Tag Archives: Seaport

Seaport by Foot: Walking Tour Recap

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Every year, NAIOP takes its members on a walking tour that explores the latest real estate development projects in a specific neighborhood. This year, NAIOP members toured the Seaport, where they had the chance to see recently opened buildings and get an invaluable sneak peek of what’s to come. A still evolving neighborhood, the Seaport has seen incredible investment in everything from office and lab space, to residences along the water, and innovative retail. The district is 23-acres of mixed-use zoning, including 10 acres of open space, and has become a new hub of commerce, culture, and innovation in the City of Boston.

Icon Theater

The sold-out walking tour kicked off at the Icon Theater. The group got a lesson on the history of the neighborhood from David Martel of Newmark Knight Frank, and an important reminder that what is happening in the Seaport now is the result of over 30 years of work from visionaries, investors, and developers who came together to transform the Seaport into what it is today. Yanni Tsipis of WS Development discussed the billions of dollars of public investment, including the Harbor cleanup and Big Dig, that catalyzed the growth of the Seaport. He also discussed his firm’s massive, transformative development, Seaport Square, including the forthcoming 88 Seaport, a mixed-use retail and office project, and 111 Harbor Way, future home to Amazon.    

121 Seaport Boulevard

The group then headed to 121 Seaport, home to PTC’s global headquarters and Alexion Pharmaceuticals. Developed by Skanska, the project officially opened earlier this year. Carolyn Desmond of Skanska discussed the development of this 17-story, 450,000 square foot elliptical tower, which included the discovery of a long-buried ship during construction! Marc Margulies of MPA then covered the cutting-edge design of the PTC headquarters.  The building’s unique shape provided increased opportunities to build out a truly unique space for the offices, providing optimal light and functionality.  Attendees then toured the PTC office, including its incredible rooftop terrace.

Photo of 121 Seaport
Bruce T. Martin Photography 508-655-7557 btm@bruceTmartin.com 154 East Central St Natick MA 01760

Harbor Way

Outside of 121 Seaport, Martin Zogran from Sasaki discussed his firm’s work to create an expansive public realm program, which weaves together a unique fabric of residences, offices, shops, restaurants, civic uses, and hotels.The master plan is designed to encourage walkability and alternative mobility options with 39% of the total project area being exclusively devoted to pedestrian-only open space. As an example, a tree-lined pedestrian path, Harbor Way, punctuated by plazas and amenity spaces serves as the district’s cultural corridor and north-south connector between the Institute of Contemporary Art (ICA) and the Boston Convention and Exhibition Center (BCEC). Their work will bring a diverse mix of uses, pedestrian-oriented public space, and greater coherence and connectivity to the Seaport.

Photo of Harbor Way

EchelonSeaport

A quick walk across the street brought attendees to EchelonSeaport. Developer Michael Schumacher of The Cottonwood Group and Phil Casey of CBT gave an overview of this 1.33 million square foot community, featuring two condominium towers and one multifamily tower with 60,000 square feet of indoor and outdoor residential amenity spaces. The design, focused on the intersection of art and commerce through the lens of luxury hospitality, will include significant public space and promises to be a striking addition to the Boston skyline. With amenities for both towers ranging from pools to private dining rooms, EchelonSeaport promises to provide residents with much more than just a place to live.

Rendering of EchelonSeaport

The St. Regis Residences, Boston

Attendees then went to the former Whiskey Priest location, which will soon be the St. Regis Residences, Boston. Sean O’Grady of Cronin Development and Rebecca Eriksen of Elkus Manfredi Architects discussed the project, which broke ground in Fall 2018. The project faced a unique caveat in initial design – the property borders the Harbor on two sides. Rising to the challenge, the latest residential waterfront development in the Seaport promises to evoke nautical themes in every aspect of its architecture and décor. Currently slated to open in early 2021, the 114 residences will provide a highly curated experience, featuring signature design, dramatic views, an 8,000+ square foot bistro with additional terrace space, on-site spa, and other luxury amenities.

