BOSTON—The Commercial Brokers Association recently handed out its top 2016 Achievement Awards, including recognizing Joseph Flaherty, managing director at brokerage firm JLL, with the CBA's Broker of the Year Leadership Award.
The awards were handed out last week at the CBA's annual dinner held at the InterContinental Boston. Other special recognition awards were handed out to Boston Properties for landlord of the year; Suzanne Brown, CBRE | New England as the rising star of the year and Dyer Brown Architects for collaborating partner of the year.
Joseph Flaherty, the head of JLL's Cambridge team, oversaw a host of transactions, including the build-to-suit lease deal for 240,000 square feet at University Park at MIT. Besides his strong relationship with University Park landlord Forest City, Flaherty also has a long-standing relationship with the Massachusetts Institute of Technology.
Boston Properties landlord of the year honor was based on its redevelopment of 100 Federal St. and the North Station project, which included signing deals to bring in a new hotel and supermarket to the neighborhood in addition to sustainable office and retail buildings. Other contributors to its 2016 CBA award included major lease transactions last year with Putnam Investments, Advent and Akamai Technologies. Boston Properties also opened the new 888 Boylston St., the city's most sustainable building, at the Prudential Center, along with Boston's newest tourist attraction, Eataly.
The investment sale of the year award went to One Kendall Square in Cambridge. DivcoWest, which purchased the eight-acre One Kendall campus for $394 million in 2014, sold the 644,771-square-foot, multi-building complex to Alexandria Real Estate Equities for $725 million in July. The CBA reports the transaction was the largest sale of 2016 in the Boston area based on total transaction size and price per square foot. DivcoWest was represented by the NGKF Capital Markets Boston team led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher and executive managing director Matthew Pullen, in conjunction with Newmark Grubb Knight Frank executive managing directors Mark Winters and David Townsend. Alexandria Real Estate Equities represented itself in the deal.
“The sale of One Kendall Square illustrated the close collaboration between our capital markets and leasing teams, which enables us to drive successful results on behalf of our clients,” Maher said. “We are honored to be recognized by the CBA for this transaction.”
At the time of the sale, One Kendall Square was 99% leased to a tenant roster anchored by Akamai, Abcam, Cogo Labs, Merrimack Pharmaceuticals, InVivo Therapeutics and the Massachusetts Institute of Technology.
Other CBA major award winners include:
• Office Deal of the Year—Boston: Publicis Groupe's lease at Congress Square. Publicis Groupe leased 217,277 square feet of office space at Congress Square this past fall, becoming the new anchor tenant. The deal was the largest office lease signed in the city during 2016. JLL represented both the landlord, Related Beal, and the tenant, Publicis Groupe in the transaction.
• Office Deal of the Year—Greater Cambridge: Akamai Technologies lease
After first considering moving out of Cambridge to consolidate its six locations in the city into one, Akamai and Boston Properties reached an agreement that Akamai would lease 100% of a new 476,000-square-foot, 19-story property at 145 Broadway, as well as lease an additional 150,000 square feet of Boston Properties space elsewhere in Kendall Square. The 15-year transaction was one of the largest and richest transactions in the Boston area in years. Boston Properties represented itself, and Akamai was represented by Cresa Boston.
• Office Deal of the Year—Suburban: Kronos lease at Cross Point, Lowell, MA
With tax-incentive packages provided by the city of Lowell and the state of Massachusetts, Kronos agreed to a 12-year lease for 505,664 square feet of office space at Cross Point in Lowell. CBRE | NE represented the landlord, while Cushman & Wakefield represented the tenant in the deal.
• Retail Deal of the Year: Eataly Boston, Prudential Center
As a result of a joint effort by Boston Properties, the city of Boston and a CBRE broker team, Eataly decided to open its third location in the US. in Boston, in 53,000 square feet of space over three floors at the Prudential Center. The landlord, Boston Properties, represented itself, while the tenant, Eataly, was represented by CBRE in New York and Boston in the transaction.
• Industrial Deal of the Year: Repositioning of 150 Blackstone River Road, Worcester, MA. Three years after purchasing 150 Blackstone River Road and undertaking a complete demo of the steel structure, GFI Partners transformed 150 Blackstone into a 632,000-square-foot, high-bay distribution center that was fully leased out last year, in one of the most dramatic turnarounds of a large industrial site in years, CBA states. Imperial Distributors leased 325,000 square feet, G3 Enterprises leased 230,000 square feet of space, and Mid-States Packaging agreed to lease 70,000 square feet. CBRE | NE and Kelleher & Sadowsky represented the landlord, GFI Partners; CBRE | NE was also the representative for tenant G3, while Imperial was represented by The Stubblebine Co.
• Life Science Deal of the Year: Shire Human Genetic Therapies lease at 500 Kendall Street, Cambridge, MA
Last year, Shire Human Genetic Therapies approached BioMed Realty—the owner of both Shire's existing building and 500 Kendall St.—and entered into confidential discussions with Transwestern, which represented both the tenant and the landlord. The trio ultimately reached agreement on a 12-year lease for 343,000 square feet of space at 500 Kendall St., in one of the largest deals of the year in Cambridge.
• Most Creative Deal of the Year: Boston Celtics at Boston Landing, Brighton, MA
The Boston Celtics will move into its new training venue at Boston Landing in 2018, following last year's lease deal with NB Development Group for more than 70,000 square feet in the new development alongside the Massachusetts Turnpike in Brighton. Transwestern represented both NB Development Group and the Celtics.
