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FPA Multifamily has acquired the Fountainhead Apartments located at 297 Turnpike Road in Westborough, MA for $130 million.
Fountainhead Apartments is a 562-unit 100 percent market-rate apartment community spread throughout three eight-story buildings totaling 644,889 square feet. The buildings are located on a parcel of over 20-acres in Westborough, MA.
The property at 711 Atlantic Ave has been acquired by Asset Preservation, Inc. for $68.5 million.
711 Atlantic Avenue is a 99,200 square foot brick and beam building featuring high ceilings and abundant natural light, conveniently located across from the South Street Station, Boston’s major transit hub.
The property offers brick and beam office space featuring exposed ceilings with the convenience of new building systems and interiors. The building's elevators have recently been replaced, lobby and common areas upgraded, and former basement space recaptured and developed into leasable office space.
Alexandria Real Estate Equities has acquired the property at Innovation Point in Boston, MA for $252,000,100 from GE and MassDevelopment.
The parcel consists of two historic six-story brick Boston Wharf Company warehouse buildings at 5 and 6 Necco Street and a section of the existing Gillette parking lot. Designed by Gensler, GE's approximately 2.5-acre, 390,000 square foot campus will restore the existing warehouses. Approximately 1.5 acres of public space will be constructed at Innovation Point, including a Harborwalk extension. The campus will also include a coffee bar and waterfront restaurant space on the ground floor.
Washington Capital Management, Inc., on behalf of one or more investment management clients, has retained Tocci Building Corporation to provide development support services for Union Point. The property is the 1400 acre redevelopment of the South Weymouth Naval Air Station formerly known as Southfield. Tocci will assist Washington Capital with land use documentation and selection of a new Master Developer. Services include liaison with the Southfield Redevelopment Authority and landowner responsibilities. Tocci was the former Program Manager for Union Point through 2017 and provided a broad range of planning and construction services.
North End Mixed Use Building Sold for $8.5 Million
The property at 240-250 Commercial Street in Boston's North End has sold to the Lupoli Companies for $8.5 million.
240-250 Commercial Street is a centrally located building in the North End neighborhood of Boston. The 22,331 square foot structure, is currently home to Billy Tse restaurant with office tenants on the upper floors.
LStar Communities to be Removed from Union Point Development
The board overseeing the redevelopment of the former South Weymouth Naval Air Station is putting the project’s master developer on notice of default for failing to attract development, provide necessary infrastructure and meet its financial obligations.
The Southfield Redevelopment Authority’s board of directors on Wednesday determined that LStar has breached the terms of the disposition and development agreement. The board voted unanimously to have Paul Niedzwiecki, executive director of the SouthField Redevelopment Authority, notify the company that it is in default.
“We don’t take this action lightly because it is a big deal, and it’s not a place we wanted to go,” said Lyndsey Kruzer, chairwoman of the authority’s board of directors.
LStar will have at least 30 days to address the deficiencies, after which the board will decide whether to take further action. That could include terminating the master developer agreement, Kruzer said.
The default notice results from mounting legal and financial challenges facing the developer behind the massive redevelopment project, which includes land in Weymouth, Rockland, and Abington.
Calare Properties Acquires Framingham Property for $3.28 Million
Calare Properties has acquired the office building at 30 Speen Street in Framingham, MA for $3,283,500.
The property features a 40,536 square foot office building and is positioned with with direct visibility (136,503 cars/day) along Interstate 90 (Massachusetts Turnpike). The building offers unparalleled signage opportunities as well as excellent access to the region’s major highway systems.
Renovation Moves Forward at Innovation Point as GE Scraps Plans for New Tower
Renovations of two historic buildings in Fort Point continue as GE announces it will scrap plans for the second phase of the project, a new 12-story tower. Instead of the original 800 person campus, GE’s headquarters now will have about 250 employees in the two refurbished buildings. GE plans to lease the buildings, after selling them and the adjacent land for the tower jointly with the state to recoup the $25 million tax incentive received from the city.
