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The REal Reporter corporate ID info ID corporate Reporter REal The TheA COMPENDIUM OF COMMERCIAL Real PROPERTY & CAPITALReporter NEWS website: www.therealreporter.com website: contact: [email protected] contact: AUGUST 12, 2013 THIS WEEK’S ISSUE The News Source for Commercial Real Estate Real Commercial for Source News The line: Tag News gothic regular gothic News Pro-Life in Lexington...... 2 Big Numbers ...... 4 Blackstone Confirms Eastdil as Rockwell regular Rockwell Reporter Weekly CMYK 1,1,13,15 CMYK Financing Industry ...... 6 Advisor on $275M Trophy Sale CMYK 24,0,0,38 CMYK Congress Sells Out ...... 6 Peabody Pride ...... 7 BY JOE CLEMENTS OSTON — The landmark disposi- Btion of a half-interest stake in One PO Square for a price of $680 per sf did involve Eastdil Secured in the process, seller Equity Office is acknowledging through its parent com- THE REAL REPORT pany, Blackstone. “We can confirm that Eastdil Fenway’s Phoenix continued on page 14 One Post Office Square, Boston MA C&W Listing 130,000-SF Palomar HQ BY JOE CLEMENTS URLINGTON — Start with a major company reverse commuting to BInterstate 495 from this Route 128 hotspot, and there is plenty more intrigu- ing news in the listing of a 130,000-sf commercial building at 15 Network Dr. through Cushman & Wakefield, a deal expected to hit the streets this week. Estimates of pricing from $23 million to $25 million were not open to discussion by 15 Network Dr., Burlington MA continued on page 16 Grossman Buys Again on ‘Main Street’ BY JOE CLEMENTS ROOKLINE — In seeking real estate they can bank Bon, the Grossman Cos. 84 The Fenway, Boston MA has acquired a building others BOSTON — Having a building fire bank in, last week paying $2.2 can be as helpful to property values million for 429 Harvard St. in a as a pig farm opening next door, but deal backed by Cambridge somehow, a blaze at 84 The Fenway Savings Bank financing of $1.5 gave suitors little pause when the 22- million. The brick-faced struc- unit apartment building was put on ture houses a top-performing continued on page 17 Citizens Bank and the lot of Photo: Derek Szabo Photo: Derek continued on page 15 429 Harvard St., Brookline MA

2 THE REAL REPORTER August 12, 2013 KSP Lands Dutch Firm for 53,000SF HQ BY MIKE HOBAN EXINGTON — King Street Properties continues to bring tenants to its L183,000-sf Lexington Science Campus on Hartwell Avenue, as the Waltham-based developer and investor recently inked Dutch gene therapy company uniQure to a 10-year deal establishing its US headquarters at the park where it will occupy a Lexington Science Campus, Lexington MA 53,000-sf mix of labora- Thomas Ragno tory, manufacturing and Hartwell Pl. that was announced in March. to the “ultra-state of the art” requirements office space. Principal “I think this is significant because it’s a for the facility, uniQure will move into Stephen Lynch tells the reflection of the growing international their new facility next spring. The deal Real Reporter that the reputation of the science node that’s being was brokered by Cushman & Wakefield deal brings the total to created by us and others along Hartwell Executive Directors Mark Winters and 80,000 sf of transactions Avenue in Lexington,” says Lynch. “We Richard Ruggiero. Winters says the deal is at the campus in 2013, have seven tenants now, and three come significant for the suburban lab market with uniQure being the from Kendall Square (Abpro, Quanterix because “it’s the largest suburban lab deal second international and T2 Biosystems), and now we’ve got that’s been done in the last two years,” Stephen Lynch tenant to sign on since the two international companies as well as even though he insists Cambridge has not January. Sekisui Diagnostics, a subsidiary two companies that come from elsewhere lost any of its allure. of the Tokyo-based Sekisui Chemical Co., in the US.” “I wouldn’t say it’s indicative of a larger previously signed a 19,000 sf deal at 4 Following a seven-month build out due continued on page 17

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4 THE REAL REPORTER August 12, 2013 Your Property Walker & Dunlop Crests $2.6B in Q2 Originations Our Financing Fannie Mae The bank of choice for getting the deal done. Freddie Mac

The commercial real estate group at Washington FHA Trust provides commercial real estate mortgages for the construction, refinancing, and purchase of Bridge investment real estate projects throughout New England. Julia Anne M. Slom CMBS SVP & Team Leader For more information, call Julia Anne M. Slom, Senior Vice President & Team Leader, at 401-348- Szabo Photo: Derek Life Company 1430 or email her at [email protected]. BY JOE CLEMENTS ETHESDA, MD — Figures of 91 percent loan origination growth, 94 percent revenue growth and 65 percent net Bincome growth over Q2 2012 “are great numbers for the www.washtrust.com ~ 401-348-1200 or 800-475-2265 quarter,” Walker & Dunlop Chairman and CEO Willy Walker declared last week in a press release showing plenty for the bur- Trusted Advisors Since 1800 geoning commercial real estate lender to be smiling about heading into Labor Day. Originations of $2.6 billion were not only more than the total $2.01 billion for the entire first Commercial Mortgages half of 2012, but also exceeded the entire figure recorded in all of 2009, Walker later $250,000 up to $5 Million recounted in an earnings conference call. Walker was unavailable to discuss the Paul Carey DCU provides Stephen P. Theobald results with the Real Reporter, but Chief borrowers with a wide Financial Officer Stephen P. Theobald 508.804.9573 range of innovative acknowledged his inaugural quarter at the firm David Bromberg financing solutions. We offer competitive after replacing the retiring Deborah Wilson 508.804.9675 rates, outstanding was a solid one for a company now ranked the Leo Barrett service, and have a top Fannie Mae DUS lender in the country for proven track record 2012 and named 10th largest commercial 508.804.9158 of helping clients. lender in the country—third largest on multi- Heather Storme family—by the Mortgage Bankers Association Willy Walker of America. “We’re pleased with the perform- 508.804.9031 dcu.org ance of the quarter . . . and we feel good about the remaining five Andy Gnazzo Mike Darling Senior Vice President Senior Vice President months,” Theobald says in a phone interview from Walker & Multifamily Finance Multifamily Finance Dunlop’s Maryland headquarters. “Our producers are very busy [email protected] [email protected] right now and it looks that is going to continue to be the case.” (781) 707-9354 (781) 707-9428 Total revenues rose to $90.7 million in Q2 versus $46.7 million for the same three months in 2012, while adjusted net income Ellen Kantrowitz Christopher Rumul Senior Vice President Vice President SM rose 57 percent to $14.5 million. The servicing portfolio of $37.9 billion represents a 116 percent gain over midyear 2012, helping FHA Finance FHA Finance [email protected] servicing fees reach $22.4 million, up 128 percent from Q2 2012. [email protected] (781) 707-9309 (781) 707-9466 BA1.,1*²¬7+('&8WAY About the only tabulations with any negative tinge would be expenses growing by 112 percent to $66.9 million, and a scaling back of loan origination projections for the year from $10 billion continued on page 11 Your Property Our Financing Fannie Mae Freddie Mac FHA Bridge CMBS Life Company

Commercial Real Estate Finance

Andy Gnazzo Mike Darling Senior Vice President Senior Vice President Multifamily Finance Multifamily Finance [email protected] [email protected] (781) 707-9354 (781) 707-9428

Ellen Kantrowitz Christopher Rumul Senior Vice President Vice President FHA Finance FHA Finance [email protected] [email protected] (781) 707-9309 (781) 707-9466 www.walkerdunlop.com

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6 THE REAL REPORTER August 12, 2013

