Bulfinch Adds Building 200 at Cambridge Discovery Park to Portfolio for $138.75 Million
Bulfinch has announced that an affiliate of the Company, in a joint venture with two institutional investors, completed the acquisition of Forrester’s World Headquarters and Garage A at Cambridge Discovery Park (CDP).
The property was originally developed by Bulfinch in 2011 and later sold in 2014. The building consists of six floors and totals approximately 193,000 square feet of office space with 650+/- garage parking spaces. The property is 100% leased to Forrester Research, Inc. (NASDAQ: FORR) under a long-term lease. Bulfinch’s prior knowledge from having developed the asset and completed the Forrester lease afforded a competitive advantage in the sale process. People’s United Bank provided long-term financing.
The building is located in the middle of one of Bulfinch’s premier developments: Cambridge Discovery Park. Measuring 27 acres, CDP is one of the largest campuses in Cambridge, offering a unique natural environment all within close proximity to the Alewife MBTA Red Line Station as well as minutes from Boston, Logan Airport and Route 128. Situated in Alewife’s life science cluster, CDP has emerged as a desirable alternative to East Cambridge’s low vacancy constraints, offering ample space for innovators in Boston’s life science hub. This lab, R+D and office campus includes 400,000 square feet in three buildings, two parking garages with space for over 1,000 vehicles, including electric car charging stations, and a 150 room AC Marriott Hotel with conference center, restaurant and bar. Currently, under construction, Building 400-500 is Bulfinch’s newest addition to CDP adding 283,000 square feet of Class A lab, R+D and office space to the park with the delivery of Q1 2020.
“Cambridge remains supply-constrained for both office and life science users. The strategic location within Cambridge, and specifically within CDP, made this asset an excellent investment and addition to our portfolio,” says Eric Schlager, CEO of Bulfinch. “We are excited to return our entrepreneurial spirit and commitment once again to this asset, and we look forward to continuing our relationship with Forrester.”
This acquisition adds to Bulfinch’s growing portfolio in Cambridge and is consistent with the firm’s vision of acquiring premier office and life science assets in Boston’s core markets.
Facade in Place for Cambridge Discovery Park's Newest Additions
Work on the building envelopes is wrapping up for buildings 400 & 500 at Cambridge Discovery Park. The state-of-the-art, LEED Gold buildings will feature around 280,000 square feet of lab space. Just last month FogPharma signed a lease for nearly 115,000 square feet at the project. The property includes unobstructed views of Boston, two distinct lobbies and ground floor amenities including a café and fitness center. Construction is expected to be completed in the first quarter of 2020.
Cambridge Discovery Park Building 400-500 Will be New Headquarters for FogPharma and LifeMine Therapeutics
The Bulfinch Companies, Inc., announced it has signed a 114,490 SF lease with FogPharma in building 400 at Cambridge Discovery Park (CDP). The lease marks the first signed tenant for Bulfinch’s new 400-500 property, a world class 280,000 SF Class A lab, R&D and office development. Peter Bekarian, Managing Director at Jones Lang LaSalle served as the broker on behalf of Bulfinch, and Evan Gallagher, Senior Vice President at Colliers International represented the tenant.
CDP towers 400 and 500 are state-of-the-art, LEED Gold buildings designed by Stantec, and located in an opportunity zone. The building was topped off in April 2019 and is set to deliver Q1 2020, with John Moriarty & Associates serving as General Contractor. The property includes unobstructed views of Boston, a connector on the third through sixth floors over the private Discovery Way Drive, two distinct lobbies and ground floor amenities including a café, fitness center, floor-to-ceiling windows, and energy efficient systems. Situated in Alewife’s life science cluster, CDP has emerged as a desirable alternative to East Cambridge’s low vacancy constraints offering ample space for innovators in Boston’s life science hub.
“We are thrilled that FogPharma has chosen to remain at CDP and expand in Building 400-500,” said Mike Wilcox, SVP, Director of Leasing at Bulfinch. “Bulfinch has enjoyed a close-working relationship with FogPharma for several years and looks forward to continued success for years to come. CDP provides an ideal location with flexibility for tenants to grow and expand their research long-term in a premier life science campus in Cambridge.”