At the site currently, structural steel for the glass enclosure connecting the two buildings has been erected and window install is ongoing. The crane on site is supporting the erection of the structural steel for the roof and the new 6th floor on the west building. Rough-in of interior walls and interior masonry restoration is also underway in both buildings. Construction is set to be complete by the middle of this year.
Exterior Work Ongoing for 50 Staniford Street Expansion
Exterior work including glass panel install is ongoing for the 19,500 sf addition to the medical building at 50 Staniford Street. The project will reposition the building's three entries, add retail space, and renovate the lobby. Construction is expected to be complete in the first quarter of 2019.
Renovations Continue for GE's Future Headquarters in Fort Point
Renovations of two historic brick warehouse building at 5 & 6 Necco Court continue for GE's new Headquarters, Innovation Point. In addition to restoring the warehouse buildings, the project will include a new 12-story 293,000 square foot building and 1.5 acres of public space. All three buildings will be connected by a pedestrian walkway and the project will also extend Boston's Harborwalk.
The first phase of the project, the renovations, are expected to be complete in the first half of 2019. Completion of Phase Two, construction of the new building by Suffolk Construction and creation of new public open space along Fort Point Channel, is expected in mid-2021.
Framing Underway for Expansion at 50 Staniford Street in the West End
Framing is underway for the 19,500 square foot addition to the existing medical office building at 50 Staniford Street. The project also includes around 35,000 square feet of renovations to the existing building to enhance the patient experience. The lobby will be renovated and a new plaza and patient drop-off/pick-up area will be added along with ground floor retail space. Construction is set to be complete in winter 2019.
Phase I Construction Continues at Innovation Point
Construction continues at GE’s future headquarters in Fort Point. The project is being completed in two phases, pushing full completion of the project to 2021.
Renovation of the two existing brick warehouses at 5 and 6 Necco Court, now dubbed “North Point”, by Consigli Construction is on schedule for delivery in the first half of 2019.
Construction of the new 12-story office building, now dubbed “South Point”, by Suffolk Construction on a former section of the Procter & Gamble parking lot along Fort Point Channel is now scheduled for completion in mid-2021, along with new public open space along Fort Point Channel.
General Electric takes two-phase construction approach to Fort Point headquarters, completion pushed to 2021
General Electric will now construct its’ Fort Point headquarters in two phases, pushing full completion of the project to 2021. Renovation of the two existing brick warehouses at 5 and 6 Necco Court, now dubbed “North Point”, by Consigli Construction is on schedule for delivery in the first half of 2019. Construction of the new 12-story office building, now dubbed “South Point”, by Suffolk Construction on a former section of the Procter & Gamble parking lot along Fort Point Channel is now scheduled for completion in mid-2021, along with new public open space along Fort Point Channel.
The simultaneous renovation of the warehouse and construction of the office building was reportedly deemed too costly, which caused GE to take the cheaper two-phased approach instead. The decision follows John Flannery assuming the role of CEO at GE last week, and Flannery’s subsequent announcement that he would review all of GE’s operations in order to cut costs. “As with any construction project of this scope and complexity, we have been periodically reviewing the schedule and budget. Based on that review, we have decided that it makes more sense and is more cost-effective to construct the campus in two phases,” said Ann Klee, GE’s Vice President of Boston Development and Operations, in a prepared statement. The renovated warehouses will have capacity for approximately 300 employees; the new building will house an additional approximately 500 employees, for a total of approximately 800 employees across the headquarters at completion.
GE unveils adaptive reuse plans for historic pedestrian bridge at Innovation Point
General Electric (GE) has unveiled plans for the adaptive reuse of the four-story historic pedestrian bridge over Necco Court at Innovation Point, GE's upcoming headquarters campus in Fort Point. The bridge will be converted into four lounges and quiet workspaces for GE employees. GE will restore the bridge’s existing green metal wall on the east site of the bridge facing Fort Point. A new glass facade will be installed along the west side of the bridge facing Fort Point Channel and Downtown Boston, providing natural lighting for the lounges and workspaces. By restoring the bridge, GE is preserving Fort Point’s industrial heritage for years to come. The Fort Point Channel Landmark District Commission is now reviewing GE’s plans for the bridge. The following is a rendering of the restored bridge:
General Electric breaks ground on new Boston headquarters
General Electric has broken ground on Innovation Point, its’ new $200 million, 390,000-square-foot headquarters campus located on the banks of Fort Point Channel in the heart of Boston’s Innovation District. A groundbreaking ceremony was held at Innovation Point on Monday (May 8th, 2017), with speakers including Jeff Immelt, GE’s Chairman and CEO, Ann Klee, GE’s Vice President of Environment, Health & Safety and Boston Development and Operations head, Massachusetts Governor Charlie Baker and Boston Mayor Martin J. Walsh.