Construction Despite Deficit in Cache, Development Industrial Awash in Cash Financing Conveyance 1031 Exchanges Leasing Environmental C. Michael Malm Land Use [email protected] 440-480 McClellan Hwy., East Boston MA BY JOE CLEMENTS Litigation AST BOSTON — At first glance, McClellan Highway here across from Suffolk Downs and South Boston in Whitey Commercial EBulger’s killing fields appear more likely lined with grease Lending than gold, but that is not the way lenders are viewing the land- scape there and in other thriving industrial markets. Among the most substantial financ- SBA Lending ing deals of their ilk through mid-year, Brookline Bank doled out $19.6 million to refi- Mixed-Use nance an air-cargo facility across from Suffolk Downs and People’s United Bank last month Multifamily put up $30 million on One Harbor St., a mod- ern 209,000-sf warehouse in the emerging Office Jay Wagner Seaport District, whose glitz and glamour is largely prohibited by law from invading the gritty neighborhood Retail east of D Street in an attempt to preserve Boston’s working port George “Tony” Hewett from gentrification. [email protected] continued on page 18 At Davis Malm, we make your Skaff Completes NH Sales Assignment business our business. ORTSMOUTH, NH—The former Portsmouth Baking Co. con- dominium unit at 121 Congress St. has been sold, listing bro- Just ask these experienced Pker Jody Skaff of the Kane Co. has announced. The buyers, who plan to open an Asian fusion restaurant in real estate lawyers. the prominently located development, were advised by Michael LeClaire of Costantino Real Estate. According to Skaff, clients Ed Connolly and Harvey Hosack have relocated out of the area following the unit’s exchange. Renovated in 2011, the unit “generated a great deal of interest during the term of the Jody Skaff listing,” Skaff reports in a press release where she describes the unit as “one of the premiere retail properties available for sale in the market.” Especially in the summer months, Portsmouth is a bustling tourist town that helps bolster Kendra Kinscherf a thriving restaurant business. The Kane Co. is one of the [email protected] Seacoast’s oldest and most established CRE firms, active in retail and other product types. n August 12, 2013 THE REAL REPORTER 7 Peabody Properties Promotes Prized Pair RAINTREE — Peabody BProperties Inc. has announced the promo- tions of two company professionals at the full- service real estate firm that manages more than Kristen Brophy 10,000 housing units in New England. Lynne Sales has been appoint- ed Regional Resident Services Manager, while Kristen Brophy has been elevated to the post of Resident Lynne Sales Services Manager. “The commitment and diligence demon- strated by Lynne and Kristen is remarkable,” Mishawum Park, Charlestown MA Peabody Properties Inc. hard work and dedication” of the pair, as ued members of our team,” says Fish-Will. CEO Karen Fish-Will well as the continued expansion of As Regional Resident Services says in a press release Peabody’s resident services practice. In Manager, Sales is responsible for manag- where she says the pro- fostering that aim, “we anticipated the ing a staff of nine Resident Services Karen Fish-Wil motions “reflect the continued growth and success of these val- continued on page 16 INTERIORPHOTOGRAPHYSERVICES COMMERCIAL + RESIDENTIAL PHOTOGRAPHY

North End June 2012

AERIAL PHOTOGRAPHY SERVICES 617.435.9214 DEREKSZABO.COM

8 THE REAL REPORTER August 12, 2013 Commercial Deals MILLION DOLLAR MORTGAGES/SALES JULY 29 - AUGUST 2, 2013

AUG 2ND BUYER: Fenway Residential Properties LP, managed by Jeffrey A. Libert; and 1439 Curson Partners LP, managed by Lucille Hotnog, president SELLER: Hall Keen Spring Hill LP, mgd. by Andrew P. Burnes, pres.; and John L. Hall II, treas. PRICE/ADD: $22,250,000; 55 Summer St., Plymouth MTG: $19,800,000* from Webster Bank NOTES: Multifamily property, constructed 1967; 24 units; building size is 23,725 sf, lot size is 4.5 acres; seller acquired property in Jan. 1997; *mortgage also covers 2 and 3-5 Edes St., Plymouth Baystate Medical Center has scooped up a 38,725-sf medical office building at 3400 Main St. in Springfield, MTG: $11,462,500 from First Niagara Bank paying $6,500,000 to Stutz Realty LLC, an entity managed by George W. Holman. The seller paid $130,968 ADDRESS: 1660 Soldiers Field Rd., Boston for 3400 Main St. in May 1988, the same year the building that sits on a 2.3-acre parcel first came on line. BWR: Tara 1660 LLC, mgd. by Philip Haughey Jr. MTG: $1,968,000 from Middlesex Savings Bank PRICE/ADD: $46,750,000; 7 Archstone Ave. BUYER: HRI Putnam Square LLC, managed by ADD: 53 Church St., Hudson and 11 Old Boston Rd., Tewksbury Homeowner’s Rehab Inc. BWR: South Middlesex Non Profit Housing Corp., NOTES: Multifamily community, constructed SELLER: Putnam Square Apartments Co. LP, managed by James T. Cuddy, Executive Director 1990; 245 units; seven residential buildings and managed by Harvard University Housing one clubhouse; lot size is 41.2 acres; sellers PRICE/ADD: $9,285,000; 2 Mt. Auburn St. MTG: $1,800,000 from Rollstone B&T Co. acquired property for $42,000,000 in Dec. 2006 and 5 and 11 Putnam Ave., Cambridge ADD: 77 Chalmers St., Leominster MTG: $6,000,000 from Community BWR: Kathleen Hussey, trustee of Town & MTG: $17,000,0000 and $45,000,000 from The Economic Development Association Corp. Country Realty Trust VII & VIII Prudential Life Insurance Co. of America NOTES: Multifamily properties; 2 Mount Auburn ADD: 5, 74 and 130 Turner St., Waltham St. an 11-story tower const. 1974; 94 units; MTG: $1,600,000 from JPMorgan Chase Bank BWR: Stony Brook Holding LLC, managed by building size is 71,575 sf, lot size is 14,875 sf ADD: 25-27 Church St., a/k/a 23 Church St. Stephen J. Spey and 25 Church St., Boston MTG: $8,712,000 from Boston Private BWR: Mitreon Partners LLC, managed by Mark MTG: $25,000,000 from Boston Private B&T Co. Bank & Trust Co. C.K. Lu and Sean Sacks ADD: 1440 Beacon St., Brookline ADD: 111 Lawrence Ave., Framingham BWR: 1440 N8 Owner LLC BWR: Bishop 108 Associates LP, mgd. by Donald BUYER: Christian Mission Pentecostal A. Levine, president; and Lewis Heafitz, treasurer Tabernacle of Cambridge Inc. MTG: $10,550,000 from Cambridge Trust Co. SELLER: Grace Vision United Methodist ADD: 48 and 52 Lake Ave., Woburn MTG: $8,320,000 from Brookline Bank Church, mgd. by Youngsheen Ahn, president; BWR: Horn Pond Apartments LLC, managed by ADD: 300 Jubilee Dr., Peabody and Dong Lee, treasurer True North Capital Partners BWR: Brookwood Jubilee LLC, managed by PRICE/ADD: $1,500,000; 56 Magazine St., Brookwood Real Estate Partners Cambridge MTG: $10,500,000 from Blue Hills Bank NOTES: Church property, constructed 1913; ADD: 260 Needham St., Newton MTG: $3,750,000 from JPMorgan Chase Bank BWR: Northland 260 Needham LLC, mgd. by ADD: 9 and 21-23 Knapp St., Boston building size 11,450 sf, lot size is 7,750 sf; seller acquired property in Sept. 1882 Steven P. Rosenthal, president and CEO, BWR: 9 and 21-23 Knapp Street Realty TR, Northland Residential managed by De Luu Chen and Henry G. Chen BUYER: The Reserve At Merrimack Valley Golf BUYER: Ronit Hospitality LLC, managed by MTG: $3,500,000 from TD Bank Club LLC, managed by Thomas E. Neve National Safe Harbor Exchanges, California ADD: 22 Church St., Everett SELLER: Neve Holdings Inc., mgd. by Thomas Neve SELLER: Wedge Hotels Trustee Corp., man- BWR: Devens Everett LLC, managed by PRICE/ADD: $1,400,000; Lots 61A, 63, 64, aged by Brian C. Stage, president Anthony Cassano and Delia G. Cassano 66A, 67A, 69A and 74 The Village at Merrimack Greens, Howe Street, Methuen PRICE/ADD: $8,000,000; 10 Independence MTG: $3,000,000 from Walpole Co- MTG: $900,000 and $1,000,000 from East Dr., Chelmsford Operative Bank Boston Savings Bank MTG: $6,400,000 from Northern B&T Co. ADD: 1400 Centre St., a/k/a 77 Paul St., Newton NOTES: Land parcels; lot size totals 1.7 acres NOTES: Hotel property; first building con- BWR: Mark F. Donato, trustee of Paul At structed 1992; building size is 78,025 sf, lot Centre Street Realty TR AUG 1ST size is 6.8 acres; second building constructed 1987; building size is 42,975 sf; third building MTG: $2,247,484 from Brookline Bank BUYER: DSF IV Tewksbury Owner LLC, man- constructed 1987; building size is 64,875 sf; ADD: 1238 Chestnut St., Newton aged by The DSF Group last sold for $6,000,000 in Dec. 1992 BWR: Creative Development Management SELLER: GRE Tewksbury Property LLC, mgd. by LLC, managed by Charlotte F. Maynard the Dolben Cos. and Guggenheim Real Estate continued on page 9

