Property Spotlight: 1240 Soldiers Field Road

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1240 Soldiers Field Road is located in the heart of Brighton, Massachusetts. The ±32,635 SF building is currently home to The Skating Club of Boston; however, the 1.97-acre urban transit-oriented development site can support a variety of uses.

Given the site’s proximity to Harvard University, Cambridge and the City of Boston, we expect a great deal of interest. Allston-Brighton is one of the hottest markets in Greater Boston and this site is special. – Mark Reardon, Executive Vice President/Partner at CBRE/NE

Aerial1240 Soldiers Field Road is in the City of Boston’s Allston-Brighton Neighborhood District (the “A-B District”) and the Western Avenue/Soldiers Field Community Commercial 1 (“CC-1”) subdistrict. This subdistrict designation is aimed at diversifying the commercial environment and therefore allows for a wide range of uses including office, retail, medical and residential, as well as hospitality. This location provides unparalleled access to dynamic labor pools, unmatched amenities, and the rare opportunity to develop one of Boston’s remaining sites in an extraordinarily active and hot market.

The site’s neighborhood includes a plethora of new offices, research facilities and residential developments. As pictures below, recent developments include the Charlesview Residences, The Continuum, Harvard Innovation Center and Telford 180.

1240 Soldiers Field Road is directly on the Charles River and is minutes from downtown Boston, Logan Airport, Cambridge, the Mass Pike, and Interstates 95 and 93. The site is also located in proximity to Greater Boston’s most prestigious colleges and universities including Harvard University, Boston College, Boston University, MIT and Northeastern University. Additionally, the property is in walking distance to numerous restaurants, hotels, fitness centers, retail and coffee shops. Within a five-mile radius, the area has a growing employee base of over 873,000 employees and 45,840 businesses.

For additional information, please contact CBRE/NE’s Mark Reardon, Chris Skeffington or Matt Furey.

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Art in and around office buildings

Not until recently has art been looked at as a Class A office building essential to help differentiate the space, engage the employees and create an environment that is fun to work in. Here are a few examples of art in our CBRE/NE-managed office buildings:

OneWashington_ForOnlineMediaRoom3One Washington: Courtesy of the Boston Public Library, a digital back-lit photo of the historic Scollay Square was revealed this February in a ceremony hosted by The Georgetown Company in the lobby of One Washington in Boston. The inspiration and design came from the architectural firm Gensler. The original photo was taken in 1942 by the late Boston Herald-Traveler photographer Leslie R. Jones. Leslie R. Jones was standing roughly in the footprint of the One Washington building and shooting towards Government Center, which was then known as Scollay Square. Leslie R. Jones worked for the Boston Herald-Traveler newspaper for 39 years starting in 1917. He started his career as a patternmaker in a Boston factory while practicing photography on the side. Jones was injured at the factory, which ultimately led to his decision to become a full-time photographer. His wide range of Boston photographs (approximately 34,000 photographic plates) can be found on the fifth floor of the Boston Public Library and are also accessible by visiting The Digital Commonwealth online (www.digitalcommonwealth.org). The large installation revitalizes the lobby for all passing through to enjoy.

Riverfront Office Park, 1 and 101 Main Street, Cambridge: Riverfront Office Park, located in Kendall Square, has brought in the deCordova Sculpture Park and Museum’s Corporate Program to outfit their lobby interior and window bays with new paintings every six months. This rotational program ensures that both spaces are freshly accessorized with artwork from different New England artists. The window bay installations have provided the full city block between 1 Main Street and 101 Main Street with a charming “art walk” for tenants, local community and visitors. This membership allows tenants free passes to the deCordova Museum. Patrick Giroux, Tenant Coordinator for the property, states, “The whole building, from our engineers who maintain the art walk to our tenants, is very supportive of the art. Working with deCordova has been seamless.” Currently, the lobby has 12 sculptural paintings by Cambridge artist Vanessa Irzyk. Stay tuned for their next artwork rotation in July, which will feature hand-dyed fabric installations by Geddes Levenson and more traditional oil paintings by Annie Blazejack.


101 Seaport Boulevard: The story of how 101 Seaport Boulevard amassed its outdoor sculpture is unique. Construction workers, while excavating the adjacent site’s garage, came across a 125-year-old wooden ship. The developers of the project, Skanska, commissioned Public Archeology Laboratory to investigate. Results from the investigation showed that this was a 65’ two-mast cargo schooner used for transporting lime to be used in construction. Evidence suggests that the ship was from Rockland, Maine, and was abandoned after a fire on board. From the late 1880s to the 1930s, the Seaport neighborhood was slowly filled in right over where the schooner was located. Railroads, wharves and warehouses were built on this new land.


Fast forward over 100 years and a replica of the ship is now “floating” between 101 and 121 Seaport Boulevard. You can find out more on the ship by the online app “Harbor Way” by Skanska, or by taking the Harbor Way tour. The sculpture provides an interactive experience, for employees, community members and tourists to experience the story of the schooner.

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Another option for including art in office buildings is to partner with ArtLifting, an organization that sources local art created by people living with homelessness or disabilities. CBRE’s Radnor, Nashville, Oak Brook, Houston and Dallas offices have worked with ArtLifting to outfit their offices. ArtLifting was founded to help businesses of all sizes enhance their offices with wall art or wall coverings while giving back to the community. The firm also has a corporate gifting option and a B2C line of art.

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Boston rolls into 2018 as hot as ever

BostonDowntown_arrowsShort on time? Here are the highlights of our first quarter 2018 Downtown Boston Office MarketView. To request the full report, fill out the form at the bottom of this post.

