Boston Global Investors

401 Congress (Parcel A2) Officially Under Review BGI has filed the PNF for the 401 Congress Street project in the Seaport on Parcel A2 and the Triangle Parcel. The proposed project would include a total of 675,000 square feet between two buildings, primarily Class A office space with significant space for public and cultural uses.  On Parcel A2 an 18-story tower would contain around 585,000 square feet of office space starting on level three. The building would have two entrances, one from Congress Street and one from the World Trade Center Avenue Viaduct. Both entrances will be connected by an enhanced public space with a 24/7 public elevator and grand sweeping stairs, acting as a nexus between the two levels. A new and elevated pedestrian bridge spanning the I-90 ramp will connect the Office Building to the Triangle Parcel. The two-story building on the Triangle Parcel would consist of approximately 30,000 square feet to be used as programmable publicly accessible space. Additionally, the Project includes approximately 30,000 square feet of surface improvements along the World Trade Center Avenue Viaduct and beyond the Project’s property lines. It will also feature a landscaped, accessible rooftop that covers the Triangle Building.

BGI Files Letter of Intent for Parcel A2 Project Boston Global Investors have filed a Letter of Intent for a 675,000 square foot, two-building project on the Seaport's Parcel A2 and Triangle Parcel. Parcel A2 would include an 18 story tower to contain around 645,000 square feet of office space. This building would have two entrances, one along Congress Street and the second from the World Trade Center viaduct. On the Triangle Parcel, a 2-story building would include 30,000 square foot of programmable space along with a landscaped rooftop. A new pedestrian bridge over the I-90 ramp would connect the two buildings. Plans would also call for 66,000 square feet of outdoor public space and 65,000 indoor space including a Great Hall along Congress Street.  BGI expects to file the PNF sometime in mid-June. Once permits and approvals are finalized BGI will enter into a long-term ground lease for the site with Massport.  

Yotel Boston Refinanced for $78.367 Million Yotel Boston has been refinanced via Bank of America for $78.367 million. Boston's first Yotel in the Seaport District features 326 "cabins," approximately 180 square foot rooms positioned as an affordable option for business travelers. All cabins feature signature Yotel adjustable SmartBeds with luxury bedding, rejuvenating monsoon rain showers, relaxing adjustable mood lighting, many power connectivity ports and smart TVs connectable to guests' mobile devices. "Super-fast" Wi-Fi internet is available throughout the building.

Motor Mart Garage Under Official Review The proposed redevelopment of Motor Mart Garage by CIM Group and Boston Global Investors is under official review. The plans call for a 20 story tower to rise out of the existing building (for a total of 28 stories).  In total approximately 390 residential units (apartments and condos) would be created, ranging in size from studios to three bedrooms. 672 of the current 1037 parking spaces will be retained and around 46,000 square feet of retail space will be renovated.

Renderings of Seaport Office Tower Released Boston Global Investors plans to construct a 600,000-square-foot office building on a 1.1-acre parcel along Congress Street. The development rights went to a team led by John Hynes’ Boston Global Investors, which agreed to pay Massport $120 million for a 99-year lease for the site and access to a nearly half-acre parcel across the street known internally as “the triangle.” The street-level space will consist of a “grand hall” where eateries or nonprofits could set up. (The arch-like structure will minimize the need for columns in that ground-floor area.) The second and third floors will include two civic spaces, such as modest-sized performance venues. A new public connection would be made between the elevated World Trade Center Avenue and Congress Street below. And the developers would spruce up part of the viaduct — more like a park, less like a desolate bridge. Then there’s that “triangle” parcel, bounded by highway ramps. A single-floor building devoted to civic uses — billed as an innovation and cultural center — would go there, topped with a rooftop park and connected to the office building parcel via a pedestrian bridge. The 18-story main building would include 525,000 square feet of office space. BGI’s team, Massport says, expects to spend roughly $425 million on the entire project, including the public-realm improvements (and excluding the land costs). Construction could start in two years, and the building could open within four. Rendering Below: via Boston Globe

$250 Million Development of Motor Mart Garage CIM Group and Boston Global Investors have submitted a detailed project notification for the redevelopment of the Motor Mart Garage. The plans call for a 20 story tower to rise out of the existing building (for a total of 28 stories).  In total approximately 390 residential units (apartments and condos) would be created, ranging in size from studios to three bedrooms. 672 of the current 1037 parking spaces will be retained and around 46,000 square feet of retail space will be renovated. John Hynes of BGI tells BLDUP the team expects to start construction in October of this year with an anticipated completion in May 2022.

