Newmark Knight Frank

Marlborough Office Campus Trades for $66M Newmark Knight Frank has announced the completion of the $66 million sale of The Campus at Marlborough on behalf of a fund sponsored by Hines to Greatland Realty Partners. The Campus at Marlborough features four interconnected buildings on a 121-acre campus. The three office buildings and one amenity building total 531,916 square feet of space. On-site amenities include a full-service cafeteria, Starbucks lounge, staffed fitness center, 300-person auditorium, conference facilities, outdoor seating areas, walking/jogging trails, and basketball and volleyball courts.  The property is presently 76 percent leased to a five-tenant roster anchored by the global headquarters of medical technology company Hologic.

Senior Housing Development Under Review at The Vale in Woburn In conjunction with the redevelopment of the former Kraft Atlantic Gelatin Facility, LCS Development has proposed a 223 senior housing development, The Delaney at The Vale on a 9.4-acre site located at the southern end of the property. The project would offer a mix of independent and assisted living along with memory care units in 3 connected buildings. A walking path around the community will be included for resident use along with on-site parking for 193 vehicles. 

$3.4M Permit Pulled for Renovations to Charlestown Office Building A building permit valued at $3,487,284 has been pulled for renovations to 500 Rutherford Ave. in Charlestown. The project will include minor interior demo and new structural openings to accommodate new windows and entrances plus full facade replacement. The 360,000 square foot office building with a retail base is part of the Hood Park development.

Newmark Knight Frank Q1 Office Market Report Following a banner year of net absorption and rent gains, Greater Boston’s office market slowed in early 2020. Historically, first-quarter activity is known to be more measured and, given the market’s late-stage expansion phase, slower growth was certainly a near-term risk. Nagging concerns over macro headwinds have given way to a “black swan” event that will more than likely ignite a global recession. The COVID-19 pandemic and subsequent social distancing measures have led to widespread work-from-home policies and will likely weigh on growth throughout the U.S. office market. Users with longer lead times will likely shelve any major real estate decisions until a clearer picture emerges from this outbreak. While the near-term outlook remains precarious, Greater Boston started 2020 with some of the strongest fundamentals the market has ever seen. A recent moratorium on large-scale construction sites in both Boston and Cambridge could also limit over-supply. Look for successful long-term growth to return once the current challenges subside.   Check out the full report here.

Rights to 60 State Street Sold for $614.3 Million Starwood Capital Group and an undisclosed partner have acquired the rights to 60 State Street in Boston's financial district for $614.3 million. 60 State Street is a modern skyscraper on historic State Street in Boston, MA. The building is strategically located at the highly coveted intersection of Congress and State Streets, directly adjacent to Faneuil Hall Marketplace. This Class A, 912,214 square foot office tower offers unimpeded views of Boston Harbor and features the State Room, which serves as a high-end function space and amenity to the building.

Norwell Property Sold for $27.5 Million The property at 42 Longwater Drive in Norwell, MA has been acquired by CleanHarbors for $27.5 million. Totaling 104,008 square feet, 42 Longwater Drive has served as Clean Harbors' headquarters facility since 2005. The asset is undergoing a comprehensive modernization highlighted by the recently completed renovation of its full-service café, the addition of a brand-new outdoor patio and ongoing upgrades to its office space.  

Newton Residents Vote YES on Northland's 22+ Acre Development Newton residents voted in favor of the Northland Newton project Tuesday night, with 58% of voters supporting the mixed-use development. As approved by the city council in December 2019, the project will include  800 housing units (140 of which will be affordable), 180,000 square feet of office space and 115,000 square feet of commercial space. Plans also call for 10 acres of open space including 8 new parks plus a mobility hub that will offer free electric shuttle service to the Newton Highlands MBTA Station. 

Fenway Property Acquired for $270 Million Fenway Capital Advisors has acquired the building at 109 Brookline Ave in Boston's Fenway neighborhood for $270 million. 109 Brookline is presently 99 percent leased to Beth Israel Deaconess Medical Center, Dana-Farber Cancer Institute and Boston Children's Hospital - all of which operate flagship hospitals in the adjacent Longwood Medical and Academic Area (LMA) - as well as Toast, a fast-growing technology startup.

$2.9M Permit Pulled for Exterior Renovations at 500 Rutherford Ave J.F. White Contracting has pulled a permit valued at $2.9M for exterior renovations at 500 Rutherford Avenue within the Hood Park. The work will include removal of current site furnishings reworking grades and installing new features including lighting, landscaping, sidewalks, and other hardscape designs. 

100 Hood Park Drive Taking Shape The new garage/retail space within the Hood Park Development in Charlestown is taking shape with exterior work nearly complete for the front half of the project. The building will offer parking for over 900 cars plus 50,000 square feet of lab and 24,000 square feet of retail space. The garage will also include a solar array on the rooftop and will be equipped with electric vehicle charging stations in 50 of the parking spaces.

$5M Reno Permit Pulled for Nelson Mullins Office at One Financial Center Corderman & Company has pulled a permit valued at just over $5M for a three-phased renovation for the Nelson & Mullins office on the 35th & 36th floors of One Financial Center. Work will include selective demolition plus new drywall, flooring, and painting. The renovation also includes new MEP systems. 

$2.53M Electrical Permit Pulled for Toast Office at 109 Brookline Ave. An electrical permit has been pulled to install new power, lighting, and panels for the 1st & 2nd-floor office space for Toast at 109 Brookline Avenue. The permit is valued at $2.53M. A fire alarm install permit has also been issued for this office space.