August 12, 2013 THE REAL REPORTER 9 Commercial Deals MILLION DOLLAR MORTGAGES/SALES JULY 29 - AUGUST 2, 2013 continued from page 8 MTG: $6,944,000 from Berkshire Bank ADD: 60 Evans Dr., Stoughton BWR: J. Edward Downes III, a/k/a James Downes, and Roderick Reader, trustees R and D Realty TR BUYER: 99 Erdman Way Holdings LLC, managed by CWCapital Asset Management SELLER: Driftwood Hospitality Management II LLC, receiver-in-possession of the Four Points by Sheraton Leominster Hotel PRICE/ADD: $5,100,000; 99 Erdman Way, Leominster NOTES: Hotel property; 187 rooms; building size is 45,000 sf, lot size is seven acres MTG: $4,350,000 from Avidia Bank ADD: 353 John Fitch Highway, Fitchburg BWR: Peace and Grace Realty LLC, managed by Emil K. Khalil BWR: LCW 108 Newbury LLC

BUYER: Reardon Realty MA Inc., managed by Szabo Photo: Derek Jason J. Reardon, president MTG: $1,120,000 from Rockland Federal CU JULY 31ST SELLER: 1 Lewiston Street LLC, managed by NOTES: Industrial property, constructed 1975; MTG: $7,500,000 from Leader Bank Vincent J. Geoffroy building size is 15,000 sf, lot size is 1.3 acres; ADD: 20 Englewood Ave., Boston PRICE/ADD: $2,200,000; 343 Dillingham seller acquired property for $56,000 in Oct. 1969 BWR: Green Eyes Environmental LLC, man- Ave., Falmouth MTG: $1,300,000 from Enterprise B&T Co. aged by Jeffrey M. Feuerman MTG: $2,132,000 from Bristol County SB ADD: 150 Industrial Rd., Leominster NOTES: Retail property, constructed 1967; auto BWR: 150 Industrial Road LLC, managed by MTG: $3,250,000 from Boston Private B&T Co. dealership; building size is 10,075 sf, lot size is John Clermenti ADD: 752 Tremont St., Units A, C, 8, 10 and 1.7 acres; last sold for $1,150,000 in Nov. 2008 11, Boston MTG: $1,200,000 from Watertown Savings Bank BWR: Paul G. Roiff, trustee of 752 Tremont MTG: $1,968,000 from Middlesex SB ADD: 126 Harvard St., Brookline Street TR ADD: 25 Catherine St., 21-23 Ives St., 141 BWR: Harvard Brookline Series LLC, managed Providence St., 54 Queen St., 7-9 Woodland by Frank A. Stasiowski MTG: $2,280,000 from United Bank St. and 6 Wyman St., Hudson ADD: 21 Fruit St. and 267 Mill St., Worcester BWR: South Middlesex Non-Profit Housing BUYER: Sheridan Development LLC, managed BWR: 21 Fruit Street Realty TR, managed by Corp., managed by James T. Cuddy by Paul Cammarata Minh Mailoux and Robert Mailioux SELLER: William W. Covell MTG: $1,660,000 from Bank of Canton PRICE/ADD: $1,025,000; 9-11 Sheridan St, MTG: $2,265,509 from Bank of America ADD: 243-245 Willard St., Quincy Cambridge ADD: 146 South Main St., #B, Milford BWR: Galvin Commercial Holdings LLC, man- NOTES: Multifamily property, const. 1910; four BWR: So. Main Plaza LLC, managed by Glenn aged by Sean W. Galvin units; building size is 4,025 f, lot size is 3,825 sf; Finkelstein seller acquired property for $30,000 in Dec. 1973 MTG: $1,594,012 from Northmark Bank MTG: $1,500,000 from Eastern Bank ADD: 18A and 18B Blueberry Ln., Lots 1 and 2; BUYER: 192-194 Franklin Street LLC, man- ADD: 681-683 Washington St., Boston and Mulberry Lane,Parcels A and B, Lexington aged by Stephan Dubouloz, James T. Orfanos BWR: Hayden Building LLC, managed by Kathy BWR: Winning Estates LLC, mgd. by Gary Ruping and Terry E. Orfanos Kottaridis, executive director, Historic Boston Inc. SELLER: Chandraleela Harrington and Melvin MTG: $1,500,000 from First Ipswich Bank BUYER: Ninety-Four Wells Avenue Investor ADD: 55 Berkshire St., Swampscott P. Holmes, trustees of Marsat Realty TR PRICE/ADD: $1,000,000; 192-194 Franklin LLC, managed by Bruce Levine NOTES: Milton Tariq,, trustee of 55 Berkshire SELLER: Rosemary Office Associates LP, man- Street Realty TR St., Cambridge MTG: $1,777,000* from Bank of Canton aged by Donald A. Levine, president BUYER: Route 53: 1255 Washington Street NOTES: Pair of residential properties; 192 Franklin PRICE/ADD: $1,756,810; 145 Rosemary St., LLC, managed by Steven R. Lameiras St. const. 1873; house size is 2,375 sf, lot size is Needham SELLER: Albert R. Schofield Jr., trustee of 3,800 sf; eight bedrooms and two baths; 194 NOTES: Office property, constructed 1954; Woodrock 30 Nominee TR Franklin St. const. 1902; house size is 1,075 sf; two building size is 61,100 sf, lot size is five acres; PRICE/ADD: $1,350,000; 30 Woodrock Rd., bedrooms and one bath; sellers’ ownership in prop- last sold for $6,050,000 in Nov. 1995 Weymouth erty dates to April 1985; *construction mortgage continued on page 10