At Monday’s ceremony, GE announced that it will contribute $50 million towards Boston Public Schools, opioid addiction and other community causes. Mayor Walsh also announced that, over the next 25 years, GE will increase city taxes by $67 million. "This is a big day and a big statement, and one more step forward in the continuing evolution of Massachusetts as a global player on so many fronts and in so many ways," said Governor Baker.
Approximately 800 GE employees are expected to work at Innovation Point, and construction of the campus will generate approximately 1,500 jobs. State and city government officials offered GE $145 million in incentives to relocate its’ headquarters to Boston. Boston’s “great innovation ecosystem, huge talent pool, great leadership and wonderful quality of life” made the city an “obvious choice” for GE, said Klee. “What we're bringing here together is one of the country's oldest companies, in GE, has moved its headquarters to one of the country's oldest cities, in Boston, for the purpose of creating the future,” said Immelt.
Pictures from GE’s groundbreaking ceremony are posted below, and newly revealed renderings of Innovation Point are posted above.
Initial demolition underway at General Electric Headquarters in Fort Point, groundbreaking set for May 8th
Interior demolition is underway at the two long-abandoned historic Necco Court warehouses that will become part of General Electric (GE)’s new $200 million Fort Point headquarters. An official groundbreaking for GE’s 390,000 square foot headquarters is set for May 8th. GE will fully restore the two existing warehouses and construct a new 12-story, 293,000 square foot building topped off by a sweeping solar panel on the adjacent parking lot. The new headquarters will be occupied by approximately 800 GE employees. As part of the project, approximately 1.5 acres of public space, as well as a ground-floor coffee bar and waterfront restaurant, will be constructed. Full completion of GE’s headquarters is expected by early 2019; completion of the restoration of the existing warehouses is expected by mid-2018. The following are photographs of the General Electric Headquarters site:
General Electric Headquarters Fort Point land sale closes for $83 million
General Electric and MassDevelopment closed Friday (December 16th) for $83 million on the acquisition of the 2.5-acre future site of General Electric’s $200 million headquarters in Fort Point. The site was sold in two separate transactions.
MassDevelopment paid $57.4 million to acquire the historic warehouses at 5 and 6 Necco Court, which will be renovated and incorporated into the future headquarters facility. MassDevelopment's acquisition is part of the State of Massachusetts' $120 million incentive that is being used to build General Electric's headquarters. MassDevelopment also closed Friday on $90 million of financing through Citizens Bank, which will be used to acquire and renovate the Necco Court warehouses.
General Electric paid $25.6 million to acquire the remaining land on which a new 12-story, 293,000 square foot building will be constructed. General Electric’s new facility will total 390,000 square feet. It was also announced Friday that Suffolk Construction will be the facility’s construction manager.
LStar Communities held a ribbon cutting ceremony last Wednesday (November 23rd, 2016) for the new $6.7 million Patriot Parkway at Union Point in South Weymouth. The completion of the Parkway frees hundreds of acres of land at Union Point up for development. The completed Parkway, financed by MassDOT, cuts through the 1,500 acre Union Point site, linking Routes 3 and 18 as well as the South Weymouth commuter rail station and the future Union Point town center district. Town Center Apartments, a new mixed-use development with 265 apartments and 14,000 square feet of retail, is already under construction at the end of the Parkway steps to the commuter rail station.