• Community Impact: Mount Auburn Hospital Renewal/Expansion, Cambridge, MA
In 2016 Mount Auburn Hospital in Cambridge faced the pending 2019 expiration of its lease for 725 Concord Ave. in Cambridge. Thanks to a creative deal, Mount Auburn negotiated a long-term lease extension for its entire 85,226-square-foot building at the building, making one of the largest commercial lease transactions of the past year in Cambridge. The lease agreement negotiated by CBRE | NE with the building's landlord, Davis Marcus Partners, includes plans for future expansion and a sweeping modernization of the property, CBA states.
BOSTON—The Commercial Brokers Association recently handed out its top 2016 Achievement Awards, including recognizing Joseph Flaherty, managing director at brokerage firm JLL, with the CBA's Broker of the Year Leadership Award.
The awards were handed out last week at the CBA's annual dinner held at the InterContinental Boston. Other special recognition awards were handed out to Boston Properties for landlord of the year; Suzanne Brown, CBRE | New England as the rising star of the year and Dyer Brown Architects for collaborating partner of the year.
Joseph Flaherty, the head of JLL's Cambridge team, oversaw a host of transactions, including the build-to-suit lease deal for 240,000 square feet at University Park at MIT. Besides his strong relationship with University Park landlord Forest City, Flaherty also has a long-standing relationship with the
Boston Properties landlord of the year honor was based on its redevelopment of 100 Federal St. and the North Station project, which included signing deals to bring in a new hotel and supermarket to the neighborhood in addition to sustainable office and retail buildings. Other contributors to its 2016 CBA award included major lease transactions last year with
The investment sale of the year award went to One Kendall Square in Cambridge. DivcoWest, which purchased the eight-acre One Kendall campus for $394 million in 2014, sold the 644,771-square-foot, multi-building complex to Alexandria Real Estate Equities for $725 million in July. The CBA reports the transaction was the largest sale of 2016 in the Boston area based on total transaction size and price per square foot. DivcoWest was represented by the NGKF Capital Markets Boston team led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher and executive managing director Matthew Pullen, in conjunction with Newmark Grubb Knight Frank executive managing directors Mark Winters and David Townsend. Alexandria Real Estate Equities represented itself in the deal.
“The sale of One Kendall Square illustrated the close collaboration between our capital markets and leasing teams, which enables us to drive successful results on behalf of our clients,” Maher said. “We are honored to be recognized by the CBA for this transaction.”
At the time of the sale, One Kendall Square was 99% leased to a tenant roster anchored by Akamai, Abcam, Cogo Labs, Merrimack Pharmaceuticals, InVivo Therapeutics and the
Other CBA major award winners include:
• Office Deal of the Year—Boston: Publicis Groupe's lease at Congress Square. Publicis Groupe leased 217,277 square feet of office space at Congress Square this past fall, becoming the new anchor tenant. The deal was the largest office lease signed in the city during 2016. JLL represented both the landlord, Related Beal, and the tenant, Publicis Groupe in the transaction.
• Office Deal of the Year—Greater Cambridge: Akamai Technologies lease
After first considering moving out of Cambridge to consolidate its six locations in the city into one, Akamai and Boston Properties reached an agreement that Akamai would lease 100% of a new 476,000-square-foot, 19-story property at 145 Broadway, as well as lease an additional 150,000 square feet of Boston Properties space elsewhere in Kendall Square. The 15-year transaction was one of the largest and richest transactions in the Boston area in years. Boston Properties represented itself, and Akamai was represented by Cresa Boston.
• Office Deal of the Year—Suburban: Kronos lease at Cross Point, Lowell, MA
With tax-incentive packages provided by the city of Lowell and the state of
• Retail Deal of the Year: Eataly Boston, Prudential Center
As a result of a joint effort by Boston Properties, the city of Boston and a CBRE broker team, Eataly decided to open its third location in the US. in Boston, in 53,000 square feet of space over three floors at the Prudential Center. The landlord, Boston Properties, represented itself, while the tenant, Eataly, was represented by CBRE in
• Industrial Deal of the Year: Repositioning of 150 Blackstone River Road, Worcester, MA. Three years after purchasing 150 Blackstone River Road and undertaking a complete demo of the steel structure, GFI Partners transformed 150 Blackstone into a 632,000-square-foot, high-bay distribution center that was fully leased out last year, in one of the most dramatic turnarounds of a large industrial site in years, CBA states. Imperial Distributors leased 325,000 square feet, G3 Enterprises leased 230,000 square feet of space, and Mid-States Packaging agreed to lease 70,000 square feet. CBRE | NE and Kelleher & Sadowsky represented the landlord, GFI Partners; CBRE | NE was also the representative for tenant G3, while Imperial was represented by The Stubblebine Co.
• Life Science Deal of the Year: Shire Human Genetic Therapies lease at 500 Kendall Street, Cambridge, MA
Last year, Shire Human Genetic Therapies approached BioMed Realty—the owner of both Shire's existing building and 500 Kendall St.—and entered into confidential discussions with Transwestern, which represented both the tenant and the landlord. The trio ultimately reached agreement on a 12-year lease for 343,000 square feet of space at 500 Kendall St., in one of the largest deals of the year in Cambridge.
• Most Creative Deal of the Year: Boston Celtics at Boston Landing, Brighton, MA
The Boston Celtics will move into its new training venue at Boston Landing in 2018, following last year's lease deal with NB Development Group for more than 70,000 square feet in the new development alongside the
• Community Impact: Mount Auburn Hospital Renewal/Expansion, Cambridge, MA
In 2016 Mount Auburn Hospital in Cambridge faced the pending 2019 expiration of its lease for 725 Concord Ave. in Cambridge. Thanks to a creative deal, Mount Auburn negotiated a long-term lease extension for its entire 85,226-square-foot building at the building, making one of the largest commercial lease transactions of the past year in Cambridge. The lease agreement negotiated by CBRE | NE with the building's landlord, Davis Marcus Partners, includes plans for future expansion and a sweeping modernization of the property, CBA states.
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