10 THE REAL REPORTER August 12, 2013 Commercial Deals MILLION DOLLAR MORTGAGES/SALES JULY 29 - AUGUST 2, 2013 continued from page 9 BUYER: Dana Hall Schools, mgd. by Caroline Erisman SELLER: Catherine Solter and Steven Solter PRICE/ADD: $1,601,000; 9-11 Hampden St., Wellesley NOTES: Single-family Tudor, const. 1920; house size is 5,550 sf, lot size is; eight bedrooms, four baths and two half-baths; last sold for $166,500 in Aug. 1979 JULY 30TH MTG: $107,566,045* from Wells Fargo Bank ADD: 300 Harrison Ave., Boston BWR: Ink Block LLC, mgd. by National Development NOTES: *Construction mortgage MTG: $29,000,000 from Nationwide Life Insurance Co. ADD: 130-158 Congress St., Boston BWR: Post Office Square Redevelopment Corp., managed by William F. McCall Jr., president Szabo Photo: Derek BUYER: Wells Avenue Business Center LLC, BWR: Richard Maggio and Robert Maggio, MTG: $11,340,000 from Rockland Trust Co. managed by Andrian Shapiro trustees of Lorraine Realty TR ADD: 640-6 50 Concord Ave., Cambridge SELLER: 145 Wells Partners LLC, managed by BWR: Neville Communities Home Inc., man- David M. Rosenberg MTG: $1,520,000 from East Boston SB aged by Michael Haran, president PRICE/ADD: $3,700,000; 145 Wells Ave., Newton ADD: Norma Lane, Lot 7, Middleton MTG: $1,540,000 and $2,200,000 from BWR: John Zirpolo, trustee of MZX3 Realty TR BUYER: AVB Maple Leaf Apartments LP, man- Brookline Bank BUYER: 65-73 Essex Avenue LLC, managed by aged by AvalonBay Communities Inc. NOTES: Office/flex prop.; building size is SELLER: ASN Maple Leaf (Office) LLC, man- Kenneth H. Black 17,725 sf, lot size is 2.1 acres; last sold for SELLER: A&T Holdings LLC and Faye Holdings aged by AvalonBay Communities Inc. $3,200,000 in April 2013 PRICE/ADD: $9,950,000; 23 East St., a/ka/ LLC, managed by Anthony Taliadoros 10 Glassworks Ave., Cambridge MTG: $3,400,000 from Cambridge Trust Co. PRICE/ADD: $1,500,000; 65-73 Essex Ave., NOTES: Multifamily property, constructed 1929; ADD: 27 Cambridge St., and 6 Lincoln Knoll Gloucester 104 units; building size is 60,950 sf, lot size is Ln., Burlington NOTES: Retail property; first building const. 1920; 31,850 sf; last sold for $7,279,210 in April 2002 BWR: Robert W. Murray, trustee of Lincoln Knoll TR first building size is 3,650 sf, lot size is 14,000 sf; seller acq. property in May 1973; second building MTG: $8,020,000 from East Boston SB MTG: $2,600,000 from Farm Credit East ACA const. 1989; building size is 3,200 sf ADD: 28 Cedar St., and 335 Washington St., Woburn ADD: 71 and 89 High Rd., Newbury BWR: 335 Washington Street LLC, managed BWR: Matt Kozazcki, trustee of M&G JULY 29TH by George T.Albrecht Farmland Realty TR MTG: $6,600,000 from Middlesex SB BUYER: Baystate Medical Center Inc. BUYER: Blue Bird MHC LLC, mgd. by Matthew Udell ADD: 28 Goodhue St., Salem SELLER: Stutz Realty LLC, mgd. by George Holman SELLER: GL Realty LLC, managed by Mark P. BWR: North River Canal LLC, managed by PRICE/ADD: $6,500,000; 3400 Main St., Springfield Grochmal and Stanley R. Grochmal Jr. Louie Roberto and Rita M. Roberto NOTES: Medical office property, constructed 1988; PRICE/ADD: $2,137,000; Fuller Road and building size is 38,725 sf, lot size is 2.3 acres; seller Lombard Road, Parcels 1 and 2, Chicopee BUYER: 34 N. Pearl Street LLC, mgd. by Avi Lipschutz acquired property for $130,968 in May 1988 MTG: $325,000 and $1,925,000 from GL SELLER: Braemoor Rehabilitation and Nursing Realty LLC Center Inc., f/k/a Braemoor Nursing Home Inc., MTG: $6,500,000* from Red Mortgage NOTES: Mobile home park; 168 units; lot size is managed by Michael J. Roland, president Capital LLC 29 acres; sellers inherited property in July 1983 PRICE/ADD: $6,000,000; 34 North Pearl St., ADD: 2251-2311 Washington St., Newton Brockton BWR: New Falls Associates LP, managed by MTG: $2,100,000 from Monumental Life NOTES: Healthcare facility, constructed 1973; John R. Barkan, treasurer of Mel A. Barkan Inc. Insurance Co. nursing home; 120 units; building size is NOTES: *HUD multifamily mortgage; New ADD: New York Avenue, Lot 56-C-1, Framingham 56,575 sf, lot size is 3.6 acres; seller’s owner- Falls Apartments BWR: Framingham Express LP, managed by ship in property dates to Dec. 1967 John F.Jaeger, president and treasurer MTG: $6,300,000 from Walpole Coop Bank MTG: $5,844,000 from East Boston SB ADD: 1833-1853 Massachusetts Ave., Lexington MTG: $1,800,000 from Century B&T Co. ADD: 821-833 Beacon St., and 1261-1263 BWR: The Giroux Building LP, managed by ADD: 17 and 17R Holton St., and 34 Holton Centre St., Newton James A. Manganello, president and treasurer St., Woburn continued on page 11

August 12, 2013 THE REAL REPORTER 11 Walker & Dunlop continued from page 4 to $12 billion to between $9 billion and $11 billion. Walker & Dunlop had initially pegged the range from $8 billion to $10 billion, but had such a robust launch to 2013 that it ratcheted them upwards in late January. The X factors that prompted the latest adjustment came in the US Housing & Urban Development being forced to scale back its healthcare and housing loan programs when Congress short-funded their allocations for both the first half of FY 2013 and the second half that wraps up on October 1st. Meanwhile, GSE-lenders Fannie Mae and Freddie Mac were told to reduce their annual allocations by 10 percent. Theobald says there was an interrup- Szabo Photo: Derek tion in commitments during the first half we want to get back to a place where we are all about relationships, and we have added but HUD is still funding for the second half comfortable with those things that are driv- some of the best brokers up (in New even though there remain fears the well ing their decisions . . . and we do feel we England), and we need to make sure that will again run dry after Congress are headed in the right direction to make talent stays on board,” he says. Personnel eschewed a $5 billion increase sought by sure we continue to grow that partnership.” expense was 41 percent of revenues in industry trade groups such as the MBAA. The expense aspect was largely a Q2, up from 37 percent in that same peri- Fannie Mae and Freddie Mac are also result of Walker & Dunlop’s aggressive od in 2012. still in business—as evidenced in a 26 per- expansion program whose centerpiece The plus side of the formula includes a cent gain in Walker & Dunlop’s second was last autumn’s purchase of CWCapital. 66 percent rise in adjusted income from quarter originations with Fannie Mae and The integration has gone smoothly overall, operations to $25.1 million in Q2. GAAP 176 percent surge with Freddie Mac to reports Theobald, with the culture and income from operations was up 58 per- $616 million. One result has been in Fannie systems both melding together over the cent to $23.8 million. The servicing portfo- Mae being more selective in where it lends past year since the deal was announced. lio of $37.9 billion at midyear represented and what products to concentrate on, The expense jump was reflective of the a 116 percent increase from $17.6 billion explains Theobald. “We do think we are get- firm successfully tying up the producers one year earlier. That helped servicing ting a better handle on that,” he says, that came with purchase of the Needham- fees grow from $9.8 million in Q2 2012 to adding, “They have been great partners and based operation. “This is a business that is $22.4 million this year. n

SELLER: Fluid Management Systems Inc , NOTES: Industrial property, constructed 1965; Commercial Deals managed by Hamid Shirkhan, president building size is 19,000 sf, lot size is one acre; continued from page 10 PRICE/ADD: $1,800,000; 56-58 Felton St, seller’s ownership in property dates to Aug. 1968 BWR: Centre Realty LLC, managed by Betsy L. Waltham BUYER: Starr Construction Inc., managed by Dangel, president MTG: $900,000 from Peoples Federal SB NOTES: Industrial property, constructed 1860; Stephen P. Starr, president and treasurer MTG: $3,400,000 from Georgetown Bank building size is 24,800 sf, lot size is 27,075 sf; SELLER: The Marist Fathers of Boston, man- ADD: 10-20 Main St., 66 Nason St. and 6-8 last sold for $670,000 in July 1998 aged by Father Joseph Hindelang, president; Parker St., Maynard and Father John Harhager, treasurer BWR: James G. MacDonald, trustee of MTG: $1,152,000 from Needham Bank PRICE/ADD: $1,000,000; 505 Pleasant St., Maynard Commons Realty TR, Maynard Market ADD: 121 Charles River St., Needham Framingham Realty TR and Maynard Place Realty TR BWR: MRR Properties LLC, managed by Ryan MTG: $700,000 from Avidia Bank McDonnell and Robert Ticktin NOTES: Religious property, constructed 1938; MTG: $2,400,000 from Hampden Bank building size is 2,375 sf, lot size is 8.8 acres; sell- ADD: 15-21 Third St., Palmer BUYER: Bryn Mawr Trust Co., trustee of The er’s ownership in property dates to Aug. 1937 BWR: Manchem LLC, managed by Edward J. Employees’ Retirement Plan of Hajoca Corp. O’Leary and Kenneth P. Vincunas SELLER: Peabody Supply Co. Inc., managed by MTG: $1,000,000 from Rockland Trust Co. Christopher Velonis, president; and Domenic ADD: 26-28 Vineyard St., Somerville BUYER: 56-58 Felton Street LLC, managed by Messina, treasurer BWR: AVL Development LLC, managed by Brian Keane PRICE/ADD: $1,050,000; 58R Pulaski St., Peabody Gonzalo Artigas

