-foot Waltham life science office development
King Street Properties has acquired nearly $135 million in financing for 828 and 830 Winter Street, an approximately 330,000-square-foot Waltham life science office development located just off of Route 128 that, upon full completion, will be the greater Boston area's largest multi-tenant lab campus outside of Cambridge. The funds will be used to refinance 830 Winter Street, an existing 185,000-square-foot, 100%-leased building, and construct 828 Winter Street, a 144,910-square-foot speculative building scheduled for completion in July 2018.
Holliday Fenoglio Fowler, L.P. (HFF) arranged financing for 828 and 830 Winter Street through Blackstone Mortgage Trust; the exact amount of financing is $134,767,500. “King Street saw an opportunity to capitalize on the tight suburban lab market and expand their existing Waltham property to meet the growing demand,” said HFF Managing Director Greg LaBine in a prepared statement. “Blackstone shared [King Street's] vision and provided a creative and flexible solution for lab construction financing.”
King Street breaks ground on 144,910-square-foot life science office building in Waltham
King Street Properties has broken ground on 828 Winter Street, a 144,910-square-foot speculative life science office building located in Waltham just off of Route 128. Scheduled for completion in Summer 2018 and now leasing, 828 Winter Street will feature 48,000-square-foot floor plates and will be located adjacent to 830 Winter Street, a 185,000-square-foot, 100%-leased building owned by the proponent. Together, at 330,000 square feet, the two buildings will comprise the largest multi-tenant campus outside of Cambridge.
100 Federal Street atrium frame construction underway
Steel erection is well underway for the 17,990-square-foot glass-encased atrium addition to the 100 Federal Street office tower in Post Office Square. The addition will soon top off, with primary steel framing elements installed in addition to many secondary steel elements and mechanical platforms. Once steel erection is complete, glazing installation will begin in order to construct the building's glass curtain wall facade overlooking Post Office Square. Upon completion, the new 100 Federal Street atrium will house 8,500 square feet of retail space and 500 square feet of kiosk space, in addition to 8,990 square feet of open garden space. The following are photographs of the 100 Federal Street atrium:
J. Derenzo Companies prepares 100 Federal plaza for new glass atrium
J. Derenzo Companies is at work demolishing the former 100 Federal plaza along Congress Street in Post Office Square to prepare for construction of a glass atrium with retail and a winter garden. Plaza hardscaping has been nearly fully demolished, and construction of the atrium will commence soon. The atrium is anticipated to open in early 2018. The following is a photograph of the atrium construction site:
MIT reveals renderings of Kendall Square graduate student housing tower
Massachusetts Institute of Technology (MIT) has revealed renderings of a proposed 28-story graduate student housing, office and retail tower that would be constructed in the heart of Kendall Square next to the Kendall/MIT MBTA Red Line rapid transit station. The tower is part of MIT’s Kendall Square Initiative, which will construct six new buildings in Kendall Square with a total of 888,000 square feet of office space, 115,000 square feet of retail, 450 graduate student housing units, 290 housing units and over 1.8 acres of open space.
Marine Wharf Hotel, new 411-room Seaport District hotel, approved
At Thursday (November 17th, 2016)'s board meeting, the Boston Planning & Development Agency (BPDA) approved the Marine Wharf Hotel. Located in the Seaport District near the Innovation and Design Building, the $160 million hotel will contain 411 rooms as well as restaurant and amenity space. Construction of the Marine Wharf Hotel is anticipated to commence in mid-2017.
