Columbus Center Project moving forward
April 14, 2008 | Filed Under Real Estate News, Commercial Real Estate, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
The 1.3 million-square-foot mixed-use development to be built above the Mass Turnpike seems to be pushing forward. Despite financial setbacks, Columbus Center’s developer said the $800 million project is still alive and well.”We have no intention of abandoning it,” Roger Cassin, managing partner of WinnDevelopment, told Banker & Tradesman in an interview.
The Columbus Center Project will consist of 443 Condominiums, a 162-room hotel, three parks and 39,400 square feet of retail space. The project will stradle the Back Bay, South End and Bay Village neighborhoods of Boston. Other new developments in the area are 285 Columbus Lofts and The Clarendon.
Commercial Brokerage Business Flattens in Fourth Quarter
February 21, 2008 | Filed Under Commercial Real Estate, Boston Real Estate | Leave a Comment
The fourth quarter of last year was a telling quarter for the commercial real estate brokerage industry. While major brokerage firms reported record revenues and healthy net income last year, results dropped off sharply in the fourth quarter reflecting a weakening commercial real estate environment. The latest quarter results are also a sign of what is to come this year.
CB Richard Ellis Group Inc. reported full year 2007 revenue rose 49.7% to $6 billion. The company reported net income of $390.5 million compared to net income of $318.6 million in 2006. However, fourth quarter revenue was just 30.4% compared to the year earlier and net income was less in the fourth quarter of 2007 compared to a year earlier.
Jones Lang LaSalle Inc. reported record net income of $256 million for the year, an increase of 46% over 2006. Revenue for the full year 2007 was $2.7 billion, an increase of 32% from the prior year. Fourth quarter net income increased just 30% from a year earlier and revenue only 22% from 2006.
Both firms are world powerhouses, but it is clear from where the slowdown is coming. For Jones Lang LaSalle, revenue in the Americas region for the full year 2007 was $765 million, an increase of 23% over the prior year, but fourth quarter revenue increased just 11%.
For CB Richard Ellis, sales in the Americas increased by 7% for the full year but decreased by 14% for the fourth quarter. As for leasing, for the full year leasing activity increased 3% but fourth quarter was flat.
Executives from the two companies added color to the numbers and provided their outlooks for the coming year in their quarterly conference calls following the release of the results this month.
Source: Co-Star
Druker Plan for 330 Boylston Street unveiled
January 19, 2008 | Filed Under Commercial Real Estate, Boston Lifestyle | 1 Comment
The Back Bay neighborhood association gathered at the Boston Public Library Thursday night to hear deatails for the planned development of 330 Boylston Street. If the plan is approved, Ronald Druker, president of The Druker Co., will build eight floors of Class A office space with ground-floor retail and 150 garage spaces at the sight of the former Shreve, Crump & Low building. The proposed 221,230 square foot building on the corner of Boylston and Arlington has received a warm response from most Back Bay residents and business owners.
NorthPoint Development sold to Archon
November 21, 2007 | Filed Under Commercial Real Estate, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
The new NorthPoint development project in East Cambridge is being sold to Archon, the real estate branch of Goldman Sachs. According to the Boston Globe, the sales price will be more than $175 million after stiff competition for the site. The NorthPoint project was put on the market after legal disputes between owning partners earlier this year. The 44 acres of former rail yard is permitted for 5 million square feet of lab, residential, retail, office and hotel space. Two residential loft-style buildings, the Sierra and the Tango, are nearing completion. The entire complex will include 20 buildings, a 10 acre park and a new MBTA station to replace the Lechmere stop. As one of the only large-scale permitted projects in the highly competitive Cambridge commercial market, leasing potential for the complex is expected to be outstanding, especially with the proposed expansions of Microsoft Corp. and Google.
If you would like to see properties in this up-and-coming area, please do not hesitate to contact us.
One Kenmore reduces number of residential units for second time
November 16, 2007 | Filed Under Commercial Real Estate, Boston Lifestyle, Boston Condos, Boston Luxury Developments, Boston Real Estate | Leave a Comment
The developer of One Kenmore, a proposed air rights mega-project near Fenway Park, decided to cut the planned number of residential units for the second time. The $450 million development in Kenmore Square will connect Fenway and
Fan Pier Breaks Ground
October 4, 2007 | Filed Under Commercial Real Estate, Boston Luxury Developments, Boston Real Estate | Leave a Comment
Fan Pier, one of the largest LEED-certified, multi-use developments in the United States, broke ground. The first building constructed at Fan Pier was the Institute of Contemporary Art late last year. The first office building that broke ground is going to be an 18-story, 500,000-square-foot Class A building with two floors of retail space as well as underground parking. One Fan Pier Blvd.
Fan Pier is a 21-acre urban neighborhood purchased by Fallon two years ago from the Pritzker family. Fan Pier is on the edge of Boston Harbor and offers 3 million combined square footage of commercial, residential, retail and hotel space with unobstructed views of the waterfront and Boston skyline, as well as access to public transportation.
In total, nine buildings will comprise Fan Pier including a 20-story, 175-guestroom luxury hotel and a second 500,000-square-foot, Class A office building. Also, The Fallon Co. will finalize designs for Fan Pier’s Marina, Public Parks and improved Harbor Walk.
For more info visit our Fan Pier page and sign in to get more info as it comes along…
Source: CoStar
IBM Leases 490,000 SF Outside Boston
September 16, 2007 | Filed Under Commercial Real Estate, Boston Real Estate | Leave a Comment
Computer giant IBM has signed a 490,000-square-foot lease to completely occupy the newly renovated Littleton Corporate Center, a two-building interconnected office complex in suburban Boston.
National Development of Massachusetts and New York-based Angelo Gordon & Co. acquired the complex last April from Hewlett-Packard Co. for $25.5 million. The venture began a full-scale renovation earlier in the year that includes all-new lobbies, entry points, elevators and energy efficient building systems and upgraded parking areas.
The renovations are expected to finish this month. IBM will take occupancy on a long-term lease beginning next summer.
The complex sits on 39 acres at 550 King St. in Littleton, MA, northwest of Boston. The three-story buildings were developed in 1984 and are comprised of 270,810 square feet and 215,130 square feet.
Torin Taylor and Richard Ruggiero of Cushman & Wakefield represented ownership, while Matt Dwyer and Flory McCarthy of Jones Lang LaSalle represented the IBM.
Source: Deena Dietrich for CoStar
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