12 THE REAL REPORTER August 12, 2013 Massachusetts Corporations Organized August 5 - August 9, 2013

Corporation Directors/Registered Agents Address Nature of Business ARL Andover Management LLC James Dina, Warren Fields and Richard Kelleher, managers One Post Office Sq., Ste. 3100, Boston MA 02109 Deal with real property ARL Princeton Management LLC James Dina, Warren Fields and Richard Kelleher, managers One Post Office Sq., Ste. 3100, Boston MA 02109 Deal with real property ARL Tampa Management LLC James Dina, Warren Fields and Richard Kelleher, managers One Post Office Sq., Ste. 3100, Boston MA 02109 Deal with real property Albite LLC Reenie McCarthy and Paula E. Turnbull, managers 1188 Centre St., Newton MA 02459 Manage and own real estate Caspia LLC Reenie McCarthy and Paula E. Turnbull, managers 1188 Centre St., Newton MA 02459 Manage and own real estate Halite LLC Paula E. Turnbull, manager 1188 Centre St., Newton MA 02459 Manage and own real estate Morello LLC Reenie McCarthy and Paula E. Turnbull, managers 1188 Centre St., Newton MA 02459 Manage and own real estate BFKB Tax Credit Fund I LP Michael H. Gladstone, general counsel C/o Boston Financial Investment Management LP @ 101 Arch St., Deal in housing projects eligible for federal 13th floor, Boston MA 02110 low income housing tax credits SCD L2 Seaport Square LLC Al Bolivar, Shawn Hurley and Mat Johnansson, managers 350 Fifth Ave., NYC 10118 Real estate investment CS of Chesapeake Holdings LLC Eggert Dagbjartsson and Victor J. Paci, managers C/o Equity Resource Investments @ 1280 Massachusetts Ave., Invest in real estate 4th floor, Cambridge MA 02138 Burlington GAVI Member LLC Dennis D. Ballard, signatory 711 High St., Des Moines IA 50392 Own commercial real estate 9 Hathaway LLC Alex Peselman, manager 39 Brighton Ave., Allston MA 02134 Manage, rent and sell real estate Stone Lion Development Bowdoin LLC George Cole, Carol Gladstone and Drew Leff, managers 112 Beach St., U-6, Boston MA 02111 Deal with certain real property at 130-146 Bowdoin St. and 288-292 Geneva Ave., Dorchester MA SCG Chelmsford GP LLC Richard A. Hayden, signatory C/o Stratford Capital Group @ 100 Corporate Place, Deal in real property Ste. 404, Peabody MA 01960 Chelmsford Woods Residences LP Richard A. Hayden, signatory C/o Stratford Capital Group @ 100 Corporate Place, Deal in real property Ste. 404, Peabody MA 01960 RFM Block on Congress LLC Justin Metz, signatory 60 Columbus Cir., 19th floor, NYC 10023 Real estate BWC Origination 1 LLC John P. DeVillars, manager C/o BlueWave Capital LLC @ 31 Milk St., Ste. 1104, Boston MA 02109 Operate and own solar photovoltaic energy generation properties BWC Origination 2 LLC John P. DeVillars, manager C/o BlueWave Capital LLC @ 31 Milk St., Ste. 1104, Boston MA 02109 Operate and own solar photovoltaic energy generation properties BWC Origination 3 LLC John P. DeVillars, manager C/o BlueWave Capital LLC @ 31 Milk St., Ste. 1104, Boston MA 02109 Operate and own solar photovoltaic energy generation properties NREM 99 Summer Manager LLC Jeffrey K. Gronning, David T. Welsh and 53 Maple Ave., Morristown NJ 07960 Develop, entitle and operate real estate Francis X. Wentworth Jr., signatories Palmetto Hospitality of Boston LLC Dan C. Breeden Jr., manager Principal office @ 100 Dunbar St., Ste. 400, Spartanburg SC 29306; Accommodations MA office @ Stuart and Tremont (Parcel 7A), Boston MA 02116 NEC Indy LLC Gary R. Schwandt and Joseph A. Versaggi, signatories C/o Great Point Investors @ 2 Center Plaza, Ste. 410, Boston MA 02108 Operate and own real estate Jumbo Capital Chelmsford Partners LLC Jay O. Hirsh, manager C/o Jumbo Capital Management @ 300 Commercial St., Acquisition,conveyance, leasing, operation Ste. 904, Boston MA 02109 and ownership of real estate Galatians Capital Management LLC Kevin Kimani, manager 13 Jeanne Rd., Randolph MA 02368 Manage investments, including real property 4 Page Lane Development LLC Geno Ranaldi, manager; Greg Locraft, resident agent Principal office @ 85 Brown Ave., Hampton NH 03842; Dealing with interests in real estate Greg Locraft @ 30 Yarmouth St., Boston MA 02116 25 Bowditch Drive LLC Mark W. Langevin, manager 25 Bowditch Dr., Shrewsbury MA 01545 Buy, maintain, own and sell real property LVP CP Boston Holdings LLC David Lichtenstein, manager C/o Lightstone Value Plus REIT LP @ 1985 Cedar Bridge Ave., Real estate Lakewood NJ 08701 535 Lowell Street Peabody LLC Alfred R. Yebba, manager; Michael E. Rubin, resident agent Principal office @ 19 Prospect St., Wakefield MA 01880; Michael Rubin Develop, manage and own commercial RE c/o Posternak Blankstein & Lund LLP @ 800 Boylston St., Boston MA Miramar Park Association Inc. Frank Mastrocola, president; Robert Crespi, treasurer; 8 Miramar Ave., Dennisport MA 02639 Maintain and own a beach and other real Daniel Bagley, clerk property for the benefit of members of the ownership group Aviva Realty LLC David Goldstein, mgr.; Patricia Finnegan Gates Esq., res. agent Principal office @ 124 Pinecrest Rd., Manchester NH 03104; Dealing with commercial real estate Patricia Finnegan Gates Esq., c/o Mountain, Dearborn and Whiting LP @ 370 Main St., Ste. 800, Worcester MA 01608 Beacon House Rogerson LP James F. Seagle Jr., president C/o Rogerson Communities @ 1 Florence St., Roslindale MA 02131 Interests in real estate Sammy Realty LLC Robert L. McCrensky and Susan M. McCrensky, signatories 248 Mill Rd., Chelmsford MA01824 Acquire, build and manage commercial and residential real estate AC Realty LLC Daniel Castillo, manager 430 East Central St., Franklin MA 02038 Real estate services 128 Cedar LLC Paul Macdonald, manager 128 Cedarwood Rd., Hanover MA 02339 Real estate development and management 354-360 Revere Beach Boulevard LLC Ann S. Magarian and James D. Magarian, managers 1 Sunset Dr., Peabody MA 01960 Purchase and sell real estate continued on page 13

August 12, 2013 THE REAL REPORTER 13 Massachusetts Corporations Organized August 5 - August 9, 2013