Union Point residents were delighted to welcome the new Parkway and enthusiastically honked their car horns as they drove along the road for the first time. The following are photographs from the ribbon cutting ceremony:
Northland releases preliminary renderings for 30-acre Needham Street development
Newton-based Northland Investment Corporation has released preliminary renderings and details of a proposed 30-acre development that would transform Needham Street in Newton with new residential, office and retail space. Northland could file formal plans for the project with the City of Newton in 2017. The following is a link to the Concept Board for Northland’s proposed development. Additional information about and renderings of the project can be found above.
At last night's board meeting, the Boston Planning & Development Agency (BPDA) approved the $200 million General Electric (GE) Headquarters project in Fort Point. Pending zoning and environmental approvals, GE's new headquarters is expected to break ground in Early 2017 and open at least partially in 2018, The Boston Globe reports.
Union Point plans revealed at BLDUP, Inc.’s Developer’s Agenda
LStar Communities’ Managing Partner Kyle Corkum revealed the latest plans for Union Point, a a 1,500 acre mixed-use development located 12 miles from Boston, at BLDUP, Inc.’s inaugural Developer’s Agenda event last Thursday evening. Corkum, with help from John Tocci Jr., Director of Virtual Design and Construction at Tocci Building Companies, led Developer’s Agenda attendees on a 3D virtual tour of Union Point and revealed new project renderings, which can be found on the Union Point BLDUP page.
Corkum spoke of the “unprecedented opportunity to build something spectacular” at Union Point, namely a “new transit-oriented city.” The State of Massachusetts has invested $53 million into a new 2.5-mile parkway at Union Point that leads to a new MBTA Commuter Rail Station; the State also invested $23 million into the MBTA Station.
Corkum unveiled plans for a “tremendous concentration of restaurants in an urban environment” that will be centered around a new man-made lake. These restaurants will surround new professional athletic facilities, activating the restaurant district. At game times, streets will be closed off “like Yawkey Way” in Boston. According to Corkum, professional sports teams have already committed to playing at Union Point.
Ultimately, over 100 commercial buildings will be constructed at Union Point; Union Point will feature up to 4,000 homes and up to 6 million square feet of commercial. Construction recently began on Town Center Apartments, a mixed-use development at Union Point with 14,000 square feet of retail and 265 units of rental housing. Six major projects at Union Point are now underway; up to 20 major projects will be underway by Spring 2017.
A topping off ceremony was held in New York City yesterday (October 6th, 2016) to mark the completion of 3 World Trade Center's 80-story, 1,079 foot tall steel frame. During the ceremony, the frame's final steel beam was lifted into place at the tower's summit.
3 World Trade Center's glass curtain wall has nearly reached the top floor. Vidaris is providing comprehensive building envelope consulting and monitoring services for the curtain wall's construction. The curtain wall includes a high-performance thermally-broken window wall system which incorporates low-emmisivity glass for optimal thermal performance. 3 World Trade Center is targeting LEED Gold efficiency certification.
The 2.5 million square foot 3 World Trade Center will contain Class A office space with 150,000 square feet of retail across the tower's first five floors. 3 World Trade Center is the fourth of five buildings that will be built at the World Trade Center site. The following is a video by Vidaris of the 3 World Trade Center steel frame topping off:
The following is a photograph by Vidaris of 3 World Trade Center's glass curtain wall:
General Electric releases renderings and details for Boston headquarters
General Electric (GE) and development partner Massachusetts Development Finance Agency (MassDevelopment) today released renderings and details for GE's future Boston headquarters campus along Fort Point Channel in an Expanded Environmental Notification Form/Project Notification Form (EENF/EPNF) filed with the Boston Redevelopment Authority; the following is a link to the full EENF/EPNF. The Boston Business Journal reports that on August 22nd, approximately 175 GE employees will begin working at GE's temporary Boston headquarters facility at 33-41 Farnsworth Street in Fort Point. The following is a building section of GE's new campus showing intended uses:
Building Section w/ Intended Uses
The following is a graphic showing environmentally-friendly and sustainable features:
Campus Sustainability Elements
The following is a site plan showing proposed conditions:
General Electric Headquarters acquisition deal moving forward, construction could start this fall
The Boston Globe reports that General Electric (GE)’s acquisition of its’ future Fort Point headquarters site is moving forward. On Thursday, the board of MassDevelopment, the state economic development and finance agency, reportedly authorized the purchase of the two historic warehouse buildings at 5 and 6 Necco Court, which will be incorporated into GE’s headquarters facility, and an acre of land that will be used for open space. The MassDevelopment board also authorized MassDevelopment on Thursday to apply for up to $120 million in state grants that would be used for the purchase and improvement of GE’s headquarters site.
