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Footwear Company to Convert Old Polaroid Campus into New Headquarters

18 May 2015, 8:07 pm

By Veronica Grecu, Associate Editor

It’s been almost ten years since Polaroid left its facility in Waltham, but a Newton-based shoe retailer wants to breathe new life into the abandoned building.

Clarks Americas - Rendering of new headquarters building in Waltham, MA

Clarks Americas – Rendering of new headquarters building in Waltham, MA

Clarks Americas, a subsidiary of C&J Clark Limited of England, announced plans to redevelop the vacant building at 1265 Main St. into its new headquarters in Massachusetts. The shoe company recently signed a 15-year lease for 120,000 square feet on the property and is ready to start construction at the site.

Clarks’ new office facility in Waltham is part of a redevelopment project that aims to breathe new life into the former Polaroid campus that spans 120 acres. As previously reported by The Boston Globe, a development partnership doing business at 1265 Main Street LLC acquired the site back in 2013 from the City of Waltham and has already started construction on a multi-year project that will add more than 1.2 million square feet of commercial and retail space along Route 128, one of the busiest highways in New England. Part of the former Polaroid site, which is assessed at nearly $34 million according to real estate website PropertyShark, was already redeveloped into a 280,000-square-foot retail plaza called Market Basket.

Clarks Americas has teamed up with Boston Properties for this project, while the interior design bid was awarded to ADD, Inc., and Spagnolo Gisness & Associates, Inc. was selected to create the exterior design. According to the footwear maker, Clark’s employees will play a key role in the design and aesthetic of the building through a committee made up of cross-functional personnel that has already started having regular meetings towards this project.

Conveniently located in the 1265 Main Campus, Clarks’ new corporate headquarters will house 400 employees in a facility that will incorporate 10-foot high windows and 50-foot skylights designed to maximize daylight and promote creative collaboration. Additionally, the four-story office building will feature an expansive roof deck, 5,000 square feet of private outdoor terrace, a three-story lobby, an employee retail store, a fitness center and covered parking spaces.

The new office building is slated for completion in fall 2016, according to Clarks Americas.

Rendering courtesy of Clarks Americas

240-Unit Luxury Community in Suburban Boston Changes Ownership for $59.5 Million

14 May 2015, 6:29 pm

By Veronica Grecu, Associate Editor

Alta Legacy Farms - Hopkinton MA

Alta Legacy Farms – Hopkinton MA

The Alta Legacy Farms apartment community in Hopkinton, Mass., has a new owner, one year after Wood Partners completed construction at the $45 million luxury complex. According to the developer, the Hopkinton community was sold this month to an affiliate of New York-based Praedium Group, LLC, for $59.5 million, or roughly $247,917 per unit. The seller was represented in the transaction by CBRE/NE.

Situated roughly 30 miles from Boston, the 240-unit Alta Legacy Farms is part of a master-planned community called Legacy Farms, a 730-acre mixed-use suburban community consisting of 940 single-family and attached homes, 450,000 square feet of commercial space and more than 500 acres of preserved and restored open space.

Alta Legacy Farms is the master planned community’s apartment component and was designed by CUBE3 Studio as a garden-style, three-story walkup community separated from the rest of the master-planned development by a buffer of existing wetlands and vegetation, as previously detailed by Multi-Housing News Online. The apartment complex sits on 18 acres, 6 acres of which has been set aside as permanent conservation land.

Alta Legacy Farms opened for lease in July 2013 and completed eight months later. The complex at 5 Woodview Way includes 156 one-bedroom units ranging in size from 772 to 1,000 square feet, and 84 two-bedroom units of 1,200 square feet each. According to the developer, 39 one-bedrooms and 21 two-bedrooms are classified as affordable housing for residents who earn 80 percent or less of area median income. According to market data provided by Yardi Matrix, renters pay an average $1,038 for a one-bedroom and $1,058 for a two-bedroom unit in suburban Boston. However, due to excellent market conditions in the area, the apartments at Alta Legacy Farms are expected to rent for more.

“With its ideal location, superior amenities and expertly conserved and restored surroundings, Alta Legacy Farms is destined to command above-average rents for many years to come,” said in a prepared statement Adelaide Grady, Wood Partners’ development director for the Boston area.

The list of community amenities at Alta Legacy farms includes a clubroom with tasting lounge, billiard room, coffee bar, media room, business center and cyber café, a theater and a fitness center equipped with televisions on cardio equipment.

Image courtesy of CUBE3 Studio

Martignetti Grabs 115 Acres for New Regional HQs in Taunton

5 May 2015, 7:32 pm

By Veronica Grecu, Associate Editor

One of the largest and oldest alcohol distributors in the country is looking to consolidate its operations by moving into a new regional headquarters and distribution center building south of Boston.