Corporation Directors/Registered Agents Address Nature of Business 51 Centre Realty LLC Parviz Sanieoff, manager; Robert E. Fierman, resident agent Principal office @ 51 Centre St., Brookline MA 02446; Robert E. Fierman Broker, buy, develop, lease, operate and @ 678 Massachusetts Ave., Ste. 6004, Cambridge MA 02139 own real estate 48 Rice Avenue LLC Joshua S. Hennessey and Amelie Hennessy, managers; 208 Crescent Ave., Rockland MA 02370 Invest in, own and rent real estate Scott Hennessey, resident agent CCMcD Real Estate Lafayette LLC James T. McDermott and Thomas R. McDermott, signatories C/o Clark-Cutler-McDermott Co. @ 5 Fisher St., PO Box 269, Acquire, finance, improve, lease, operate and Franklin MA 02038 sell real property 15 Ward Street LLC Mickey Northcutt, manager C/o North Shore Community Development Coalition Inc. Real estate and interests therein @ 102 Lafayette St., Salem MA 01970 CVS 582 MA LLC Ned Craun, Robert Marcello and Christopher Mercer, sigs. C/o CVS Pharmacy @ 1 CVS Dr., Woonsocket RI 02895 Real estate entity Bennington Street Realty LLC Debra K. Brede, manager 1253 Highland Ave., Needham MA 02492 Dealing with interests in real estate Ashland Main LLC Kenneth A. Isaacson, manager 228 Lakeshore Dr., Wayland MA 01778 Buy, develop, operate, own & sell real property Ice Glen Realty LLC Hue Lieu, manager; John Homich, resident agent Principal office @ 50 Soley St., Charlestown MA 02120; Acquire, improve, lease, manage and John Homich @ 9 Cottage Ave., Winchester MA 01890 sell real estate Glines Avenue LLC Rita L. Harlow and Robert F. Harlow, managers 12 Divittorio Dr., Milford MA 01757 Real estate Oakwood BayCoast WWTF LLC Michael Biszko and Robert Karam, signatories 456 Rock St., Fall River MA 02722 Deal w/certain real property in Swansea MA Franklin Retirement Residence LLC Norman Brenden, Barton Colson and Patrick Kennedy, mgrs. 9310 NE Vancouver Mall Dr., Ste. 200, Vancouver WA 98662 Retirement residence Harwood Family LLC Paulette H. Lamparelli, manager 74 Branch St., U-3, Scituate MA 02066 Investments, including real property interests Elite Construction And Property Michael J. Cook, president, treasurer and secretary 16 Juniper Ave., Wakefield MA 01880 Construction Management Inc. Coravos Development LLC Stephen V. Coravos, president, treasurer and secretary 2100 Lakeview Ave., Dracut MA 01826 Develop, purchase and sell real estate 12 Swanton St. LLC Daniel Gattineri, manager 107 Audubon Rd., Ste. 104, Building Two, Wakefield MA 01880 Acquire, develop, lease, own & sell real property North Pasture Partners LLC Jeffrey Edwards, manager; John Brescher, resident agent Principal office @ 200 Post Kennel Rd., Far Hills NJ; John B. Brescher Manage and purchase real estate c/o Glidden & Glidden PC @ 37 Centre St., Nantucket MA 02554 Ardmore Road LLC Yevgeniy Voloshin, manager 153 Pine Grove St., Needham MA 02494 Develop, invest in, lease, operate and sell RE 46 Tremont Street LLC William M. Jardus, manager Principal office @ 227 Saint Paul St., Brookline MA 02446 Real estate and related activities 231-235 Parsons Street LLC William M. Jardus, manager Principal office @ 227 Saint Paul St., Brookline MA 02446 Real estate and related activities Forensic Building Science Inc. Thomas J. Irmiter, president 595 Selby Ave., St. Paul MN 55102 Structural engineering services Beach Street Builders LLC Donald E. Staszko, manager 380 Chief Justice Cushing Hwy., Cohasset MA 02025 Develop and own real property Rockefella Properties LLC Richard Miranda Jr., manager 230 Coffin Ave., New Bedford MA 02746 Rent real estate McGregor 2 LLC Diarmaid McGregor, manager 7 Chickatbot Rd., Quincy MA 02169 Manage, own and sell real estate Capital Financial LLC Maria Sterglou, manager 1888 Rue Wellington, Apt. 203 Pointe Saint Charles Quebec Finance, including real property interests H3K 1W1 Canada The McCormick Real Estate Mary Beth Romeri, manager 11 Plymouth Rd., Weston MA 02493 Deal with real estate Investment Group LLC FirstKey Mortgage LLC Mark Toscano, manager 4 International Dr., Ste. 110, Rye Brook NY 10573 Mortgage business 51 Vale St LLC Vincent Brown, manager 22 Wolcott St., #2, Dorchester MA 02121 Real estate HSL Realty LLC John J. Bonica, manager 738 Main St., Acton MA 01720 Real estate and interests therein 2 Mechanic's Court LLC Craig W. Pessina, manager 11A Liberty St., Newburyport MA 01950 Dealing with interests in real estate Touro Properties LLC Mark S. Ain and Joseph C. Butler, managers 36 Grace St., #2, Malden MA 02148 Deal with real estate Reno Properties LLC William R. Renaud, manager 29 Johnson St., Lowell MA 01854 Develop and invest in real estate SLX Project 1170 LLC F. Joseph Fleck, manager 5750 New King Dr., Ste. 330, Troy MI 48098 Construct, operate & own solar energy facilities Red Tree Companies LLC Elizabeth A. Fair, manager 691 Washington St., South Easton MA 02375 RE brokerage and property management Stetson Pond Properties LLC George R. Gould Jr. and Scott M. Noyes, managers 250 Plymouth St., PO Box 686, Pembroke MA 02327 Develop, invest in, rent and sell real estate Visions Property Management LLC Angela Maria Cannistraro, manager 133 Main St., Medway MA 02053 Lease, manage and own real property CMAPD LLC Dawn Kennedy, manager 2303 Center St., West Roxbury MA 02132 Hold real estate RSF LLC Dawn Kennedy, manager 2303 Center St., West Roxbury MA 02132 Hold real estate Carr Family Mass Holdings LLC James R. Carr, manager 392 Summer St., Marshfield MA 02050 Make and manage real estate investments Leaf Properties LLC Kevin Dooley, manager 159 Pembroke St., Kingston MA 02364 Acquire, develop, manage, market and sell RE SD Properties LLC Kevin Dooley, manager 159 Pembroke St., Kingston MA 02364 Acquire, develop, manage, market and sell RE LMR Properties Wayne Rutledge, manager 2235 Cranberry Hwy., West Wareham MA 02576 Deal with real property

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14 THE REAL REPORTER August 12, 2013 industrial to multifamily and retail, Eastdil Advisory accentuated by the $250 million continued from page 1 sale last month of the massive was advisor in the sale of One Post Boston Park Plaza Hotel & Towers. Office Square,” spokesman Peter A smaller Financial District prop- Rose conveys in a prepared state- erty sale was brokered by the ment after being asked for clarifi- group for $21.0 million in May. cation by the Real Reporter on a The latter sale of 45 Milk St. deal valued at $275 million that for $300 per sf despite being 90 appears to have widespread rami- percent vacant has been cast as fications for the city’s already bois- reflective of the healthy Class B terious investment sales sector. market in Boston, especially for “It’s back to peak pricing for jewel-box buildings that have CBD assets,” is how one expert enjoyed renewed interest from characterizes the result that also investors and tenants alike. The signals to some the genesis of corresponding revitalization of Blackstone shedding its downtown the Financial District now Boston and Cambridge assets, appears to be moving up to the considered among the most valu- high-rises, with the One PO able in the national portfolio. “I’m Square agreement representing sure they have to be ecstatic” with the first major ownership change what happened at One PO Square, in a Boston tower since the 37- says one broker. “It’s a good sign story Bank of America headquar- for them and for other” owners ters was bought by Boston contemplating a trade. Properties in winter 2012 for Both Equity and Morgan $615 million, or about $475 per sf. Stanley—the co-owner who Not only is One PO Square bought out its 50/50 partner for priced far above that figure, it an estimated $275 million—have easily eclipses the $610 per sf One Post Office Square, Boston MA remained largely mum on how spent on 33 Arch St. two years ago the agreement came about in an exchange part of a broader plan by Blackstone to last week and Exchange Place, a 40-story first unveiled by therealreporter.com, and harvest much of the office REIT’s holdings. tower that fetched $610 million in Dec. other details have One of the stories in suburban Boston in 2011, or $510 per sf. One veteran uses the remained scant as well. 2013 has been Blackstone’s aggressive acquisition of a half-interest at One Partnership sales are push to harvest major assets in a hot mar- Financial Center by Beacon Capital often performed quietly ket, having already divested Riverside Partners in 2007 for a price in the $700- and minus any third- Center in Newton through Holliday per-sf sphere to compare One PO Square party input, and Fenoglio Fowler for a record suburban to on that metric. observers initially price above $380 per sf in that $197.3 mil- In terms of Equity’s potential sales assumed such was the lion trade, followed by Cushman & offerings, brokers and capital sources alike James McCaffrey case with One PO Wakefield reaping a single-asset suburban are salivating over the thought of such Square, an 808,000-sf, 42-story behemoth Boston record $216 million in the sale of prime assets as 175 Federal St., 225 overlooking Post Office Square Park and New England Executive Park. More Franklin St., 100 High St., 100 and 125 the Hub’s Financial District. recently, HFF has been engaged to peddle Summer St. and Rowes Wharf being made Since the original article, there were the Wellesley Office Park in Wellesley, an available, although one downtown broker indications the seller did engage Eastdil eight-building, 640,000-sf first-class cam- says chances are Equity will be measured Secured in some capacity. The scenario pus that commands rents above $30 per sf. in its approach. “They do everything on a painted by market watchers is that Eastdil Until Blackstone’s statement, getting an continued on page 15 brought a potential buyer or buyers to the official pronouncement on Eastdil’s role opportunity, then guided Equity when has been challenging. As per company pol- Morgan Stanley invoked a clause allowing icy, no comment was forthcoming from the The Real Reporter them to match any offers, giving the firm Boston Capital Markets group that is said total say over the building. to have orchestrated the negotiations. VOLUME 5, NUMBER 19 “That is basically what happened,” one Boston professionals on the team include © 2013 The Real Reporter, LLC. Ten Post Office source says when described accounts from Brian Barnett, Peter Joseph, Sarah Lagosh, Square, Boston MA 02109, 617-692-2997. All others tracking the transaction who main- James McCaffrey and Christopher rights reserved. No part of this publication tain the trade began with Equity deciding Phaneuf. The unit is already enjoying an may be reproduced without the written con- it wanted to address its ownership there as eventful 2013 with listings from office and sent of the publisher.