Rendering of The St. Regis Residences, Boston

Thomson Place

From there attendees went to the Seaport’s Fort Point Channel, where Jamie Carlin and Paul Connolly of Crosspoint Associates discussed the future of Thomson Place – a renovation and reinvigoration of one of the area’s historic warehouses. Scheduled to open in Fall 2019, the project will include office, retail and mixed-use space. Currently home to Trillium Brewing, Bartaco, and a new public plaza, the project brings new energy to the neighborhood, while preserving its historic character.

Rendering of Thomson Place

Networking

The group wrapped up the day at The Grand for a networking cocktail hour sponsored by WS Development. Attendees had the opportunity to chat with brokers, project teams and each other to wrap up a successful tour with a well-deserved cocktail in hand. Plans are already underway for next year’s tour. We look forward to seeing you then!  

Event Recap: Leadership Lunch + Learn at 101 Seaport

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The following blog post was written by Chloe Louise Bouscaren, Marketing and Business Development at CBT Architects.

“An Inventive Setting to Spark Inventive Thinking”

IMG_20151111_122627151On Wednesday, Nov 9th NAIOP hosted a Members-Only Leadership Luncheon at 101 Seaport Boulevard, the new home for PricewaterhouseCoopers, a multinational professional services network. PwC relocated 3000 employees from 125 High Street to Boston’s Seaport District. Shawn Hurley, the Executive Vice President and Regional Manager of SKANSKA USA Commercial Development hosted NAIOP on the building’s 7th floor, the only space that has yet to be leased. Shawn was joined by Charley Leatherbee, VP of Development; Levi Reilly, Director of Development; and Patrick Sousa, Manager of Development, who all played important roles in the success of this high-profile project.

IMG_20151111_121118778The newly constructed 17-story, 440,000 RSF, LEED Platinum state-of-the-art office building was developed by SKANKSA USA Commercial Development Team in Boston. Highlights included a chilled beam mechanical system, triple glazing curtain wall, 300 underground parking spaces, world class retail by WS Development, expansive views of the harbor and Seaport, conference and training centers, and virtually column free floorplates. 82% of the building is occupied by PwC, tenants Red Thread and Skanska will be joining them soon. NKGF’s Dave Martel and Bill Anderson are responsible for the leasing and deal negotiation.IMG_20151111_120951643_TOP

Located on what will be the new Seaport Square Green, 101 Seaport connects directly to Fan Pier Park, creating a continuous public space that reaches Boston Harbor and connects to the Harborwalk Grand civic lawn to support active recreation and public events.CBT2

SKANSKA is also currently working a neighboring 17-story office tower, 121 Seaport, as well as Watermark Seaport, a 300-unit residential complex both on neighboring parcels.CTjJnD2VAAAiuyx.jpg large

For those who have yet to hear Shawn’s presentations on SKANKSA’s developments in the Seaport and beyond, his confidence and presence is unparalleled. Shawn has an innate way of making an audience feel comfortable and that day, we all felt we were part of something big. SKANSKA is clearly making development history in Boston and Shawn and his group are leading that charge the titans of the real estate industry. Hats off gents.

Quick Project Stats
Project Cost: $290M
Project Duration: 26 months
PwC Employees: 3000 (20% more people in 12% less space)
Designer / Design Firm: Jonathan McGuiness, Jacobs Engineering Group

NAIOP’s on-going Leadership Lunch and Learn series is open only to Members and offers unparalleled access to top local real estate leaders. Attendees get an inside look at the area’s most active CRE companies and hear about their latest developments, recent activity, upcoming projects, and more. Not yet a NAIOP Member? Join today!

A Parking Spot in Boston – The New Endangered Species

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The Boston Globe recently ran an article, Spaced Out Downtown: Quest for parking in Boston worse than ever (October 4, 2014), observing that parking is becoming an endangered species in Boston, particularly in the Seaport.

It is very clear that the Seaport area is in the process of transitioning from servicing commuter parking for downtown Boston, to providing parking for its new residents and businesses. One of the culprits is the city’s parking freeze. With a parking inventory freeze in the Seaport, long-term availability of satellite surface parking is at odds with the construction of high-rise apartments and offices. As the amount of commuter parking diminishes, the stress on businesses in the downtown business district may get to the breaking point if employees find it difficult to find reasonably priced parking.

