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By Sveta Vakhitova | Agent in Boston, MA
  • MediSapiens Moving To Cambridge Innovation Center

    Posted Under: General Area in Cambridge, Quality of Life in Cambridge, Market Conditions in Cambridge  |  September 4, 2014 9:58 AM  |  24 views  |  No comments

    MediSapiens Inc. is ramping up its U.S. operations with plans to open a new office in the Cambridge Innovation Center incubator at One Broadway in Cambridge's Kendall Square by the end of the year.

    MediSapiens, a subsidiary of a Finland-based bioinformatics company, develops bioinformatics software for visualization of biologic datasets for the pharmaceutical industry and academia.

    Company President Rami Kokonen said Massachusetts was the "clear choice" for its first U.S. office.

    "There simply is no match for it when it comes to the concentration of pharma industry and health technology," Kokonen said in a statement.

    The company has been occupying short-term space at 245 First St. in Cambridge since September 2013.

    Owned by the Massachusetts Institute of Technology, the 16-story One Broadway building contains 312,704 square feet of office and lab space including the Cambridge Innovation Center, a 150,000-square-foot incubator for tech startups.

    Source: Banker & Tradesman
  • Project Tiger update: It's Baxter

    Posted Under: General Area in Cambridge, Market Conditions in Cambridge  |  August 27, 2014 10:39 AM  |  28 views  |  No comments
    Local real estate sources have confirmed that the international biotechnology company seeking to relocate its corporate headquarters to a major office and laboratory complex in Cambridge — a stealthy effort known locally as Project Tiger— is in fact Baxter International Inc.
    Presently headquartered in Deerfield, Ill., Baxter (NYSE: BAX) is in the early stages of an aggressive plan to split itself into two companies, one specializing in biopharmaceuticals and the other focused on the sale of medical products. The effort is expected to be finalized by mid-2015, a timeline that corresponds with the initial space requirements established by Project Tiger’s local brokerage team at Transwestern|RBJ in Boston, according to people familiar with the matter.
    As first reported by the Boston Business Journal in May, Transwestern|RBJ was hired to find 150,000 to 200,000 square feet of office space for its out-of-state client, with the expectation of adding another 200,000 square feet of research and laboratory space once its primary move is complete. Sources familiar with the search in Cambridge's tight commercial real estate market say it is ongoing and that the ultimate footprint sought by Baxter remains undetermined.

    Source: Boston Business Journal
  • HFF Arranges Financing For $112M Purchase, Renovation Of Cambridge Labs

    Posted Under: Quality of Life in Cambridge, Market Conditions in Cambridge, Financing in Cambridge  |  July 9, 2014 10:03 AM  |  78 views  |  No comments

    Boston-based HFF has arranged financing totaling $89 million for King Street Properties' purchase and renovation of two laboratory buildings in Cambridge.

    King Street Properties bought the buildings at 87 and 200 Cambridge Park Drive for $54.5 million. Renovations to the building will bring the total cost to $112 million.

    The property at 87 Cambridge Park Drive is a 62,492-square-foot office and laboratory building that is currently vacant. 200 Cambridge Park Drive is a vacant six-story 221,676-square-foot Class A office and laboratory facility that was most recently renovated in 2004. 

    Working on behalf of King Street Properties LLC, HFF placed both acquisition/repositioning loans through Cornerstone Real Estate Advisers, acting on behalf of its advisory clients. A $22 million floating-rate loan was secured for 87 Cambridge Park Drive and a $67 million, floating-rate loan was secured for 200 Cambridge Park Drive.

    Both properties will be renovated, repositioned and re-leased by King Street. Cushman and Wakefield is handling the leasing of both properties.

     "The properties have terrific laboratory infrastructure in place already, as both were formerly owner-occupied by Pfizer," King Street principals Thomas Ragno and Stephen Lynch, said in a statement. "Our program of renovations to 200 Cambridge Park Drive will include upgrades to the main lobby, a new dining area, new fitness center and renovation of the tenant spaces."

    Source: Banker and Tradesman

  • $65M Harvard Square redevelopment to break ground

    Posted Under: General Area in Cambridge, Quality of Life in Cambridge, Market Conditions in Cambridge  |  February 18, 2014 5:11 PM  |  306 views  |  No comments

    The ground breaking of 114 Mount Auburn St. and the redevelopment of the Conductor’s Building in Cambridge, Mass., is set for Wednesday, Feb. 19, at 9:30 a.m.

    In 2012, Carpenter & Co. bought the Cambridge property to take control of the whole block adjacent to the Charles Hotel it owns. The hotel developer purchased 114-116 Mount Auburn St. in Harvard Square from the Bulfinch Cos. of Newton for $4 million with plans for a major renovation of the historic Conductors Building. A second adjacent parcel was purchased from MBTA in 2007 for $3.2 million in a public bid process.

    The developer, Richard Friedman, President and CEO of Carpenter Co., plans to build an eight-story, 70,000-square-foot building that will include a restaurant, retail and office space. The $65 million development will include a new main building that is 100 percent leased toHarvard University on a long-term lease. Occupancy is expected to commence next year. The 5,000-square-foot Conductor’s Building historic renovation will happen simultaneously.

    Friedman, who is well-known for the redevelopment of the former Charles Street Jail into the Liberty Hotel, is taking on another complex public-private partnership in the redevelopment of the century old Conductor’s Building, one of the oldest original structures of the Red Line. The new building is the result of a complex design where the building cantilevers over and above the electric transformers that power the Red Line. The project is expected to revitalize what has been a major eyesore and put to productive use an excess MBTA property and beautify a section of Harvard Square.

