Boston’s Newest Hot Button: The South End/Roxbury Connector – Herald Street to Dudley Square

Collins_Webby Web Collins, Executive Vice President/Partner of CBRE/NE’s Valuation & Advisory Group

Many years ago prior to being at CBRE/NE, I was a development partner of Trammell Crow. One of our partner meetings was in Toronto, Canada with the topic of “The Impact of Rapid Transit on Development.” We all know what is happening within the Seaport area of Boston as the direct result of the central artery being placed underground, creation of new infrastructure and the creation of the Silver Line.

The Importance of the MBTA Silver Line

The real estate expression “where traffic breaks, business makes” is what is happening today. In the Seaport area, major development is taking place around such MBTA Silver Line stops as Court House Station, World Trade Center, Silver Line Way and the Design Center. The Silver Line was built in sections with Phase I being South Station to Logan Airport. Fan Pier at Court House Station is a booming success, with two-thirds of the project committed or built out. Seaport Sq. will follow with the new PricewaterhouseCoopers building as a start and under construction. The World Trade Center was leading-edge, built in advance based on the vision of Fidelity’s Ned Johnson.

Herald St. to Dudley Sq. Roxbury is the key section of Phase II. South Station to Dudley Sq. went into operation in July 2002. The total cost was $37 million. The start of the South End is South End station at the Herald Street station.

Unlike the South Station to Logan Airport connector, section two of the Silver Line is above ground. The Silver Line is a “bus rapid transit” system with articulated buses, dedicated bus lanes, GPS enabling traffic signal changing and typical bus stops treated as stations. The “stations” are modern in all respects and include heat for Boston’s cold winters. As observed when in Toronto, new development or major redevelopment occurs around rapid transit stations.

To read the rest of the article covered by New England Real Estate Journal, click here.

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Goodwin’s Grand Groundbreaking

Rendering courtesy of The Fallon Company.

Rendering courtesy of The Fallon Company.

by Andy Hoar, President/Co-Managing Partner and David Fitzgerald, Executive Vice President/Partner

Last year, we had the opportunity to work on the 2013 CBA Boston Office Deal of the Year, Goodwin Procter’s build-to-suit at Fan Pier. This week the project broke ground, amidst great fanfare at an on-site ceremony. After over 100 years at the corner of State and Congress Streets, Goodwin Procter’s move to the Seaport District is historically buzzworthy, signaling the creation of another ‘Main & Main’ of Boston.

Goodwin is also the first law firm in Boston to be the catalyst for new building construction. This continues a wave of Fan Pier momentum, with the recent completion of the Vertex headquarters, and the groundbreaking of the luxury condominiums at Twenty Two Liberty.

Congratulations to Goodwin Procter, The Fallon Company, Cornerstone Real Estate Advisers, MassMutual and all those involved in this momentous event.

 

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2014 CBRE/New England Retail Market Overview Highlights

2014 CBRE/New England Retail Market Overview Presentation

Thank you to all those who attended last Tuesday evening’s CBRE/New England 2014 Retail Market Overview. We hope that you found the event both informative and entertaining. The theme for the event centered around “Reinvention”—with salient insights on how today’s leading retail owners and retailers continue to find creative ways to reinvent their properties and products. For those who missed it, below are a few highlights from the event.

CBRE/NE’s Nat Heald gave the Capital Markets overview. Nat outlined three major trends across the retail investment sales landscape: the Whole Foods effect, the emergence of the “Ecocenter”, and the transition from institutional back to private investors.

Next, CBRE/NE’s Carlos Febres-Mazzei gave an overview on the Debt & Structured Finance market. In addition to comparing current market conditions to past cycles and providing forecasts for 2014, Febres discussed how retail investors can take advantage of current conditions by manufacturing value through the recapitalization of equity and partial interest sales.

For the retail leasing market overview, CBRE/GRA’s Andrea Matteson discussed how technology is changing how consumers shop and ultimately how retailers have responded to capture sales. According to Matteson, the retailers and restaurants that are investing and embracing technology are thriving and are highly sought after by owners and developers.

Doug Rauch, former president of Trader Joe’s, closed the event with a fascinating presentation about his newest venture, Daily Table. Based on the premise that one-third of the world’s food (40% of U.S. food) goes to waste every year, the Daily Table concept is an effort to create a community retail store where perfectly edible products can be sold as healthy meals, bringing affordable nutrition to the underserved cities across the U.S.