The most common reaction is that limiting parking will just accelerate the move to mass transit. If we had an effective, efficient transit system, that might be a reasonable answer. Unfortunately, the MBTA is operating at capacity during rush hours, satellite parking at transit stops is limited, and the condition of our trains and buses is questionable.

If we want to increase ridership and decrease vehicular commutes, let’s go “all in” and invest in a mass transit system that will be the envy of the rest of the country. However, in the meantime, let’s reevaluate the city’s parking freeze policy (one of the very few left in this country.)

Where Did All the Parking Go?

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The city-owned Winthrop Square Parking Garage, at 240 Devonshire Street, recently closed due to serious structural problems. Built in the 1960s, this Boston garage accommodated 550 cars at discounted rates from the much higher priced private facilities.

This now further exacerbates the commuter parking problem, already destabilized by the continuing loss of surface parking spaces due to the heated development activities in the Seaport area. Employers may soon start to hear the complaints, as workers begin to personally absorb these increased costs.

The “dirty secret” is that the only reason the Financial District’s parking freeze has worked for so long was that there was a large surplus of low-cost parking nearby.  The same goes for the Seaport’s parking freeze.  As more buildings eat up the surface lots, fewer spaces will remain – as demand increases substantially.

Commercial parking freezes are an ineffective means of providing cleaner air, especially when they are targeted exclusively at a particular municipality.  An unintentional result of a parking freeze is its negative effect on economic development, limiting the ability of new businesses to create jobs, existing businesses to expand, and leading, in many cases, to shifting growth to areas without such restrictions.

Maybe now is the time to rethink this outdated method of controlling auto emissions.

 

Seaport, the hottest neighborhood in Boston – Part Two

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In yesterday’s post I looked at the history of Boston’s Seaport Area and the new Innovation District, with insights from last week’s “Windows on the Waterfront” program. Today I finish up with a closer look at residential and retail activity, Liberty Wharf, and what to expect next as projects make the move from drawing board to construction site.

The Silver Line helped Boston's Seaport become a viable destination to work, shop, play, and live.

Interest in residential use dates back to artists’ lofts in Fort Point Channel, which  eventually led to Beacon Partners’ development of Channel Center with over 200 new condominiums.   Then came the award-winning FP3 residences and restaurants developed by Berkeley Investments.

It was Liberty Wharf, though, that brought a whole new group of visitors to the Seaport with its 70,000 sq. ft. office and retail development that includes Legal Harborside, Del Frisco’s, Temazcal Tequila Cantina, and Jerry Remy’s Sports Bar & Grille. Two-hour waits and a vibrant neighborhood buzzing with excitement are the result. Ed Nardi, working with Massport and the Jimmy’s Restaurant family was able to produce a concept that not only satisfied stakeholders, but far surpassed their expectations.  Hot off this success, Cresset recently committed to purchasing another property in the area for redevelopment.

In an excellent overview of the neighborhood’s history and future promise, architect David Manfredi gave the NAIOP audience a summary of the last 10 years of development in the area:

  • Work:    2.3 million square feet of new office space
  • Live:       750+ new residences
  • Play:      +4.7 acres of new public park and the extended Harborwalk
  • Visit:      1,639 guest rooms
  • Learn:   ICA & BCEC
  • Dine:     40 restaurants, cafes, food venues
  • Shop:    Louis

What’s coming next?

  • 1,160,000 square feet of innovation space
  • 1,500+ residences
  • BCEC expansion
  • More restaurants, cafes, food venues
  • 360,000+ square feet retail

New apartments are arriving with John Drew and HYM Development at Waterside Place, Steve Karp with Hanover Company at Pier 4, and John Hynes at Seaport Square. Innovation centers for start-up companies will be built by Drew and Hynes. And retail is finally on the drawing board for Waterside Place and a major joint venture with W/S Development at Seaport Square.  Who will get the first supermarket?  Both companies report they are currently in talks with grocery chains.

The hotel question still lingers.  With the Waterfront Renaissance Hotel in foreclosure, it is clear the market is not ready for a new hotel right now.  Some feel the elephant in the room is the BCEC expansion and that new hotel(s) will be dependent on the deal cut with the convention center.