As a current tenant in a 22,442 SF space in Building 100 at CDP, FogPharma has leased all six floors of Building 400 with a phased move-in set to begin in January 2020. FogPharma will have an exclusive lobby in Building 400, exterior signage and branding rights to the building. FogPharma recognized the advantages of both location and amenities at CDP, electing to move into Building 400 to accommodate the company’s recent, expansive growth. For the first 3-5 years of the lease, FogPharma plans to sublet roughly half of its space in Building 400 to its sister company, LifeMine Therapeutics.
“FogPharma and LifeMine have grown in leaps and bounds since their operational start-up in 2016 and 2017, respectively. Our remarkable scientific progress demands continued aggressive growth to efficiently develop our pipeline of cell-penetrating miniproteins that engage the most intractable of disease targets,” said Greg Verdine Ph.D, President and CEO, FogPharma and LifeMine Therapeutics. “Fortunately, FogPharma and LifeMine are in a financial position to support our ambitious plans. It is both our pleasure and privilege to partner with Bulfinch once again to dramatically expand our presence in Cambridge Discovery Park, and together, foster the emergence of a vibrant biotech ecosystem in West Cambridge.”
As the third largest campus in Cambridge behind Harvard and MIT, CDP offers a number of sustainable perks, including the surrounding Alewife Brook Reservation with 27 acres of walking trails and green space. While set in a natural location, CDP is easily accessible by foot or a short five-minute shuttle ride from the Alewife MBTA Red Line Station, directly off Route 2 and nine minutes from Route 128. CDP offers a 150-room AC Hotel Boston Cambridge with conference center, restaurant, bar and two 650-car covered parking garages. Other amenities at CDP include outdoor seating and dining areas, a full-service yoga and fitness center, an on-site café, multiple bike racks with a bike storage room, bike sharing, ATM banking, electric car charging stations and a new riverfront park with water sculpture. Two luxury residential developments are also under construction adjacent to CDP – Vox on 2 and the Residences at Alewife.
Notable tenants currently leasing in other CDP buildings include Forrester Research, Genocea Biosciences, Inc. and The Smithsonian Astrophysical Observatory.
Citizens Commercial Real Estate Finance team is leading the construction loan for CDP Building 400-500 as the lead arranger and administrative agent. Bulfinch has worked closely with Citizens for more than a decade and looks forward to expanding the relationship in the years ahead.
Harrison Street and Bulfinch Partner to Acquire Osborn Triangle
Harrison Street and Bulfinch have partnered to purchase Osborn Triangle for over $1 Billion.
Osborn Triangle is located adjacent to MIT’s campus and consists of three buildings. 610 Main Street North, 1 Portland Street, and 700 Main Street. The property features 676,917 square feet of Lab, Office, and Retail space. Additionally, there is a 650-space parking garage associated with the property.
The buildings have all been recently renovated or built and feature an array of retail stores on the ground level.
Bulfinch Secures Educational Firm Lease at Wellesley Galleria
The Bulfinch Companies (Bulfinch), a private real estate investment, development, and management firm, announced it has signed a lease with iCode at the Wellesley Galleria in Wellesley, MA. Mike Wilcox, SVP and Director of Leasing at Bulfinch, served as the leasing broker for the landlord and Adam Conviser at Conviser Property Group represented the tenant.
The Wellesley Galleria, located at 75-79 Central Street, is a 13,252 square foot retail and office building located in a boutique shopping area on Wellesley’s Central Street. Situated less than a quarter mile from Route 16, approximately three miles from I-95/Route 128 and Route 9, and minutes from Wellesley College, the property’s highly desirable location provides easy access for future students and families attending classes at iCode.