The Benjamin & Via Refinanced for $468 Million The Benjamin & Via in Boston's Seaport District has been refinanced for $468 million via American General Life Insurance Company. The Benjamin & VIA encompass Boston’s largest mixed-use project in over 30 years, spanning 1.5 million residential and retail square feet over three acres of land. Located in the heart of the Seaport District, The Benjamin (22 stories tall) and VIA (20 stories tall) are built to the highest standard of modern luxury and feature sweeping Boston skyline and Boston Harbor views

L.L.BEAN CELEBRATES GRAND OPENING OF ITS FIRST URBAN STORE AT ONE SEAPORTNew England neighbor brings the joy of the outdoors to Boston April 6 March 27, 2018 – Boston, MA – New England outdoor retailer L.L.Bean, best known for its L.L.Bean Boots and world-class customer service, announced the grand opening of its very first urban retail store at One Seaport in Boston on April 6 at 9 a.m. The 8,600-square-foot store will feature an assortment of active and casual apparel, outerwear and footwear, as well as a variety of outdoor gear curated specifically for residents and visitors of Boston. The grand opening celebration will begin on Friday, April 6 and go through Sunday, April 8. Everyone is invited to the three-day event featuring giveaways, games, a weekend block party, L.L.Bean’s famous Bootmobile and more. For more information about L.L.Bean’s One Seaport store and the grand opening event, including a detailed schedule of events, visit http://www.llbean.com/seaport

On Friday, March 2nd, the Los Angeles based, CIM Group filed plans with the Boston Planning & Development Agency to move forward with construction of a 17-story, 280-unit residential tower above the existing nine-story Motor Mart garage located in Boston's Back Bay. This comes two years after the group purchased the garage for $162.5 million in 2016.

278-foot residential tower proposed atop Motor Mart Garage in Bay Village CIM Group of Los Angeles, who acquired the nine-story, 420,000 square foot Motor Mart Garage at 201 Stuart Street in Bay Village for $162.5 million in October 2016, proposes to construct a 278-foot-tall residential tower above the garage. The existing facade would be renovated, and the garage would continue to be used as vehicle parking, including parking for tower residents; the garage currently contains 1,037 parking spaces. Per The Boston Sun, CIM hopes to start construction of the tower next summer and will likely file a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA) formally proposing the project in the coming weeks. CIM also acquired the 200 Stuart Street Garage, a seven-story, 826-space parking garage located across from the Motor Mart Garage adjacent to the Revere Hotel, for $95 million in July 2017. CIM has not disclosed plans to construct a tower atop the 200 Stuart Street Garage, which is currently home to the popular Rooftop@Revere rooftop outdoor bar and lounge. A 19-story, 199-foot-tall tower featuring 131 apartment residences and approximately 3,000 square feet of ground-floor retail was recently approved for construction at 212 Stuart Street, next to the 200 Stuart Street Garage and across from the Motor Mart Garage. CIM also recently acquired 321 Harrison Avenue in the South End, a property featuring an 11-story, 235,000-square-foot office building and three-story, 300-car garage atop which an eight-story, 232,500 square foot office development is approved, for $114.2 million in September 2017. CIM is reportedly weighing speculatively constructing the office development.

Widett Circle seafood vendors propose new South Boston Waterfront facilityAfter listing their longtime home at Widett Circle in South Boston for sale, the seafood vendors of New Boston Food Market, in conjunction with Boston Global Investors, propose to construct a new 79,000-square-foot multi-tenant facility for seafood processing, storage and refrigeration on the South Boston Waterfront. The proposed building would be a two-story, light industrial building of approximately 56,000 gross square feet on the first floor, with an office mezzanine area on the second floor of approximately 23,000 gross square feet. The building would be constructed on the vacant Parcel M of the Raymond L. Flynn Marine Park, located at 3 Dolphin Way. The proponents have filed a Letter of Intent (LOI) with the Boston Planning & Development Agency (BPDA) to construct the proposed facility and anticipate filing a Project Notification Form (PNF) for the project upon completion of negotiations with the BPDA, Parcel M’s owner, for a ground lease.

Newly built 55 Seaport offices sold for $23.5 million, setting new Seaport District price per square foot record Boston Global Investors has sold 55 Seaport Boulevard, a new-construction 13,550-square-foot office building in the Seaport District home to the firm's headquarters, to Zurich Alternative Asset Management for $23.5 million. The sale amounts to approximately $1,734 per square foot, topping the $1,027 per square foot paid by Union Investment in April 2016 to acquire the 440,000-square-foot 101 Seaport and setting the new record for most expensive price per square foot sale of a Seaport District office building. 55 Seaport Boulevard features approximately 7,175 square feet of office space, occupied by Boston Global Investors, and approximately 6,375 square feet of retail space, occupied by CapitalOne. Boston Global Investors listed 55 Seaport Boulevard for sale in October 2016 through Newmark Knight Frank. The building was completed in Fall 2016.