DLJ Real Estate Capital Partners

CO Issued for 40 Warren St. in Charlestown A temp. certificate of occupancy has been issued for 40 Warren Street in Charlestown. The $6M+ renovation features a 3,500 square feet of retail space on the ground floor to be home to Tatté Bakery along with around 40,000 square feet of Class A office space on the upper floors.  

Somerville's Boynton Yards 50 Foot Deep Mass Excavation is Substantially Complete W. L. French crews have substantially completed mass excavation at Somerville's Boynton Yards and are preparing for footing excavation.  The first building at Boynton Yards will be 101 South Street, to feature 290,000 square feet of speculative lab space. The project will also include first floor retail and community arts spaces plus four levels of underground parking.

101 South St. at Boynton Yards Officially Breaks Ground On Monday, December 2nd, Leggat McCall hosted an official ground breaking ceremony for 101 South Street, the first building in the Boynton Yards redevelopment. 101 South will feature 290,000 square feet of state of the art lab space over four levels of underground parking and first floor retail and community arts spaces. The project is located adjacent to Union Square and will certainly benefit from the upcoming green line station set to open in 2021. The 101 South Street team with Mayor Curtatone. The shovel presented to the mayor as part of the groundbreaking ceremony was painted by local artist JennyMae Kho.

Site Work Continues at 101 South St. at Boynton Yards Site work is ongoing at 101 South Street as part of the Boynton Yards development in Somerville. The class A speculative lab building will feature 290,000 square feet of space aimed at emerging life sciences companies. This project will also include four levels of underground parking and ground-floor retail and community arts spaces. Construction of the initial building and related infrastructure and open space improvements started in June 2019 and will approximately 2 years, aligning the opening with the completion of the planned MBTA Green Line station in Union Square.

Somerville Property Acquired for $23 Million DLJ Real Estate Capital Partners has acquired the office/industrial headquarters site of moving company Gentle Giant for the sum of $23 million. The three-acre parcel is adjacent to the 3.4-acre site DLJ acquired in a joint venture with Leggat McCall Properties (LMP) in November of 2018 from J.J. Vaccaro, where a 290,000 square foot Life Sciences building is now being constructed on spec. DLJ has not yet stated its development intentions for the newly acquired site, but the land is zoned as part of Somerville’s TOD 55 zoning overlay, which would allow for the potential development of a 600,000 square foot building. The deal for the Gentle Giant headquarters, located at 29 Harding St. and comprised of administrative offices, storage space and parking lots, was brokered by Bernard Gibbons of the Cambridge-based Associated Brokerage Group (ABG), who represented the seller and procured the buyer. This is the third deal brokered by Gibbons and ABG Commercial Realty in Boynton Yards in the past 19 months, with sales totaling $56 million. Gibbons also brokered the sale of the J.J. Vaccaro property to DLJ/LMP for $13.5 million, and 561 Windsor Street, the 83,000 square foot building that is home to the Taza Chocolate Factory, to Riverside Properties for $20 million in February of 2018. Situated adjacent to vibrant Union Square and within a mile of life science and technology hub Kendall Square, the site is part of the larger Boynton Yards redevelopment. The City of Somerville envisions the redevelopment as a vibrant, mixed-use district comprised of lab, office, multifamily, neighborhood retail, and community arts space. The neighborhood is expected to reap dividends from the new Green Line station adjacent to Union Square, which is scheduled to open in 2021. “With the in-migration of tech and life science tenants to the Boston and Cambridge markets exerting upward pressure on rents, Somerville and Boynton Yards are poised to be viable alternatives for companies in the knowledge industries seeking well-amenitized space at a more reasonable price point,” said Gibbons. “With the Green Line extension scheduled to open in Union Square in 2021, Boynton Yards will be a huge draw for companies in the war for millennial tech talent, which they need to compete in today’s market.”

Site and Foundation Work Underway for First Building at Boynton Yards Site and foundation work on 101 South Street at Boynton Yards is well underway just a few months after the project was financed for $140M. The Class A speculative lab building will feature 290,000 square feet of space aimed at emerging life sciences companies. The building will also include four levels of underground parking and ground-floor retail and community arts spaces. Located adjacent to Union Square, the City of Somerville plans for Boynton Yards to be redeveloped into a vibrant, mixed-use district benefitting from the new Green Line Station expected to open in 2021.

Structure in Place for Renovation and Addition at 40 Warren St. in Charlestown The upper floor addition is in place and construction continues for the revamp of 40 Warren Street in Charlestown. The updated building will maintain some parking on the ground level and add 3,500 square feet of retail. The upper floors of the project will include around 40,000 square feet of Class A office space. The new office space will feature oversized windows with harbor views and open floor plates and is now leasing.

101 South Street Financed for $140 Million The Class A speculative lab building at Boynton Yards has been financed via Bank OZK for $140 million. The 290,000 square foot building will match the quality of newly constructed buildings in Kendall Square/East Cambridge and will provide state-of-the-art lab space geared towards emerging life science companies.  The project will also include four levels of underground parking and first floor retail and community arts spaces.

Charlestown Industrial Property Sells for $10.05 Million The property at 8 Bunker Hill Industrial Park has sold to DLJ Real Estate Capital Partners for $10.05 million. The property features an industrial warehouse in Boston’s urban neighborhood of Charlestown. 8 Bunker Hill Industrial Park is a 9,600 square foot building that sits on 1.17 acres of land.  

Five buildings up to 24 stories tall proposed near Somerville’s Union Square Steps from Somerville’s up-and-coming Union Square and the planned MBTA Green Line extension, DLJ Real Estate Capital Partners proposes to construct Boynton Yards, a mixed-use development featuring five buildings up to 24 stories tall. The buildings would contain a total of 950,000 square feet, including approximately 425 residential units, 426,911 square feet of office space, 112,250 square feet of research and development (R&D) space and 30,478 square feet of retail. Boynton Yards would be constructed across two phases over the next seven years, replacing a series of surface parking lots and low-slung industrial buildings north of and adjacent to South Street between Windsor Place and Harding Street. DLJ has filed plans for Boynton Yards with the City of Somerville, who is now reviewing the project. In November 2017, DLJ sold 35-37 Medford Street, a 53,000-square-foot brick-and-beam office building located steps from the proposed Boynton Yards site, to Normandy Real Estate Partners for $23.8 million after acquiring the building for $12.5 million in June 2016.