Encore Boston Harbor Refinanced for $1.85 Billion
The Encore Boston Harbor casino has been refinanced by Wynn Resorts for $1.85 billion via Deutsche Bank.
Encore Boston Harbor is a 34-acre, 3 million square foot five-star casino that opened on June 23rd, 2019 along the Mystic River in Everett. Encore Boston Harbor features a 210,000 square foot gaming facility with approximately 3,200 slot machines and 160 gaming tables. A 24-story, 350-foot tall curved glass tower contains over 600 luxury hotel rooms with a standard room size of over 600 square feet.
Work Continues on 455 Grand Union Blvd
Construction is ongoing for 455 Grand Union Blvd in Somerville. The project being developed by Federal Realty Investment Trust will include around 237,600 square feet of office space, 150,000 of which will be home to Puma North America. Office space will accommodate an open floor plan layout with abundant natural lighting and sweeping views. Communal roof terraces will be located on the building’s 6th and 13th floors. Additionally, 6-levels of open-air parking will be constructed within the building's footprint.
Steel Framing Underway for New Puma HQ at Assembly Row
Steel framing has started for the upcoming office/retail building at 455 Grand Universal Blvd, the future home to Puma HQ. The building will include around 237,000 square feet of office space on the upper floors with nearly 30,000 square feet of retail and restaurant space below. Construction is expected to be complete in early 2021.
Cores Climbing for 455 Grand Union Blvd
Two concrete cores are climbing for what will be a 267,000+ square foot commercial building at 455 Grand Union Boulevard in Assembly Row. The project will include around 237,600 square feet of office space, 150,000 of which will be home to Puma North America. Approximately 29,000 square feet of retail and restaurant space and parking for 550 cars will round out the project. Not only will Puma's 450 employees have access to Assembly Row's many shopping, dining, and entertainment destinations but the Grand Union building will include communal roof terraces on the 6th and 12th floors. Construction is expected to be complete in early 2021.
ICYMI Encore Boston Harbor is Now Open
In case you had skipped town for a weekend break or may be living under a rock, Encore Boston Harbor is now open. The massive, 3 million square foot project which officially broke ground in early August of 2016 welcomed large crowds on opening day June 23rd. Around 7,400 construction workers helped build the $2.6B project. The Encore features...
- 671 guest rooms ranging in size from 650 - 5800 square feet- 210,000 square foot of casino space including 3158 slot machines & 231 table games- 15 restaurants & 5 shops- 50,000 square feet of meeting space- 26,000 square foot spa- Public waterfront park with boat dock
Exterior Work Nearly Complete for 250 North St. in Cambridge Crossing
Exterior work is nearly complete for 250 North Street, future home of Philips North America in Cambridge Crossing. The 430,000 square foot lab and office building will also include 17,000 square feet of ground-floor retail, 3 levels of underground parking and a bike room with lockers and shower facilities. Construction is expected to wrap up in the first quarter of 2020.
Work Begins on Core for Future Puma Headquarters at Assembly Row
Work has started on the core for the upcoming 300,000 square foot commercial building at 455 Grand Union Blvd in Somerville's Assembly Row. The nearly 300,000 square foot commercial building will be home to Puma North America, who announced in January they will lease 150,000 square feet of space within the project. The Class A office building will feature 550 dedicated parking spaces and approximately 25,000 SF of ground floor retail. PUMA is expected to occupy 455 Grand Union Boulevard in early 2021 with 450 employees relocating from offices in Boston and their current headquarters building in Westford, Massachusetts.
Construction Launches for 455 Grand Union Blvd. at Assembly Row
Federal Realty Investment Trust broke ground on 455 Grand Union Boulevard at Assembly Row earlier this week with Somerville Mayor Joseph Curtatone and PUMA North America CEO Bob Philion. PUMA has signed a lease for 150,000 square feet to anchor the new 300,000 square foot retail and office building as the company’s North American headquarters. This celebration marks the launch of Phase 3 of the development, which also includes a new 24-story, 500-unit apartment building with ground floor retail space, across from the Assembly Square MBTA T station.
Beyond Phase 3, Federal Realty has approximately five more acres of developable land that has been entitled to accommodate up to 1.5 million square feet of office and/or lab development.
At the completion of Phase 3, Assembly Row will include over 55 shops, 22 restaurants, 1,514 residential units, over 1.1 million square feet of Class A office space, and The Row Hotel, a 158-room Marriott Autograph Collection Hotel, which opened in 2018.
“PUMA, a worldwide leading sports brand, sees the long-term value of the dynamic, transit-oriented Assembly Row experience and Somerville’s creative energy, as well as the amenity-rich location” noted Patrick McMahon, senior vice president, regional development for Federal Realty Investment Trust. “We look forward to collaborating with both the City and PUMA and welcoming more like-minded companies to this destination campus environment.”
As part of Federal Realty’s partnership with the city of Somerville, Phase 3 is expected to generate approximately 600 construction jobs and approximately 900 permanent office jobs. In addition to annual taxes, the project will yield $5.6M in building permit fees and the contribution of $12M over the next several years to the creation of affordable housing in the City.
Designed by Jacobs, the 13-story Class A office building with 550 dedicated parking spaces and approximately 25,000 square feet of ground-floor retail will be home to PUMA North America’s new headquarters. PUMA is expected to occupy 455 Grand Union Boulevard in early 2021 with 450 employees relocating from its current offices in Boston and Westford, Mass. 455 Grand Union Boulevard is now under construction and over 50 percent pre-leased. Cranshaw Construction is the general contractor and Copley Wolff Design Group is the landscape architect for the project. The neighborhood's existing office space at 450 Artisan Way is currently 100 percent leased. Additionally, Partners Healthcare is headquartered at Assembly Row with 730,000 square feet of office space.