August 12, 2013 THE REAL REPORTER 15 Grossman Main Street continued from page 1 just under 10,000 sf accommodates 14 parking spaces, a rare plum in the densely populated district that connects Coolidge Corner with the teeming juncture of Commonwealth and Harvard Avenues in Allston. “This is a great long-term investment for us,” Grossman Cos. principal Jake Grossman tells the Real Reporter after closing on the single-level property. “The location is tremendous,” concurs Grossman, who explains the acquisition is not a one-off buy, but part of an established “Main Street” campaign that already possesses similar core buildings in thriving retail districts, among them a CVS in South Braintree, plus Hingham Square, Hingham Square, Hingham MA also on the South Shore, and 572-574 Washington St., a 21,025-sf mix of office is there as an anchor to support higher- such as the Braintree Executive Park that and retail in the heart of downtown yielding ventures. “We look for great real Albany Road Real Estate Partners secured Wellesley estate in town centers that we know are in April for $17.2 million. On the flip side, The intention of not going to go away,” says Grossman, who Grossman Cos. this spring partnered with Grossman Cos. is to oversees the expanding acquisitions plat- a Connecticut firm to buy Lee Farm have 10 to 20 percent of form of the Quincy based firm. As to the Corporate Park in Danbury, CT, a first- its investment capital in latest purchase, an off-market deal with class, 215,000-sf property off Interstate 84 the platinum category Langwater Capital, Grossman is effusive in acquired in a venture with local operator where there is little fear the building’s leasing history, physical con- Summit Ventures for $16.9 million. of recessions or other dition and occupancy by a credit tenant As to the Main Street element, maladies that in 2009 that counts 429 Harvard St. among its best Grossman Cos. has owned the 14,975-sf Jake Grossman had eastern performing New England branches, site at 19 Main St. in Hingham for decades, Massachusetts above 23 percent vacancy according to Grossman, with deposits in and in 1989 constructed the brick struc- in retail while downtowns sporting proven excess of $92 million. The block also hous- ture that features a clock and stylish demographics had far less impact and es an Asian restaurant and the legendary facade. The Braintree CVS is a stand- rebounded more quickly, conveys Kupel’s Bake & Bagel, a Harvard Street alone unit in that community’s bustling Grossman. The company does pursue staple for decades situated inside a spiffy downtown, while the Wellesley property value-add projects needing hands-on storefront two doors down at 421 Harvard affectionately known as the Rotunda attention, and the portfolio extends to St. The Citizens Bank building that dates Building has been under the family’s more mainstream retail such as an 81,075- to 1969 “is a great fit” for the Main Street purview since the 1970s. “We’re always sf Medford strip center anchored by Stop family of holdings, says Grossman. looking” for new baubles to put in the pile, & Shop, the Quincy Burger King at 56-72 The Grossman Cos. has been shuffling says Grossman, who did not say how close Granite St. and Ocean State Job Lot in its real estate assets via a combination of his firm is to hitting a 20 percent level on Whitinsville, but the Main Street strategy new investments and pruning of others dollars invested. n

There are some expressing doubt about today, it does make sense,” says the pro- Eastdil Advisory the sustainability of such a level, with fessional. “I don’t think (Morgan Stanley) continued from page 14 some dismissing it as an overeager buyer overpaid at all . . . I imagine both sides are linear basis,” maintains the source, point- who has a stated desire to buy more office very pleased with what they got out of it.” ing to the staggered approach being played product getting a chance to take over one That view was not singular. “This is not out in suburban Boston. “They know how of New England’s best addresses. “I’d put it just a moment in time—it is a restating of to keep the market focused on one deal at in the top 10 all day long,” one market the pricing for Boston to an eye-popping a time.” That source and others, however, watcher responds of the tower in defend- level that we haven’t seen since (2007),” are anticipating some Equity offering is in ing its value. With comparable sales lack- says another CRE sales specialist with a the offing. “It shows a natural progression ing, that barometer is too limited to utilize, lengthy track record in the market. “You of pricing, and that message is getting “but based on where yield requirements are essentially there, and I don’t think that through,” says the industry professional. are now, and the popularity of Boston is going to change anytime soon.” n

16 THE REAL REPORTER August 12, 2013 Palomar HQ continued from page 1 C&W Executive Director Michael Frisoli when contacted about the custom- designed structure built in 2010 for Palomar Medical Technologies, but the broker did confirm C&W’s assignment and predicts it will be “a mega-transaction” attracting investors while being shopped to users as well. “It is basically a brand new building and one of the nicest you are ever going to see,” declares Frisoli, who is overseeing the campaign on a team also featuring C&W New England Chapter President Robert E. Griffin Jr. and Executive Director Matthew E. Pullen. Street-level market guidance is being provided by suburban expert Mark Roth, who at a recent Network Drive, Burlington MA summer review press briefing explained the dynamics driving companies to required 18-foot clearance for some oper- midyear is third highest behind only Route Burlington today, that being its ations and also was among the first gener- 128 Central (924,000 sf) and I-495 North Live/Work/Play environ- ation of users embracing collaborative (538,950 sf). Route 128 North has an ment employees are workspace design. “The space is really inventory of 22.0 million sf and averages seeking to work in, forc- cool,” says Griffin. “It is very well- $21.48 per sf on rental rates. That is good ing skill-dependent designed and we’re extremely excited to for second behind the $27.38 per sf figure industries such as life have this listing—it isn’t very often you in Route 128 Central and compares to a sciences and technology get to sell a new building.” market average of $19.81 per sf. n to find those venues. The result of Palomar’s vision would “Burlington is absolute- enable a user to adapt to the flexible lay- Robert E. Griffin Jr. ly on fire right now,” out, according to Frisoli, and as such, Peabody Properties Griffin says, and he has C&W does anticipate that constituency continued from page 7 good reasons to declare will be on the tour docket along with Managers and Resident Service as such, having over- investment capital. More than $1 billion Coordinators who cumulatively serve a seen the $216 million has already been spent on CRE in portfolio of 32 properties, connecting res- trade of New England Burlington over the past year and idents with community based services and Executive Park in June, investors appear hungry for more in a coordinating on-site quality of life pro- delivering seller Equity dwindling inventory. Fortunately for grams. Sales joined Peabody Properties in Office the highest price them, Westford-based Cynosure acquired 2004 as a Resident Service Coordinator Michael Frisoli ever paid for a suburban competitor Palomar earlier this spring and and most recently worked as Grants and Boston stand-alone is now relocating staff to the I-495 campus Project Manager for the firm. She will con- office asset. Another owned by Normandy Real Estate Partners. tinue to oversee all 12 of Peabody Equity building at 25 Initially, the plan was to follow the path of Properties’ Youth Resident Activities Mall Rd. in Burlington is other firms and move Cynosure to Program grants from MassHousing, which under agreement at a Network Drive, but Griffin says an assess- provides funding for after-school and sum- price rumored in the ment of the occupancy needs plus costs mer enrichment activities for young resi- $77 million sphere, or a and the benefits of harvesting 15 Palomar dents of affordable housing. hefty $270 per sf. Dr. led to a reversing of the corporate Following a six-year tenure as Resident Mark Roth Beyond market decision—and the commute for hundreds Service Coordinator at three Peabody dynamics, C&W is touting 15 Network Dr. of Palomar staff. Properties’ residences in Braintree and and its presence in another evolving It appears tenants could use the room, Quincy, Brophy is now Resident Services mixed-use business enclave. The LWP as C&W’s midyear figures put the Route Manager at Mishawum Park, a 337-unit mantra is alive and at Northwest Park and 128 North vacancy rate at 11.6 percent, community in Charlestown. In her new role, the abutting Network Drive, with an entire well below the suburban average of 16.7 she will oversee all resident services and retail strip being brought on line by its percent. The rate is lowest among seven programs and serve as on-site point of con- longtime owners, the Nordblom Co.. A suburban markets tracked by C&W, and tact for all of the community’s 995 resi- medical devices company, Palomar 439,000 sf of leasing activity through dents. n

