Property Spotlight: Union Point

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In the age of seeking that perfect live-work-play environment, Union Point has gone where no other New England development has before. Below are Union Point’s seven differentiators:

1. Fast Track Permitting: Union Point expands across three Massachusetts towns: Weymouth, Rockland and Abington. Potentially, development could have been a headache for those wanting to build their own facility. However, SouthField Redevelopment Authority (SRA) was established within the three host communities to serve as the one-stop shop for all land-use and development decisions. This seamless approval process takes only 65 days.
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Fields.PNG2. Sports Complex:
Union Point offers a brand-new, 25-acre outdoor and indoor sports complex, which features four lighted turf fields for soccer, lacrosse, rugby and field hockey. Two of the four fields can be covered with air-supported structures for year-round use. In addition to the turf fields, the complex will house a miniature replica of Fenway Park, gymnasium, outdoor basketball courts and street hockey rink. All sports facilities are accessible for Union Point residents and surrounding communities. In addition to sports leagues run by Union Point, Global Premier Soccer, Laxachusetts and Boston Rugby Club also will utilize the space. The facility will also house a restaurant, which will be perfect for pre-game fuel and post-game celebrations.

3. Access to Boston: Union Point is an easy 20-minute drive (a mere 12 miles) to Boston. No car? No worries. Union Point also has its very own MBTA Commuter Rail Station providing access to South Station.
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Outdoor.PNG4. Urban Feel with Instant Outdoor Space:
With over 50 miles of hiking and biking trails located on the campus, residents, visitors and employees can easily step into the beautiful Massachusetts woodlands. The development also plans to have over 1,000 acres of open space surrounding and spaced within the dense urban city.

extraPic25. Focus on Smart Technology:
Since Union Point is being built from the ground up, the development is planning to incorporate smart technology into the energy, water, lighting and transportation systems. For example, the streetlights will have sensors that track sounds, light and other conditions. This may seem trivial, but the data could actually be used to monitor traffic, alert the police of suspicious activity and even help drivers find parking spots. Additionally, there will be reliable free wi-fi everywhere as well as heated sidewalks.

ExtraPic16. Thinking Globally & Acting Locally: The developers of Union Point want to stay true to the New England vernacular while incorporating global touches, too. For example, the well-curated retail mix will include a range of Boston-based brands and national retailers. Additionally, Union Point’s future implementation of rooftop farms will also help to enrich the local vibe. Down the road, partnerships with academic and cultural institutions will be developed to make academic programs readily accessible to the community, helping to bring a global perspective to the city.

7. Events:
From farmers markets to concerts to sporting events to food truck rallies, Union Point will be a vibrant 24/7 community. The Hangout, one of Union Point’s entertainment outlets, recently opened and has live music Friday-Sunday with a rotating group of retailers and food trucks.

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For more information, check out the Union Point website. For leasing inquiries, contact CBRE/New England’s Mike Ripp or Steve Clancy.

 

Continued life sciences demand gives the Suburban Office market a strong start to the year

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

1 Patriots Park Rendering
1 Patriots Park Rendering 

To begin the year, the Greater Boston Suburban Office market recorded 169,634 sq. ft. of positive absorption, as considerable leasing activity in the Metro North and West bolstered the market. The Metro West continued to see significant interest from the life sciences sector, as tenants seek high-quality buildings with a cheaper alternative to comparable buildings in Boston and Cambridge. The Metro South experienced little activity, but large mixed-use redevelopment opportunities will be something to keep an eye on for the remainder of 2018. Overall, availability and vacancy decreased 40 basis points (bps) and 70 bps quarter-over-quarter, ending Q1 2018 at 21.1% and 18.2%, respectively.

 

Slower start to 2018, but demand is waiting in the wing

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

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50 Independence Drive, Devens

After ending 2017 with almost 3.0 million sq. ft. of positive absorption, the Greater Boston Industrial market is off to a slower start with 600,000 sq. ft. of negative absorption in the first quarter. The negative growth is largely due to several large blocks finally hitting the market coupled with transactions that had not crossed the finish line in the first quarter; the negative growth is not due to wavering activity levels. Overall availability and vacancy ended the quarter at 10.1% and 6.3%, respectively, with average asking rents increasing to $8.77 per sq. ft., largely driven by the inner core markets.

 

CBRE/New England Wins Big at the CBA Achievement Awards!

By Taidgh McClory, Managing Director/Partner, Advisory & Transaction Services

On March 22 at the InterContinental in Boston, the Commercial Brokers Association (CBA) gathered to honor select brokerage teams throughout Greater Boston at their annual awards dinner. For the brokerage industry, this is equivalent to the Academy Awards. CBRE/New England stood out as a dominant force at the awards, taking home six out of a potential 13 awards.

On behalf of the entire company, congratulations to all this year’s winners, nominees, our clients and the finalists! We continue to be proud of our employees, our collaboration and our market leadership as a world-class company.

Below are the CBRE/NE finalists for 2017’s CBA Achievement Awards:

MemorialDrive_1Office Deal of the Year – Greater Cambridge
InterSystems
Size: 238,000 SF
Address: One Memorial Drive, Cambridge, MA
Landlord: Oxford Properties
CBRE/NE Representatives: (Landlord team – Steve Purpura, Eric Smith) (Tenant team – Adam Brinch, David Fitzgerald, Robert Fitzgerald, Tim Howe)

Retail Deal of the Year Trillium
Trillium Brewing Co.
Size: 16,000 SF
Address: Thompson Place, 47 Farnsworth Street, Boston, MA
Landlord: Invesco/CrossPoint
CBRE/NE Representative: Brian Cohen

BrattleCourt_aerial_700px_v2Most Creative Deal of the Year
Brattle Court at Harvard Square
Size: 61,858 SF
Address: 1-8 Brattle Street, 17-41 Brattle Street, Cambridge, MA
Landlord: Asana Partners
CBRE/NE Representatives: Dave Pergola Jr., Brian Doherty, Matt Curtin

Life Science Deal of the Year75.125 Extrior Updated 06.2014
Shire
Size: 222,926 SF
Address: 125 Binney Street, Cambridge, MA
Landlord: Sublease – Shire
CBRE/NE Representatives: Steve Purpura, Eric Smith, Brian Cohen

President’s Council Special Recognition
Dynatrace (Five-Party Waltham Mega Deal)

  • National Grid subleased 68,000 SF from Dynatrace at FM Global’s (landlord) 404 Wyman Street in Waltham, MA
  • Dynatrace, represented by CBRE/NE, relocated to 40,000 SF at Boston Properties’ (landlord) Reservoir Place at 1601 Trapelo Road in Waltham, MA
  • Dynatrace’s move to Reservoir Place required JLL to help another client, Constant Contact, restructure its existing lease
  • CBRE/NE Representatives: Ron Friedman, Perry Beal

Industrial Deal of the YearIndustrial Deal of the Year
66 Saratoga Boulevard, Devens, MA
Size: 275,392 SF
Landlord: CIP Saratoga Boulevard LLC
CBRE/NE Representatives: Bob Gibson, Steve Clancy, Rachel Marks, Doug Rodenstein

To learn more about the night, please read more here.

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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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