Martignetti HQs in Norwood MA

Martignetti HQs in Norwood MA

According to NAI Hunneman, a Boston-based provider of commercial real estate services, Martignetti Cos. acquired 115 acres at the Myles Standish Industrial Park in Taunton in a transaction valued at $11.5 million. NAI Hunneman represented the Taunton Development/MassDevelopment Corporation in the sale, while CBRE spoke for the buyer.

Martignetti, which started as a family-owned grocery store in Boston’s North End in 1908, will invest $100 million in the new regional headquarters. This will consolidate the company’s two separate facilities: the 450,000-square-foot office building at 175 Campanelli Drive in Braintree, and the 350,000-square-foot facility at 975 University Ave. in Norwood.

With the official groundbreaking set for next month, Martignetti’s new 680,000-square-foot home will house approximately 800 employees who will relocate from the two existing offices, a move that is expected to boost the area’s job market. The project is due for completion in spring 2016, coinciding with the completion of Dever Drive, an access road to the business park.

The Herald News reported that Martignetti was lured to the industrial park in Taunton thanks to tax increment financing agreement (TIF) that will save the company $5.1 million in property taxes over the next 20 years. Additionally, Martignetti’s investment is expected to yield another $6.3 million in taxes for the city.

Image via Martignetti

Pizzuti Launches Sales Operation for 80 Condos in Bulfinch Triangle

24 Apr 2015, 2:30 pm

By Veronica Grecu, Associate Editor

Forecaster121 - Bulfinch Triangle, Boston

Forecaster121 – Bulfinch Triangle, Boston

The North End is emerging as one of Boston’s most desired residential areas, and developers have responded optimistically to the growing demand for apartments in this dynamic neighborhood. Pizzuti Development has joined the club with the rehabilitation of the former Forecaster Building, a blighted rain coat factory at the intersection of the Bulfinch Triangle, the North End, and Faneuil Hall—a location that, according to the developer, has a 97 walk score and a 100 transit score.

As previously reported by the Boston Business Journal, Pizzuti has owned the former factory building since 2004, when it acquired the asset for $7.25 million, but it took nearly a decade and several redesigns until the developer broke ground on the rehabilitation project.

Under project plans approved by the Boston Redevelopment Authority (BRA) in 2012, the 73,800-square-foot factory located at 121-127 Portland St. was reborn as a new condominium complex with 80 units. Apart from renovating the six-story structure and redesigning the interior floor plans, the development team built a four-story addition that combines modern finishes with the historic architecture of the building, expanding its size by 26,500 square feet. Once completed, Forecaster121 will also feature a fitness center, meeting space, bike storage space and 24-hour concierge and valet services. The building will also include street-level retail space.

As the renovation and upgrade process is nearing completion at the former factory, Pizzuti Development announced the launch of the marketing and sales campaign for the 80 loft style condominiums. Forecaster121 will offer a combination of one-, two- and three-bedroom residences with prices ranging from $400,000 to $1 million.

According to the developer, RESIS, LLC will serve as the exclusive marketing consultant for Forecaster121.

Rendering credits to Pizzuti Development via BRA

The Landmark Building Changes Ownership in $125 Million Deal

20 Apr 2015, 5:08 pm

By Veronica Grecu, Associate Editor

The iconic office building that is home to the Boston Business Journal, Colliers International and First Republic Bank recently traded hands in a transaction valued at $125 million.

The Landmark Building - 160 Federal St. Boston

The Landmark Building – 160 Federal St. Boston

As reported by the Journal, Taurus Investment Holdings LLC and venture partner Invesco Real Estate sold the Class A office asset at 160 Federal St. in Boston’s Financial District to an affiliate of Beacon Capital Partners. Metropolitan Life Insurance Co. financed the deal with a $96.2 million mortgage which was executed April 10.

Also known as The Landmark Building, the 24-story office condominium was completed in 1929 under architectural designed by George W. Fuller and Parker, Thomas & Rice. Originally built as corporate headquarters for United Shoe Machinery—which at the time controlled the shoe machinery business in the U.S.—, the Art Deco skyscraper was one of the city’s finest and most innovative buildings in terms of technology and design. The building was listed in the National Register of Historic Places in the 1980s.

The property, which consists of 351,000 square feet of office and ground floor retail space, was acquired by Taurus in 2001. Shortly after taking over the property, Taurus started a complex renovation process that ultimately raised occupancy levels from well under 55 percent to above 96 percent. The list of tenants at The Landmark Buildings also includes Rackemann, Sawyer & Brewster, the Massachusetts Educational Financing Authority and the Massachusetts Housing Partnership.

Image courtesy of Taurus Investment Holdings

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