“iCode takes great pride in announcing that after much demand we are expanding to the New England region, with our new Wellesley location serving as our first campus in Massachusetts,” said Ganesh Shastri, President of iCode Wellesley. “Wellesley Galleria’s central location, visibility, and unique design make it a perfect fit for iCode to enter this new market.”
iCode was founded in Dallas, Texas in 2015 and provides a variety of exciting and unique student curriculum programs for science, technology, engineering, arts and math (STEAM) education to students in first through 12th grades. Designed as a high-tech campus, iCode offers after-school, weekend and summer programs in STEAM courses and computer programming designed to provide today’s students with the experience and technical skills needed to be future high-tech leaders. Additionally, iCode also offers adult boot camps to help adults learn new technology skills for the workplace.
“We are thrilled to welcome iCode as a Bulfinch tenant,” said Mike Wilcox, SVP and Director of Leasing at Bulfinch. “iCode’s unique combination of technology and state-of-the-art curriculum will offer students a wide range of opportunities. Their vision of strengthening future, high-tech leaders through experiential learning aligns with Bulfinch’s entrepreneurial spirit and commitment to science and technology in Greater Boston.”
Cambridge Discovery Park's Newest Addition Tops Off
Construction is well underway on Building 400-500 a new 270,000-square-foot Class A lab, R&D and office development in Cambridge Discovery Park as the building topped off earlier this week. The project, just around the corner from Alewife Station will feature two distinct interconnected lobbies featuring a café and fitness center. There will also be parking adjacent to the building for 380 vehicles. Construction is set to be complete at the end of the year.
Cambridge Discovery Park Building Financed for $150 Million
Bulfinch has secured $150 Million in financing for building 400/500 at Cambridge Discovery Park via Citizens Bank.
Building 400-500 is the last phase of Bulfinch’s master-planned redevelopment totaling nearly 800,000 square-feet of lab, office, and amenities. Current tenants include Forrester Research’s World Headquarters, The Smithsonian Astrophysical Institution, FogPharma, LifeMine Therapeutics, and Genocea Biosciences, Inc., as well as a brand new 150 room AC Marriot Hotel.
Cambridge Discovery Park is a world-class office campus situated on a 27-acre landscaped site in Cambridge, MA. The Park, being the third largest campus in Cambridge (after MIT and Harvard), offers unparalleled convenience to both downtown Boston and Route 128, and delivers an abundance of green space, excellent on-site amenities, and is just steps to the Alewife MBTA stop.
Financial District Building Refinanced for $20 Million
The property at 25 New Chardon Street in Boston's Financial District has been refinanced via Lincoln Financial Group for $20 million.
25 New Chardon Street features a 6-story, 93,288 square foot office building in Boston's Financial District. The Class B building was constructed in 1968 and most recently updated in 2010.
10 Brookline Place Acquired for $153 Million
The Bulfinch Companies have acquired 10 Brookline Place for $153 Million.
10 Brookline Place consists of a 1.73-acre site improved with a six-story office building containing 173,439 square feet in Brookline Village. The buildings are situated in an "L" shape with two annex buildings, a one-story building, and a three-story building.
Cambridge Office & Lab Space RefinancedThe Bulfinch Companies has refinanced the property at 60 Hamilton Street in Cambridge, MA for $4.68 million. The property features a two story 10,455 square-foot office building on a .21-acre parcel in Cambridge that was constructed in 1925. The class C building has office and biotech space on site. Centrally located in the Cambridgeport area, the building is a short walk to the Central Square Station (Red Line).
Cambridge Office & Lab Space Acquired by The Bulfinch CompaniesThe Bulfinch Companies have acquired the property at 60 Hamilton Street in Cambridge for $7 million dollars.The building, in the Cambridgeport section of the city features a two story 10,455 square-foot office building on a .21-acre parcel that was constructed in 1925. The class C building has office and bio-tech space on site.
The Bulfinch Companies Refinance Waltham Tech CenterNeedham-based, The Bullfinch Companies, refinance the Waltham Tech Center property for $10.4 million via Eastern Bank.The property is a 40,625 square-foot office and medical building located immediately off Route 128 in a highly desirable submarket. It is adjacent to the Waltham Doubletree Guest Suites Hotel and is in close proximity to a variety of restaurant and retail services.