Click the image above to view the slideshow or click here.

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2013 CBA Awards Recap

Hoar_Andrewby Andy Hoar, President/Co-Managing Partner

The 2013 Commercial Brokers Association Achievement Awards event was held last Thursday night in Boston. It was a terrific night for the CBRE/New England team, as well as for our colleagues and clients. Below are some CBRE/NE highlights; for the full list of winners click here.

The night kicked off with the Rising Star of the Year Award; last year’s Rising Star Adam Brinch announced this year’s winner, Michael Greeley of Cushman & Wakefield. CBRE/NE was very proud to have two of our young professionals nominated: Rachel Marks, a Senior Associate on our Industrial brokerage team, and Sam Crossan, an Associate on our Metro West brokerage team.

We were excited to see many colleagues and clients recognized in the next set of awards.Goulston & Storrs took home Collaborating Professional of the Year; also nominated were Elkus Manfredi Architects, Gilbane, IA Interior Architects and Carolyn Hendrie of BH+A. Next, National Development won Landlord of the Year; also nominated were Millennium Partners, Alexiandra Real Estate Equities, Boston Properties, Clarion Partners and Skanska.

Alison Powers, a Vice President on our Metro West brokerage team, gave a wonderful speech on behalf of the CBA Developing Leaders.

CBRE/NE was proud to be part of deals nominated in each of the Deal of the Year categories. Greentown Labs, represented by Jon Freni and David Corkery, was nominated for Most Creative Deal of the Year for their 34,000 square foot relocation to 28 Dane Street in Somerville. Nypro, represented by Bob Gibson, Steve Clancy, Ed Jarosz and Rachel Marks, was nominated for Industrial Deal of the Year for its long-term 205,000 square foot lease at 112 Barnum Road in Devens. In the Investment Sale of the Year category, The Block on Congress 343,000 square foot sale from Fidelity Investments to Related Beal was nominated, represented by the CBRE/NE team led by Chris Angelone and Carlos Febres.

CBRE/NE had two nominations in the Suburban Office Deal of the Year category: Quest Diagnostics’ 205,000 square foot lease at Forest Street Office Park in Marlborough was represented on the tenant side by Bob McGuire, Rob Kinlin and our CBRE New Jersey partner Jeff Babikian, and the landlord, Atlantic Management Corporation, was represented by Rob Walles and Alison Powers. Also nominated was Verizon’s 311,000 square foot consolidation at Cross Point in Lowell, represented by David Wright and Amy Perlman.

CBRE/NE was extremely proud to be involved in the winning Life Sciences Deal of the Year; ARIAD Pharmaceuticals’ 386,000 square foot build-to-suit lease with Alexandria Real Estate Equities at 75-125 Binney Street at Alexandria Center at Kendall Square. ARE was represented by Greg Lucas, Curtis Cole and Adam Brinch. Also nominated in the Life Sciences category was Millennium Takeda’s 233,000 square foot build-to-suit lease at University Park at MIT, represented by Greg Lucas.

We were thrilled to be involved in four of the five nominations for Boston Office Deal of the Year, including the winning deal; Goodwin Procter’s 380,000 square foot build-to-suit at Fan Pier, represented by David Fitzgerald and Tim Howe, in conjunction with McCall & Almy. Also nominated was Arnold Worldwide/Havas’ 115,000 square foot lease at the Burnham Building; Tim Lyne, David Fitzgerald and Kristen Blumetti represented the landlord, Millennium Partners. PricewaterhouseCoopers’ 333,000 square foot build-to-suit at Skanska’s 101 Seaport was nominated; PwC was represented by Ogden White, Chris Cuddy and our CBRE NYC partner, Timothy Dempsey. Wayfair’s initial 105,000 square foot lease at Copley Place was also nominated; the landlord, Simon Property Group, was represented by Ogden White and Bill Crean.

The night culminated with David Fitzgerald winning the prestigious Broker of The Year Leadership Award. David was recognized for his spectacular performance and commitment to the real estate community in Boston, and we are extremely lucky to have him as our colleague and friend here at CBRE/NE.

Congratulations to all those nominated last night. It was a spectacular event, and a great year. Looking forward to the next.

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