As for the office market, as Charles Reid from Boston Global Investors indicated, there are a lot of parking lots right now and it will take some time before the Financial District feels the pinch as the Seaport lots get transformed into new development.  Other than build-to-suits (e.g. Vertex), spec development is highly unlikely in the near future.  However, there are some large blocks of space coming up for renewal in downtown – it’s possible one of those businesses could decide to relocate to a new state-of-the-art building in the Innovation District.

The bottom line is that the Innovation District has come a long way from the days when Anthony’s, Jimmy’s, and the No Name were the only major draws to cross the Fort Point Channel.  And while it may be a long way from its final build-out, there is no doubt this hot new neighborhood is here to stay.

Seaport: The Hottest Neighborhood in Boston

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If attendance is any indicator, the record-breaking 700 registrants at NAIOP’s “Windows on the Waterfront” event confirmed that the newly-rebranded Innovation District in the Boston Seaport district is indeed hot.  This is the year when the long-awaited neighborhood became a reality, spurred in large part by two key events – Vertex’s initial commitment to lease two buildings ( 1.1 million sq. ft.)  on Fan Pier, and Cresset’s opening of Liberty Wharf to the wild acclaim of restaurant and bar aficionados.

Windows on the Waterfront

An aerial shot from David Manfredi's presentation

However, as the NAIOP audience learned, that is just the beginning for development in this area. In an outstanding overview of the neighborhood, David Manfredi described the “promise” of this new district as:

  • A vibrant, new mixed use neighborhood
  • A neighborhood driven by innovation
  • A place to live, work, play, shop, dine, learn and visit

Helping developers fulfill that promise are several massive infrastructure improvements over the past decade, including: access to a redeveloped highway system that includes the Big Dig; an upgraded Logan Airport; expanded water transit; and the construction of the Silver Line.  Add to that the Boston Convention and Exhibition Center (BCEC), the Federal Court House, the beginning of a local park system and Harborwalk, the ICA relocation, and the city’s energetic branding of the Innovation District, and it’s hard to imagine why anyone wouldn’t want to be there!

At the event, Mayor Menino indicated that the city did not want the development of this area to be rushed, avoiding a cold, uninviting commercial zone.  He wanted, and now sees forming, a 24-hour, mixed use area that will attract both families and entrepreneurs.

Despite the large amount of available, buildable land adjacent to downtown (rare for most cities), the redevelopment of this enormous land mass has taken quite a while to get moving.  Early in the last decade, Seaport Place developed 1 million sq. ft. of office space and a full service hotel.  Another 600,000 sq. ft. came along with Manulife’s headquarters.  The next few years were fairly quiet for commercial development, until Joe Fallon built the first office building on Fan Pier, a speculative 526,000 sq. ft. tower at One Marina Park Drive.  Fallon had previously developed the 465 unit Park Lane apartments and partnered on the convention center’s Westin Waterfront hotel.  Soon after, the 470 room Renaissance Hotel was built.

Read more about the city’s hottest neighborhood in Part Two tomorrow – use the buttons at right to subscribe by email or RSS.  Among the topics: residential and retail uses, Liberty Wharf, and what’s next for the Seaport/Innovation District.

Windshield Tour of Boston’s Four Hottest Markets

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What if you could get to know a key sector of the Greater Boston commercial real estate market in a half day?  How would you like to get in-depth insight and analysis on existing and proposed development projects, and the latest sales, lease, and development activity? 

You can do this on October 6th at the NAIOP Massachusetts Annual Bus Tour: “Markets in Transition: Today’s Projects and Tomorrow’s Opportunities.” 

Networking at NAIOP Bus Tour

If you never have participated in one of these tours, you are missing out on a great opportunity to understand what is happening in the market from the leading brokers in the area. The 2010 NAIOP Bus Tour will visit Boston’s Seaport area, Cambridge, North Inner Suburbs, and Waltham.  

You’ll be able to ask the experts questions, while networking with the region’s owners, investors, developers, brokers and real estate professionals. 

Contact Pauline Rand at 781-453-6900 ext. 4 or rand@naiopma.org or visit our website to register today.