August 12, 2013 THE REAL REPORTER 17 King Street Lease continued from page 2 trend,” the veteran broker conveys. “I think it’s a group that has office, lab and GMP manufacturing, so they didn’t necessarily need to be in Cambridge, and the 128 West market worked really well for them because they really like the Hartwell Avenue cluster. Most of the out- migration from Cambridge is to the Richard Ruggiero Waltham/Lexington area, and Hartwell Avenue continues to be the biggest beneficiary of companies that either Lexington Science Campus, Lexington MA outgrow or get priced down to a 7.9 percent vacancy rate. throughout metropolitan Boston would out of Cambridge.” Lexington, Hopkinton and Marlborough all seem to validate the vision of King Street Cambridge laborato- enjoyed busy openings to 2013, the RBJ Properties founder Thomas Ragno, who ry vacancies have review indicates, and RBJ Research direc- launched the firm in 2002 sporting a plan Mark Winters dipped to 10.3 percent, tor Brendan J. Carroll reports that Route to convert older technology buildings in according to C&W, and rents are holding 128 Central has zero vacancy in its thin the Cambridge, Lexington and Waltham firm at $55.00 per sf on a triple-net basis. inventory of 1.5 million sf of Class A prod- universe to feed off the Cambridge biotech The summer bioSTATus report by Richards uct and is at 18.0 percent for its similarly business. The seeds of the campaign came Barry Joyce & Partners estimates there sized pool of Class B laboratory space, in buying 101 and then 113 Hartwell Ave. was 77,000 sf of positive “take-up” activity something RBJ relays “is attractive to in July ($2.3 million) and November in suburban Boston laboratory buildings prospective tenants desiring a discount to ($6.45 million) of 2010. Four Hartwell Pl. during the prior two quarters, helping drive rent levels commanded in Cambridge.” came into the fold in Nov. 2011 at a figure the suburban inventory of 5.5 million sf The rising allure for life sciences of $4.2 million. n

cultural cache and a myriad of demand driv- is said to hail from in securing the asset in The Real Report ers for housing. That list would include an all-cash purchase. continued from page 1 rank-and-file urban professionals mixed On top of solid market fundamentals, the market through Boston Realty with thousands of college Sower and Weissman had in the earlier Advisors this spring, finally resulting in students and capped off article touted 84 The Fenway’s superior its just-completed $6.2 million purchase by by staffers from the abut- elements as a residential use, including a private investor. In generating some 230 ting Longwood Medical plentiful natural light and efficient floor confidentiality agreements and 80 tours of Area that is home to plates. Those did come into play in driving a five-story property bereft of air condi- some of the country’s activity from knowledgeable residential tioning or a working elevator (Advil or leading doctors, health- developers, says Sower, adding if any- Alleve?), BRA principal Christopher D. care professionals and thing, the fire and water damage required Sower says he is finding demand for mul- Christopher D. Sower researchers. the property be brought to a shell condi- tifamily remains white hot, with little As portended in a tion, enhancing its flexibility. chance of dousing the flames of investor May Real Reporter BRA was retained by Fenway Bowers interest in the coming months. article detailing the LLC and Fenway Buttrick LLC as broker “It got a lot of attention,” concurs Sower, opportunity, 84 The of a building principal James C. Buttrick who handled the marketing with colleague Fenway did draw from a had owned since paying $550,000 in Jason S. Weissman as part of the multi- wide berth of prospects, March 1984. The buyer is Nora LLC, an family sales division that has now wracked recounts Sower, includ- Allston firm managed by Anwar Faisal. up in excess of $50 million in sales with five ing condo conversion Sower says he is unsure what the new months and several prime listings left on the Jason S. Weissman professionals, non-prof- owner’s plans are for 84 The Fenway, but dais. The pace of activity challenged other its and academia interested in housing describes the response as both “incredi- BRA assignments in such high-end neigh- their aforementioned staff and students, ble” and “rewarding” for helping the client borhoods as Beacon Hill and Harvard plus regional multifamily owners and harvest a long-term asset that had Square, credited to both the Fenway’s own operators, a group that the winning bidder encountered a difficult setback. n

18 THE REAL REPORTER August 12, 2013 what makes for good real Industrial Financing estate,” he adds, and provided continued from page 6 terms that ultimately won the “There is a very good appetite for that day for the lender against stiff type of product,” reports Cushman & competition. “We had significant Wakefield Managing Director Jay Wagner, interest in the financing driven a member of the Equity, Debt & by the tenant’s long-term com- Structured Finance Group that arranged mitments to the property, their both loans through a pair of regional financial strength and the attrac- banks as advisor to borrower Cargo tive ownership,” says Wagner, Ventures LLC. Wagner accedes such ardor whose unit is on pace to process has only been recent given the 2008 reces- upwards of $850 million in 2013. sion that battered the industrial sector The $300 million level was hit weakened the asset by June 30th, and Wagner says class well into this another $1 billion is in the decade, save for the pipeline. “The debt markets scant institutional quali- have a copious amount of liquid- ty product, of which the ity right now,” he says, with two Boston assets fund- commercial banks pumping ed this spring easily plenty of that into all manner of qualify. “There are a lot regional CRE, including industri- James Murphy of things that have not al, who are not, however, alone. One Harbor St., Boston MA been popular for a long time finally getting “The life companies can’t seem to get change of 1 Distribution Center Dr. was notice,” says Wagner, cautioning nonethe- enough” industrial deals, says Northmarq valued at $27.4 million, according to pub- less that selections need to be made care- Capital Managing Director James Murphy. lic records. Prudential and Condyne had fully, with changes in logistics and the ten- “We are doing quite a bit of that right owned it since paying $22.2 million in Nov. uous manufacturing world prone to shift- now.” Among his 2013 undertakings is a 1997 for the 69 acre expanse. ing fortunes. seven-building warehouse complex in From a value perspective, the sticker The allure of the Boston deals include Allendale, PA, and closer to home Murphy price is favorable to industrial, as outlined the youth of both assets, according to assisted in the recapitalization of a in mid-year date from Real Capital Wagner, with the East Boston develop- Littleton industrial asset by Condyne prin- Analytics that puts the current average ment a sprawling complex of both air cipal Jeffrey C. O’Neill. A $57 million loan sale price for that asset class in the Boston freight and high-end office space, the lat- from Redwood Commercial Mortgage MSA at $90.73 per sf, putting the rental ter in a four-level structure overlooking Corp. and mezzanine financing paved the rate growth flat for that season. That rate the Boston skyline. Wagner is among other way for Prudential Real Estate Investors compares to an average of $235.93 for professionals—including leasing brokers to exit the project in favor of Square One office buildings, $208 per sf for multifami- in those submarkets—opining the Boston Capital Management. That April 1st ly and $398.51 per sf for retail. n locations are about as foolproof as can get for that product type, with LIA sand- wiched tightly between the two boroughs. FedEx is among the denizens leasing distribution space at 440-480 McClellan Highway, while One Harbor St. is 100 per- RePrints cent committed, its warehouse portion Market | Inform | Support Your Clients occupied by Vertex Pharmaceuticals. Considered one of the most respected independent Other names among the eight tenants journals in CRE News, a reprinted article brandishes there are First Trade Union Bank and your corporation and clients with quality and credibility. Geotrans. F<2:@2F!.B

With Reprints from The Real Reporter, you showcase # # + 96 @ A 96 Wagner says he is especially impressed # 5 , ! " ; + # @ 5 ! ## & " B5 + 5 5 5 5 + 1 & + # # your company, your clients, your deals, or the ! "# $# % & " # " + & '()* +, - " + # # +! + ! +, 22 @ 5 1 ::! by the competitive nature of the local and - & # & " " 17. . ! # , + 5 5 + / + # : &+ 6 5 - $ !8+6 +1 executive on your team. ! 5 5 & + . # + & " 3>>01 17 34 1 # +! 96 regional lending community, praising # # / " & # ! + ;1 # 0 5 5 + # !8 + 6 + # + 17. & & # " #5 & ! + 12 + " 5 # + # 7 Brookline Bank and People’s United for ' ( " $ + + 5 5 + 8 We reformat the page and deliver the high- resolution # " & 5 + 18 7 + 5 8 # +/ & - 34 # ! +# 1 1 & . ! 1 7 . # 34 " + " having a pulse on multiple product types 5 1 5 #& # ! 5 + document, then grant permission for unlimited use. # 6 5 # " 5 ! !8 + 2 1 ?1 6 +! + " 7. !8 # / 5 - 7& 1 & C 5 # & # 5 and understanding diamonds in the rough 96 : 1 + 5 D&+< +25 #< ! # & " + ## " # " 18 6 + &+: 6 # & # " 30" < & &+ E 5 To have an article reprinted contact: + + + & 2 1 such as cash-flowing industrial. “I love ; + # # 1 " "# +, 5 " +, 22@ 5 1::1. +1 < . / # % ! ! + 5 5 1 $ '( # 33 [email protected] + = " & #6 +!96 & & working with them,” Wagner says of the & +! - ! ; 222 6 < + 1 Brookline Bank loan department. “They 617.692.2997 | therealreporter.com understand the subtleties of financing and