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Cambridge Less than a year after moving its headquarters to Weston, Biogen has begun an exploratory analysis to return to Cambridge and secure a mix of office and lab space totaling approximately 500,000 sf. Enobia Pharma is establishing an office at 55 Cambridge Parkway, where the company will sublease 20,623 square feet from Verenium. SAP America will enter the Cambridge market, having signed a 18,000-square-foot lease at 245 First Street. Suburbs- South Staples signed a one-year renewal, with a one-year renewal option, for 63,000 square feet at One Research Drive in Westborough. Abbott Labs signed a 47,179-square-foot lease at 381 Plantation Street in Worcester, where it will occupy half of the building, owned by Alexandria Real Estate Equities. Norwell Visiting Nurse Association relocated to 120 Longwater Drive in Norwell, where it will occupy 28,035 square feet. Two new tenants moved into 500 Arsenal Street in Watertown: Enanta Pharmaceuticals downsized to 24,576 square feet EnVivo Pharmaceuticals expanded and signed a five-year lease for 23,940 square feet At 1601 Trapelo Road in Waltham, ModusLink leased 16,637 square feet, where it will relocate from the Bay Colony Office Park. Suburbs- North Acme Packet increased its footprint by almost 75 percent by signing a 261,961 square-foot lease at its 100 Crosby Drive headquarters in Bedford. Adheris, which was recently acquired by inVentiv Health, renewed for another seven years at 1 Van de Graaff Drive. New parent inVentiv concurrently leased the top floor of the Class A office building. Together, the two firms will occupy 58,572 square feet. DynamicOps signed a 37,207 square-foot sublease from Openwave Systems at One Wall Street in Burlington.
Three major leases were signed at Burlington Centre for a total of 97,593 square feet: At 30 Corporate Drive, ST Microelectronics will occupy 27,206 square feet, Intergen will relocate from 15 Wayside Road to 34,933 square feet and Acquia is relocating to 25 Corporate Drive, where it will occupy 35,454 square feet. Compucom renewed for 32,844 square feet of office and data center space at 400 Business Center in Tewksbury. Tenants in the market Boston Currently there are 219 active requirements (up 13.0 percent quarterover-quarter) totaling 4.4 million square feet in the Boston CBD. Financial services tenants represent the largest demand sector in the Boston CBD market comprising 45 active requirements totaling 1.0 million square feet. Law firms were the next largest sector with 20 active requirements seeking just over 571,500 square feet. Six requirements are seeking over 100,000 square feet including Blue Cross Blue Shield, Brown Brothers Harriman Company and Cambridge Associates, LLC. However, 72.6 percent of the active requirements in the market are seeking less than 15,000 square feet. Cambridge The Cambridge market currently has 33 active office requirements totaling 624,800 square feet. Larger tenants seeking space include Pegasystems, Adaptive Optics Associates and Endeca. These three tenants account for 49.0 percent of the total active office requirements. Suburbs There are currently 108 active suburban requirements (up 7.0 percent quarter-over-quarter), totaling 4.1 million square feet. There are 10 requirements in excess of 100,000 square feet including: Kronos Incorporated, Converse Inc. and Nokia. Computer software tenants represent the largest demand sector in the Boston Suburban market comprising 13 active requirements totaling 379,000 square feet. Sales activity The pace of transaction activity continues to gain momentum with both equity and debt readily available in the market, particularly for Class A assets in prime submarkets. Fundamentals appear to have bottomed and the bid/ask spread has narrowed enough to support activity. Boston The Fortis Property Group has begun to market One Lincoln Street, also known as State Street Financial Center. This 1.02 million-squarefoot property is fully leased by State Street Financial and comes with an 850-car parking garage. This Trophy asset could command bids of $1.15 billion. 33 Arch Street, a 630,000-square-foot, Class A office tower located in the Financial District and built in 2005, is said to be under agreement. With its new condition and 800 on-site parking spots, this asset is expected to trade for approximately $400 million.
Brookline Bancorp has purchased 131 Clarendon Street, the former home of the Hard Rock Caf and Boston Athletic Association, for $13.9 million ($224 per square foot). This 62,146-square-foot office and retail building has been vacant since its recent renovation and conversion. Most other transactions this quarter were smaller, for example: National Development recently completed a $10.6 million ($114 per square foot), portfolio purchase of four Franklin Street buildings: Two Class B (49, 63) and two Class C ( 51, 55) buildings totaling 92,704 square feet. Synergy Investment & Development sold a majority interest in 101 Summer Street (50,673 square feet, Class B) to Independencia for $11.5 million, or $227 per square foot, almost doubling its investment of $5.7 million made in May 2010. Cambridge 125 and 150 CambridgePark Drive (400,000 square feet total, Class A) are under agreement. Barclays Capital foreclosed on the properties in late 2010. The Archon Group originally purchased the assets for $127.9 Million back in 2007. Meritage Properties sold 485 Massachusetts Avenue (34,000 square feet, Class B) to ClearRock Properties and Juster Properties. The fullyoccupied building sold for $13.0 million, or $385 per square foot. Suburbs The Davis Companies purchased the Ferncroft Corporate Center in Middleton from LNR, which acquired the 260,000-square-foot, Class A property via foreclosure from Behringer Harvard. The asset traded for $15.3 million, or $68 per square foot. L&B Realty Advisors of Dallas purchased 690 Canton Street in Westwood from Colony Realty Partners. The 161,843-square-foot, Class A asset, which was 100.0 percent leased, sold for $34.5 million ($209 per square foot). ING Clarion sold 200 Newport Avenue in Quincy (146,000 square feet, Class A) to Synergy Investment & Development for $25.0 million, or $171 per square foot. The asset, which traded at a 7.0 percent cap rate, is fully leased to State Street. Construction activity Boston Vertex Pharmaceuticals leased 1.1 million square feet at two soon-to-be developed buildings at Joe Fallons Fan Pier development, scheduled to be completed by 2013. One Federal Street is currently undergoing a $35 million renovation by Tishman Speyer. This 1.1 million-square-foot office tower is replacing the largely-windowless, floors five to seven, with new glass windows designed to open up the appearance of the building. In addition, the first floor will be fully renovated and lined with potential food and retail tenants. Cambridge The Broad Institute is floating $375 million in bonds to fund a 250,000square-foot development of office and lab space at Cambridge Center, which will nearly double the Broad Institutes footprint in Cambridge. 200 Discovery Park Drive, a 200,000-square-foot, build-to-suit for Forrester Research, is slated for completion in the third quarter of 2011. Suburbs No prominent construction activity.
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