The Downtown Boston Office market continued its stretch of significant growth in the first quarter. Demand came from local tenants, which continued to expand organically, as well as out-of-market companies that want to call Boston home. The market started 2018 on fire, posting 765,000 sq. ft. of positive absorption after ending 2017 with more than 1.2 million sq. ft. of growth. While this is an extremely impressive start to the year, it doesn’t fully capture the market’s activity, as more than 1 million sq. ft. has recently been committed by several large users looking to make major commitments in the city.

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140 Northern Avenue Rendering

Agility remains top-of-mind for companies more than ever, particularly when it comes to decisions affecting real estate. This is further evidenced by the growth of co-working companies, who continue to lease-up large availabilities throughout the city. In the first quarter alone, more than 250,000 sq. ft. was taken up by co-working firms, including household names and new entrants to the market. Just a few short years ago, space occupied by co-working operators made up less than 1% of the overall inventory. Today that number has grown to 2.5%, more than doubling.

 

 

 

CBRE/New England Research Highlighted at State House Day

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On Thursday, April 12, our Évianne Netherwood-Schwesig’s research on the 495/Metro West market was displayed at 495/MetroWest Partnership’s annual State House Day. The 495/Metro West market extends along the Interstate 495 corridor from Westford in the north to Foxborough in the south, and spreads east-west along Route 9 from Natick to Shrewsbury. While once primarily an industrial economy, the area today supports a broad spectrum of white-collar occupiers, including a growing cohort of tech and life science companies.
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A high-level overview of Évianne’s findings is below:

  • Although 2018 began in the red, absorption was positive in three of the four preceding quarters. Continued healthy tenant demand indicates that the market is on solid footing.

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  • Vacancy has declined steadily over the last three quarters, as increasing numbers of tenants look for affordable alternatives outside the Boston urban core.

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  • 495/Metro West rents have seen modest growth in recent years, as is to be expected as the market gains attention. However, rents remain at a dramatically better value than in the Boston urban core, where rapid growth has driven the rental gap even wider.

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  • Specific 495/Metro West company statistics can be found below:

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To read more about Évianne’s findings, click here.

Recap: 2018 CBRE/New England Boston Market Overview

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It was a great honor to have both Mayor Marty Walsh and Governor Charlie Baker speak at our 2018 Boston Market Overview.

This year, CBRE/New England representatives from our Downtown, Cambridge, Capital Markets, Suburban, Retail and Industrial teams all gave poignant market insights and takeaways for 2017 while looking forward to the year ahead. The group was moderated by Spencer Levy—Americas Head of Research for CBRE and a senior member of the company’s global research team—who opened the discussion on domestic and international trade, healthcare, taxes, industrial and retail agility, as well as the importance for businesses to follow talent.

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Urban (Downtown & Cambridge) – Jon Freni, Senior Vice President/Partner; Carolyn Wheatley, Associate
Freni and Wheatley kicked off their 2018 IMG_2384-2market insights with the ever-present growing industry: co-working. Freni stated, “Tenant or landlord, this will be the big debate in 2018 and will continue to change the way we do business. Whether you like it or not, co-working is here in a big way. Embrace it and look for ways to compete with it.” Freni continued with two additional market insights that are increasing in popularity: ‘spec success’ and risk-reward deal structures.

Wheatley spoke of three market insights in Cambridge: the increasingly life-science-driven tenant base for both office and lab space, spec developments that meet the supply needs of the low vacancy market, and market risk-reward deal structures that are currently landlord-favored.

Capital MarketsDave Pergola, Executive Vice President/Partner
Given the complexity of investing in New England commercial real estate, Pergola broke the investment market into three categories.

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“In closing, CBRE/NE believes that if you have some conviction and the right type of capital to invest, the best opportunities in 2018 will be large, high-quality suburban office buildings.”

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Suburban OfficeAlison Powers, First Vice President
Powers started off her talk by debunking a common 2017 theme. “[…] despite the headlines signaling otherwise, the market was actually quite active in 2017 fueled by an incredible amount of leasing velocity driven by organic growth (I promise you not every suburban tenant moved to the Seaport) as well as continued momentum from the life sciences sector.”

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A select number of suburban landlords thrived because their space was large, scalable, high-quality and/or new real estate, with amenities and an accessible location.

RetailMatt Curtin, Senior Vice President/Partner
Next up was Matt Curtin who spoke about how changing consumer behaviors are forcing both retailers and landlords to step it up. He mentioned L.L.Bean and lululemon as two examples of traditional retailers who have integrated experience into their lifestyle brands. L.L.Bean will offer kayak and paddle board at its new Seaport Square location and lululemon offers fitness classes inside and outside of their stores. Matt also highlighted how entertainment concepts, craft beer, fast-casual restaurants, mobile app ordering and “clicks to bricks” retail trended in 2017 and is expected to blossom in 2018.

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IndustrialRachel Marks, Vice President
Rachel Marks closed out the market talks by focusing on the importance of industrial warehouses in Greater Boston as consumer expectations of convenience continue to grow, and people are comfortable buying more online. The changing habits of consumers force omni-channel distributors to deliver product quickly and inexpensively, which means they now need to occupy space close to large population centers like Boston. Other demand drivers in the industrial market include breweries, marijuana cultivators, biopharma manufacturing, technology and medical devices. With all this demand, there is currently a major shortage of quality industrial supply in New England.

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Visit the CBRE/New England Vimeo page for videos from the event. Stay tuned for our next post, where we will reveal what our Hartford experts covered at this year’s CBRE/NE Hartford Market Overview.

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Just Released: CBRE/NE 2018 New England Market Outlook

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