Spotlight on A: Next Development Destination for Boston’s Seaport

By Jonathan Freni, Senior Vice President/Partner, Advisory & Transaction Services

The third quarter of 2017 saw two more in a long line of large tenants announcing plans to relocate to Boston’s Seaport District. Both PTC and Alexion Pharmaceuticals will move to Skanska’s 121 Seaport when the new building delivers in early 2019, following suit to companies such as Amazon.com at Synergy’s 253 Summer Street, Red Hat at Bentall Kennedy’s 300 A Street and GE’s new headquarters. With the submarket quickly filling up with new tenants, demand for new development continues to increase. So where is the next hot spot for the next round of Seaport transplants?

Parkside on A, a 248,000 square foot development from the ownership team of CV Properties and Ares, combines a Seaport location with direct access to the holy grail of a tenant’s wish list: the MBTA Red Line. Additional highlights include on-site parking, potential branding opportunities, multiple roofdeck opportunities and an on-site amenities center. But don’t take our word for it, check out the video below and the newly launched website and see for yourself.

 

For leasing inquiries or more information on Parkside on A, please contact andy.hoar@cbre-ne.com, jonathan.freni@cbre-ne.com or timothy.howe@cbre-ne.com.

It’s almost time to say goodbye to our 2017 Summer Interns

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Groundbreaking: Brigham and Women’s Health Care Center, Westwood

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On Monday, July 17, 2017, the CBRE/New England Owner’s Project Management & Development team held a groundbreaking ceremony for their first ground-up construction project—a new 30,000 SF Brigham and Women’s Health Care Center in the University Station Development in Westwood, MA. The medical office building will house primary care, specialty care on a rotating basis, and an urgent care clinic.

“With a variety of services under one roof, the new location will offer quality care closer to home for our many patients from the Westwood area,” said William C. Johnston, Senior Vice President of Ambulatory Services at Brigham and Women’s Hospital.

The Center is located at 100 Brigham Way, bordering the Route 128 Amtrak and MBTA Station stop for easy accessibility. The expected grand opening is fall 2018.

Project Team:

  • Owner’s Project Manager: CBRE/New England
  • General Contractor: Consigli Construction
  • Architect/Engineer: CannonDesign
  • Civil Engineer: vhb
  • Legal: Sherin & Lodgen
  • Brokerage: McCall & Almy

For more information about CBRE/NE’s Project Management services, please contact opm@cbre-ne.com.

Hartford’s Dunkin’ Donuts Park Named Best Double-A Ballpark in America

by Reid Leveillee and Cameron Veidenheimer, 2017 CBRE/NE Hartford Interns

Dunkin’ Donuts Park, in its maiden season as home of the Hartford Yard Goats, has been named the Best Double-A Ballpark in America, per a recent poll conducted by Ballpark Digest. The online poll—which began May 30th before concluding on June 20th—achieved participation by 178,000 fans, with each of the 30 Double-A ballparks in the nation considered. Dunkin’ Donuts Park faced fierce competition (with Pennsylvania club Altoona Curve coming in second) and is a testament to the draw of the Yard Goats’ new home. The park has already sold out 15 times this season, including 11 of the last 17 games.HFD Aerial 092016_0251-CROPPED (002)The park’s design emphasizes socialization as a critical part of the game experience, with a multitude of concession options on offer, as well as amenities including the Travelers Fun Zone. This endeavor clearly has resonated with visitors to Dunkin’ Donuts Park, and their rapid incorporation of the park into the center of Hartford’s entertainment scene indicates the beginning of an exciting new period in Downtown North. The stadium’s function as another downtown entertainment option further provides employees with greater opportunity to meet, mingle and network in this evolving 18-hour city.

The ramifications of a revitalization of this section of the city are substantive and positive: increased vibrancy and available amenities in the area will be a boon for businesses as Hartford’s CBD expands northwards, furthering a collective optimism regarding the city’s future.

Another solid quarter for the industrial market as its reputation grows

 

snapshot_Industrial.pngShort on time? Here are the highlights of our first quarter Greater Boston Industrial MarketView. To request the full report, fill out the form at the bottom of this post.

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After ending 2016 with record-breaking absorption of over 3.4 million sq. ft., the Greater Boston Industrial market set its bar high. While it would have been difficult to replicate that sort of showing two quarters in a row, Q1 2017 was still a solid three months, with positive absorption in all three markets for a cumulative 440,000 sq. ft.

Vacancy remained low, with single-digit numbers across the board, and asking rents stayed elevated year-over-year.

Two distinct themes shaped and bolstered the market in the first quarter, the first being organic growth by local companies, and the other new entrants to the Greater Boston market—indicative of the area’s increasing visibility and appeal on the national stage.

2017 NEVYs Recap: A High-Energy Celebration of Boston’s Innovation Economy

On May 17, 2017, the New England Venture Capital Association (NEVCA) hosted one of Boston’s biggest award shows. For the past five years, the NEVYs have brought together the growing Tech and Life Science communities, all under one roof. This year’s event was held at Boston’s House of Blues.
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Awards were presented to Tech and Life Science finalists in the following categories:

Healthcare & Life Science

  • Deal of the Year: Jounce Therapeutics, Inc.
  • Digital Health Company of the Year: Rest Devices
  • Entrepreneur of the Year: Kurt Graves, Intarcia Therapeutics
  • Exit of the Year: Nimbus Apollo
  • Fund of the Year: Third Rock Ventures
  • Hottest Early Stage Startup – Therapeutics: Magenta Therapeutics
  • Hottest Early Stage Startup – Tools & Tech: 3Derm
  • Rising Star VC: Michael Gladstone, Atlas Venture

Tech

  • Angel of the Year: Joe Caruso
  • Clean Tech Company of the Year: Sense
  • Entrepreneur of the Year: Ric Fulop, Desktop Metal
  • Fund of the Year: Highland Capital Partners
  • Hottest Early Stage Startup: nuTonomy
  • Next Pillar Tech Company: Turbonomic
  • Rising Star Entrepreneur: Liz Powers, ArtLifting
  • Rising Star VC: Juan Luis Leung-Li, General Catalyst
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CBRE/NE’s Amarante & Brinch present Third Rock Ventures with the Fund of the Year award for Healthcare & Life Science (Courtesy of the NEVCA)

Congratulations to all of this year’s NEVY nominees and award winners!

For more information about the NEVCA and CBRE/New England’s expertise in Tech and Life Science communities, please reach out to Adam Brinch or Nick Amarante. Follow the NEVCA on Twitter for updates on upcoming events and other networking opportunities.

The West carries the market as the suburbs get off to an uneven start

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Short on time? Here are the highlights of our first quarter Boston Suburban Office MarketView. To request the full report, fill out the form at the bottom of this post.

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Reebok’s headquarters relocation to downtown Boston in Q3 2017 will result in another large block of space becoming available in the Metro South market.

To begin the year, the Greater Boston Suburban Office market recorded 320,388 sq. ft. of positive absorption, as considerable activity in the Metro West bolstered the market, much of which was holdover from slow-moving deals in 2016.

Life sciences continued to drive demand, and as tenants began to shift outwards from tighter urban markets, buildings with strong amenities experienced the most success, as the push for quality office space continued to rise.

Availability dropped 20 basis points (bps) quarter-over-quarter to 20.5% as large tenant renewals and organic growth from established companies continued to be a theme.

Despite the decline in availability, vacancy increased 50 bps, quarter-over-quarter, to 18.1%, while rents remained relatively flat, ending Q1 2017 at $22.78 per sq. ft.