LINX Sold to Clarion Partners
Clarion Partners has emerged as the winner in a heated bidding contest for a repositioned office/laboratory building in suburban Boston. The New York firm’s $170 million offer beat out a crowded pool of contenders for the 185,000-square-foot property, called LINX, in Watertown, Mass. The price indicates a 5.75% initial annual yield. HFF is brokering the sale for Boylston Properties of Boston. The $918/sf valuation is more in line with trades in Boston and Cambridge than in the suburbs.
Market pros said growing valuations are being driven by the soaring rents being paid by tenants pushed out of Boston and Cambridge, where lab space is nearly fully occupied. The two-story LINX, at 490 Arsenal Way, is a prime example of how suburbs — particularly close-in ones like Somerville and Watertown — have captured that spillover. Boylston over-hauled the former warehouse, converting it into labs and “creative” offices. By the time the repositioning was completed this year, the property was already fully leased to Aileron Therapeutics, Kala Pharmaceuticals and another tenant.
LINX includes a 33-foot-tall lobby, a cafe, bike storage with a shower and locker room, and outdoor and recreational areas. It is designated LEED gold. There is a shuttle bus to a stop on the MBTA Red Line.
Read the article from Real Estate Alert
HqO Brings Tech-Enabled Amenities and Experiences to Tenant Communities in Urban-Suburban Offices
HqO, a tenant experience platform for commercial real estate, today announced that it launched with three new landlords at office properties totaling 1.2M square feet in the Boston area. On the heels of launching at Jamestown’s Innovation and Design Building in Boston’s Seaport neighborhood, the HqO mobile app is now available to tenants of The District Burlington, owned by National Development, the Hillsite Office Building in Needham, owned by an affiliate of The Bulfinch Companies, and LINX in Watertown, owned by Boylston Properties.
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Building Big in Boston
Local developer builds one of the Boston area’s most significant ongoing mega-projects.
Boylston Properties, a developer specializing in progressive mixed-use urban projects, is partnering with another Boston-based real estate development and management firm, The Wilder Companies, to create Arsenal Yards.
Read the article in DDC Journal
J.P. Morgan commits $109 million investment to Boylston Properties’ Arsenal Yards
Boylston Properties and J.P. Morgan announced a $109 million strategic investment from institutional investors advised by J.P. Morgan in Boylston Properties’ Arsenal Yards development, a mixed-use destination of the former Arsenal Mall in East End Watertown.
With sitework currently underway and upon the first phase opening in 2019, the vibrant urban neighborhood will be more than one million square feet, including 250,000 square feet of shops and eateries, anchored by Roche Bros. and The Majestic Cinema, YardWorks (200,000 square feet of new and existing office and lab space), Blvd & Bond (425 contemporary residences), a 150-room Hampton by Hilton, The Fitness Collection, and a revitalized Arsenal Park with expanded access to the Charles River.
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