Harbinger Development submits detailed plans for proposed Seaport hotel
Harbinger Development submitted a Project Notification Form (PNF) to the Boston Redevelopment Authority (BRA) yesterday (August 9th, 2016) with detailed plans for the proposed 15-story, 320,000 square foot Marine Wharf Hotel at 660 Summer Street in the Seaport District. The dual-branded hotel would include a 245-room Hampton Inn and a 166-room Homewood Suites for a total of 411 new Seaport District hotel rooms. Approximately 19,300 square feet of amenities would be located at Marine Wharf Hotel including an exterior terrace, a fitness center, an indoor pool, meeting spaces and a 500-seat restaurant. Approximately 3,500 square feet of retail would be located on the hotel's ground floor. Construction is expected to commence in mid-2017 and would last approximately 24 months. The following is a link to the PNF for Marine Wharf Hotel, and the following are renderings of Marine Wharf Hotel:
King Street Properties recapitalizes renovated Alewife lab building with new partner in $43.4 million deal
This past Friday (July 22nd, 2016), local life science real estate investor King Street Properties recapitalized its' recently-renovated, fully-leased lab building at 87 CambridgePark Drive in a $43.4 million deal. As part of the deal, a new investment partner for 87 CambridgePark Drive, Washington, DC-based global alternative asset manager The Carlyle Group, was brought on board. King Street Properties and The Carlyle Group also secured a $24.7 million mortgage for 87 CambridgePark Drive on Friday through Boston Private Bank & Trust Company.
King Street Properties acquired the two-story, 62,492 square foot 87 CambridgePark Drive in June 2014 for $14.8 million from then-owner Pfizer. King Street Properties also acquired neighboring six-story, 221,676 square foot 200 CambridgePark Drive from Pfizer in June 2014 for $39.75 million. King Street Properties proceeded to renovate both buildings and sold the newly-renovated, fully-leased 200 CambridgePark Drive in December 2015 to Morgan Stanley Real Estate Investing for $165.5 million. The renovations of 87 and 200 CambridgePark Drive cost a total of $112 million. A total of $89 million in financing for the renovations was secured in July 2014 through HFF, including $22 million for 87 CambridgePark Drive and $67 million for 200 CambridgePark Drive.
Existing tenants at fully-leased 87 CambridgePark Drive include biotech firm Dicerna, who is leasing 37,000 square feet and moved into its' open floor plan office in February 2015. Ra Pharma, the building's second tenant, leases approximately 26,623 square feet. Tenants at fully-leased 200 CambridgePark Drive include Celgene and Amgen, as well as the headquarters of King Street Properties.
A total of two deeds totaling approximately $43.4 million were recorded Friday for the recapitalization of 87 CambridgePark Drive. The following are the deeds for the recapitalization as recorded in the Middlesex South Registry of Deeds:
(Note: King 87 CPD LLC is managed by King Street Properties. CPI/King 87 CPD Owner LLC is managed by King Street Properties and The Carlyle Group.)
New Haymarket Hotel located on Greenway approved for construction
The Boston Redevelopment Authority approved the Haymarket Hotel, a new 145,000 square foot hotel and retail building located on the Greenway, for construction at this month's board meeting. The Haymarket Hotel will bring 225 new hotel rooms and 25,000 new square feet of retail to the Greenway, the North End and Downtown Boston. The Haymarket Hotel will be located across Hanover Street from the Boston Public Market.
A rendering of the Haymarket Hotel is posted above. The following is a link to the recent Notice of Project Change for the Haymarket Hotel. More information about the Haymarket Hotel is posted below.
Letter of Intent filed for new Seaport District hotel
Harbinger Development of Wellesley has filed a Letter of Intent with the Boston Redevelopment Authority to file an Expanded Project Notification Form in early March 2016 for review of a proposed hotel in Boston's Seaport District. Harbinger Development proposes to build a 407-room hotel with 20,000 square feet of retail space at 660 Summer Street.
The hotel would be located in the Boston Marine Industrial Park (BMIP) on Parcel A overlooking the Reserved Channel. The hotel would contain 253 select service hotel rooms and 154 extended stay hotel rooms. Retail space would be built on the hotel's ground and top floors. A parking garage would be built on site with 75 parking spaces.
Letter of Intent:
Harbinger Development is also a development partner of the proposed Haymarket Hotel in downtown Boston.
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