    David Manfredi of Elkus Manfredi of Boston is the architect and the general contractor is Boston-based Tishman Construction.

    Source: Boston Business Journal

  • Mike’s Pastry coming to Harvard Square

    Posted Under: Quality of Life in Cambridge, Shopping & Local Amenities in Cambridge, Rentals in Cambridge  |  February 4, 2014 8:22 AM  |  386 views  |  No comments

    Mike’s Pastry, the landmark Italian bakery in Boston’s North End best known for its ricotta-stuffed cannolis, is planning to open a second cafe in Harvard Square this spring.

    The Cambridge Board of Zoning Appeal unanimously approved a request to grant the pastry shop a fast food permit at a meeting last Thursday. Also in January, the city’s Harvard Square Advisory Committee gave the shop a thumbs-up.

    Mike’s has signed a lease for about 1,000 square feet of space at 11 Dunster St. The shop will contain six seats and will do a mostly take-out business.

    Terms of the deal were not disclosed. But a retail broker familiar with Harvard Square said rents in that section of the square cost between $60 - $80 per square foot.

    Founded on Hanover Street in the North End more than 67 years ago, the family-run shop has a legion of customers who are willing to wait in long lines for a taste of a variety of cannolis including the chocolate chip, pistachio, and amaretto varieties, as well as biscotti, rum cakes and more.

    Source: Boston Business Journal

  • Cambridge gives Boston Properties green light for Kendall Square high rise

    Posted Under: General Area in Cambridge, Market Conditions in Cambridge, Investment Properties in Cambridge  |  December 17, 2013 12:19 PM  |  247 views  |  No comments

    Cambridge officials have waved zoning restrictions on high-rise development in Kendall Square, a move intended to allow Boston Properties to build a proposed 240-unit, 250-foot residential tower along Ames Street.

    According to the Boston Globe, the Cambridge City Council voted 6-2 last week in favor of the zoning exception. As part of the approval process, the city also agreed to sell Boston Properties a 20-foot-wide strip of land between Main Street and Broadway for around $2 million, according to the Globe report.

    David Stewart, a senior project manager for Boston Properties, told the Globe that the approval and land deal should enable the development firm to “move quickly” and seek permiting for the project in the first half of 2014.

    “If market conditions remain where they are, this has a very good chance of starting by the end of next year,” Stewart told the newspaper.

    Source: Boston Business Journal

  • Jamestown buys two Equity Office buildings in Cambridge for $193M

    Posted Under: General Area in Cambridge, Market Conditions in Cambridge, Investment Properties in Cambridge  |  December 17, 2013 8:25 AM  |  232 views  |  No comments

    Jamestown, an Atlanta-based real estate and investment firm that has been on a local buying spree, has purchased a pair of buildings in Cambridge’s Kendall Square from Equity Office for $192.6 million.

    The sale includes two properties totaling more than 260,000 square feet of office space, including Riverview at 245 First St., a 10-story Class A office building located above a 334-space, eight-story structured parking garage, and a six-story science facility, Cambridge Science Center, connected by a large glass atrium.

    “Kendall Square continues to be an innovation zone and be a real focus for companies in acquiring and retaining top talent in those industries,” Michael Phillips, Jamestown’s chief operating officer, said in an interview. “We want to create more amenities and more of a focus in the building by upgrading systems and make it a place that is at the top of office and research and development.”

    This is the latest mega purchase by Jamestown. In a blockbuster deal in 2011, Jamestown bought a portfolio of 28 mixed-use properties on Newbury Street that encompass more than 219,000 square feet of street-level retail, office and residential space for $226 million. Earlier this year, Jamestown bought the Boston Design Center from Millennium Partners for $72.7 million and the adjacent Bronstein Center for $48 million. The 1.4-million-square-foot complex is located at 21, 23, and 25 Drydock Ave.

    “We are big believers in Boston,” said Phillips, whose company bought One Federal Street, the 38-story office tower in the Financial District, in 2001 for $367 and sold it in 2006 for $514 million. “We’ve been looking for a long time and wanted to be in Boston’s core markets in a meaningful way. Newbury Street is the retail front door, the Seaport and Innovation District is the production and design piece, and Kendall Square is clearly R&D and technology. It’s sort of a three-legged stool. They all play off each other.”

    The sale of the Cambridge offices is the latest effort by the Blackstone Group, which owns Equity, to shed major pieces of the Equity portfolio.

    Blackstone has already unloaded several Equity properties in the region: Manulife Financial Corp. purchased Wellesley Office Park for $237 million; New England Executive Park in Burlington was sold to Charles River Investors for $216 million, 25 Mall Road in Burlington was purchased by TA Associates for $77.1 million, Hines bought Riverside Center at 275 Grove St. in Newton for $197 million, and 1-3 Center Plaza is under agreement withShorenstein Properties. Equity is listing 225 Franklin St. in Boston’s Financial District, the 34-story tower formerly known as the State Street building that features 916,000 square feet of Class A office space.

    Blackstone’s remaining Boston-area office holdings include 60 State St. and 100 Summer St. in Boston’s Financial District, 500 Boylston St., in Boston’s Back Bay, and 125 and 150 Cambridgepark Drive in West Cambridge.

    Source: Boston Business Journal

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