MassDevelopment Chief Executive Marty Jones states that GE aims to start construction work at the the historic buildings as soon as this fall, with completion and occupancy of the entire facility expected in 2018. GE executives will move this summer to 33-41 Farnsworth Street in Fort Point, which will serve as GE’s temporary headquarters.
GE’s acquisition of the headquarters site is expected to close in September. The approximately 2.5 acre site will reportedly be subdivided into an acre of open space, approximately half an acre where the historic buildings stand and approximately one acre where GE’s new 293,000 square foot building will be erected. MassDevelopment will reportedly own the open space and historic buildings parcels, and GE will own the new building parcel. GE will lease the historic buildings from MassDevelopment.
More information about the General Electric Headquarters project is posted below.
Concrete core tops out at NYC's 3 World Trade Center
A topping out ceremony was held Thursday for New York City's 80-story, 1,079 foot tall 3 World Trade Center office tower. The ceremony marks the completion of concrete construction. The tower will consist of a reinforced concrete core; construction continues on the surrounding steel structure. 3 World Trade Center is the fourth of five buildings that will be built at the World Trade Center site.
Developer Larry Silverstein signs the final concrete bucket at 3 World Trade Center (Source: PR Newswire)
Letter of Intent filed for General Electric Fort Point headquarters, designed by Gensler
General Electric has filed a Letter of Intent to construct its new headquarters facility fronting Fort Point Channel in Boston. As previously reported, the existing warehouse buildings at 5 and 6 Necco Court will be rehabilitated. The buildings will be connected by a new shared lobby and atrium. A new 293,000 square foot, 12-story building will be built next to the existing buildings. The new building will be connected to the buildings by a pedestrian bridge as well as a new pedestrian passageway, GE Plaza, that will connect Necco Street and the Fort Point Channel harborwalk. Part of GE Plaza will be located underneath a transparent canopy.
Global architecture firm Gensler is designing General Electric's new headquarters facility. Contrary to prior reports, the State of Massachusetts, not the Boston Redevelopment Authority, will own General Electric's facility. Uses and amenities at the facility will include "office, maker space, bistro-cafe, cafeteria, coffee bar, museum, convener space, community co-work lounge, and laboratory" per the Letter of Intent. The following is a preliminary rendering of what General Electric's facility may look like:
Intercontinental Real Estate Corporation buys East Cambridge buildings for $304 million
Canal Park Cambridge, a 428,000 square foot development consisting of three office and retail buildings located along Lechmere Canal Park in East Cambridge, has reportedly sold for $304 million. The sale was reported this morning by The Boston Globe. Deeds were recorded in the Middlesex South Registry of Deeds this afternoon for 1 and 2 Canal Park; the sale of 10 Canal Park has not yet closed. 1 Canal Park sold for $72,260,800; 2 Canal Park sold for $154,371,200. A locus map of Canal Park Cambridge is posted above.
General Electric reaches deal to acquire Fort Point parcel
The Boston Globe reports that General Electric has reached a deal to buy a 2.5-acre parcel on Fort Point Channel. The parcel consists of two vacant warehouses and parking. General Electric will build a new headquarters facility on the parcel. Procter & Gamble, current owner of the parcel, will retain much of the current parking lot; only a section of the lot will be sold.
General Electric will develop the new facility in partnership with the Boston Redevelopment Authority. The Boston Redevelopment Authority will own the facility, and General Electric will lease. Sale of the 2.5-acre parcel is expected to close in nine to 12 months; General Electric hopes to occupy the new facility by 2018. General Electric has not yet filed development plans; an architect for the new facility is yet to be hired. Approximately 800 people will work at General Electric's new facility.
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