“We’re excited to have officially broken ground on the new headquarters of PUMA North America,” said Bob Philion, president and CEO of PUMA North America. “We’re confident that our new Assembly Row location will help us bolster PUMA’s presence in North America. We look forward to becoming an integral part of the Somerville community and taking advantage of everything this vibrant city has to offer our employees.
Patrick McMahon, SVP, Regional Development Federal Realty Investment TrustMatt Ehrie, VP, Regional Portfolio Manager, Federal Realty Investment TrustAdam Petrik, Global Director of Brand and Marketing, PUMAKatjana Ballantyne, Councilor, Ward 7 and Council President, City of SomervilleBob Philion, President & CEO PUMA North AmericaJoseph Curtatone, Mayor, City of SomervilleDon Wood, President, and CEO, Federal Realty Investment TrustGeorge Proakis, Executive Director, Office of Strategic Planning and Community Development, City of SomervilleTom Galligani, Director of Economic Development, City of SomervilleBrad Dutton, V.P. Regional Construction, Development, Federal Realty Investment TrustDavid Middleton, General Manager, Assembly Row
Construction Continues on 250 North in Cambridge Crossing
Construction continues on 250 North Street in Cambridge Crossing the future home of Phillips Headquarters. Phillips has leased 243,000 square feet of the 430,000 complex. The state of the art facility has already received a Platinum level Wired Certification. The entire Cambridge Crossing development will, in fact, be designed for a full neighboorhood Wired Certification. This certification denotes the highest level of connectivity and when complete will only be the second neighborhood in the U.S. to receive this designation.
Construction on 250 North is scheduled to be complete in the first quarter of 2020.
PUMA Leases 150K SF in Upcoming Phase 3 of Assembly Row
Federal Realty Investment Trust has signed a lease for 150,000 square feet with PUMA North America to anchor a new 300,000 square foot office building, with ground floor retail space, at 455 Grand Union Boulevard at Assembly Row, the rapidly growing, mixed-use neighborhood just minutes from downtown Boston. In addition to 455 Grand Union Boulevard, Phase 3 of development includes a new, 24-story, 500-unit apartment building, with ground floor retail space, across from the T station. Beyond Phase 3, Federal Realty has approximately 5 more acres of developable land that has been entitled to accommodate up to 1.5 million square feet of office and/or lab development.
“Somerville is a vibrant city full of creative energy, easy to get to, and with a spirit that aligns well with our brand,” said Bob Philion, president and CEO of PUMA North America. “We get all the benefits of being in such proximity to downtown and many of our region’s most diverse communities located along the orange line while mitigating commute times for our suburban employees.”
Designed by Jacobs, the 13-story Class A office building with 550 dedicated parking spaces and approximately 25,000 SF of ground floor retail will be home to PUMA’s North American headquarters. PUMA is expected to occupy 455 Grand Union Boulevard in early 2021 with 450 employees relocating from offices in Boston and their current headquarters building in Westford, Massachusetts. 455 Grand Union Boulevard is now under construction and over 50% pre-leased.
“PUMA’s decision to move their headquarters to Assembly Row would not have happened without FRIT’s commitment to work with us to go beyond just building buildings and instead to create Greater Boston’s newest and most vibrant transit-connected neighborhood,” said Mayor Joseph A. Curtatone. “With companies like Partners HealthCare, SmartBear, and now PUMA, the momentum just continues to build in Assembly. We look forward to introducing PUMA—and all the employers to come—to our diverse and talented workforce.”
At the completion of Phase 3, Assembly Row will include over 55 shops, 22 restaurants, 1,514 residential units, over 1.1M SF of Class A office space and The Row Hotel, a 158-room Marriott Autograph Collection Hotel.
“We have spent the past ten years working with the City of Somerville to create a dynamic neighborhood that attracts world-class companies,” said Patrick McMahon, vice president development at Federal Realty Investment Trust. “We are excited that PUMA has placed long-term value on the Assembly Row location, our expansive array of high-quality amenities, vibrant mix of uses and direct access to the T and highway. We look forward to welcoming the PUMA team with our more than 10 soccer fields worth of amenities and watching PUMA sustain its position as an international leader in the sports brand world.”
Marquee in Place for Encore Boston Harbor
With an investigation by the Gaming Commission putting the gaming license of the Encore Boston Harbor in question work still continues on the 3 million square foot project. Steve Wynn has filed a lawsuit to block the release of the report, claiming it will violate his privacy rights. Amidst these questions, The Encore marquee has been put in place that will welcome guests this coming June.
The $2.5 billion project will feature over 600 luxury hotel rooms along with 210,000sf of gaming area. A public waterfront park is also being constructed along the Mystic River. Along with interior work, road improvement work has also started around the development.
Big Night Entertainment Group Confirms Restaurant and Nightclub
Back in March BLDUP reported that a lease had been signed by Big Night Entertainment Group for 15,236 square feet in the Promenade area of Encore Boston Harbor casino and hotel. The New England based entertainment group has formally announced plans for the space within the $2.5 billion casino this week.
The group said that the restaurant will be called Mystique, and the nightclub will be called Memoire. The restaurant will feature an Asian-fusion menu and will seat more than 530, including a 94-seat lounge with wraparound bar. The nightclub will overlook the resort’s casino floor and will accommodate up to 600 people.
Encore Boston Harbor is set to open in June 2019.