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COMMERCIAL INTERESTS With Honorary PHASE 1 1 492,900-square-foot apartment Degree, Menino’s 2 tower with 403 units to be 470 feet on 45 floors. Includes 2,350 square feet of retail space. Legacy Still Cloudy ‘Perception Counts,’ Van Voorhis Argues 4

BY SCOTT VAN VOORHIS BANKER & TRADESMAN COLUMNIST 3

ayor Thomas M. Menino’s newly minted honorary degree from Har- Mvard shows how completely clue- less one of the world’s great universities can be. Harvard clearly thought it was being hip with its choice of Oprah as commencement speaker while ferrying Menino across the Charles for a little touch of local color. We may be ivory tower, but we know our celebs and we’re down with the locals, too! PHASE 4 PHASE 2 However, there are some big problems FIRST BUILDING: 1.19-million-square-foot office with this early honor forhas Menino, several who months still 285,050-square-foot tower to stand at 600 feet on 48 on the job before BUILD BIG OR GO HOME condominium and hotel structure floors. Includes 9,050 square feet his two-decade-plus with 120 condos and 204 hotel of retail. reign comes to a rooms standing at 275 feet over close. 23 floors. For starters, the- DEVELOPERS SECOND BUILDING: honor rings a bit hol 137,100-square-foot office asset low given Harvard’s to stand at 125 feet on nine massive develop- floors. Includes 20,300 square SEEKING TO ALTER feet of retail. ment and real estate SCOTT VAN VOORHIS - THIRD BUILDING: interests in Boston and Menino’s long- 25,000-square-foot retail CITY SKYLINE property standing at 60 feet on standing role as the Hub’s virtual develop ment dictator. Government Center Garage Project four floors. It may simply be a case of old fighters Latest In Towering Proposals who have grown to respect each other – and, no, I am not suggesting anything un- BANKER & TRADESMAN STAFF WRITER Your Prospects BY JAMES CRONIN | toward – though seen a certain way, it can look a bit cozy. - fter years of economic stagnation, commercial real estate developers are once Perception counts. again building big in Boston. But more importantly, for all his ac The news last week that HYM Investment Group is moving forward with a A - complishments, the record is still out on plan to redevelop the Government Center Garage in Downtown Boston was the most - PHASE 3 Menino’s long reign, and likely will be for recent announcement from the development community looking to erect towering 297,300-square-foot apartment several years. new buildings, some that are essentially mini-neighborhoods unto themselves. tower to be 275 feet tall with 248 It wasn’t all roses, boys and girls. Me HYM’s 2.4-million-square-foot project joins a list of projects attempting to go big units on 24 floors. Includes 8,400 nino’s stifling of lively civic debate about in Boston, including John Rosenthal’s 1.3-million-square-foot Fenway Center, Millen square feet of retail space. development in Boston – and his handling nium Partners’ skyscraper Filene’s redevelopment and two 22-storyContinued towers on at SeaportPage 10 of it – was a real black mark, or at least Square. should be, in any honest accounting of his The Government Center proposal includes six buildings varying in height from time in office. A NEW LOAN IN TOWN Are Our Readers. Stifling Critics Menino should certainlyContinued get good on Pagegrades 3 -

4 cent themselves as a down payment, al CONTENTS though gifts from family and friends may 6 MassHousing PartnershipAim Is To Draw Rolls In More OutLenders New Loan Product Points �� be used for part of the funds. moderate-income first-time homebuyers, While the primary loan conformed to �� 7 - By The Numbers the program offers low, fixed-rate down Fannie Mae guidelines, the SoftSecond �� 8 BY COLLEEN M. SULLIVAN - payment loans which are split into two Residential mortgage did not, and therefore would BANKER & TRADESMAN STAFF WRITER parts: a conventional mortgage that cov have to remain on portfolios. Over time, ��10 In Person he Massachusetts Housing Partner ers 77 percent of the purchase price and as the secondary mortgageContinued market on Page grew 7 �� 12 ship (MHP) is revamping its first- a SoftSecond mortgage, which covers 20 Commercial & Industrial - time home buyer program in the percent, and which is generally subsidized �� 16 T - by MHP to keep the rate low. Borrowers Banking & Lending hopes of attracting more lenders to offer �� have to contribute the remaining 3 per B1 its subsidized loans. Classified Sections MHP first launched its existing SoftS �� Records Section econd program in 1990. Aimed at low- to SUPPLEMENT The Financial Services MEDIA SOLUTIONS And Real Estate Weekly

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Square Button 120x90 $275 $250 $230 Further target your buying audience SPECIAL FOCUSES through our regular focused editorial January 13 - 2014 Mortgage Outlook sections: The money for your real estate purchase, development, or business expansion is out · Business & Lending there. Learn how to navigate the new landscape to get it. · Commercial & Industrial · CRE Insider February 10 - Residential RE Outlook · Residential Real Estate SEMINAR SPONSORSHIP OPPORTUNITY · By the Numbers Industry experts discuss key issues affecting the residential real estate market and · Official Records offer their insights about prospects for the Massachusetts real estate industry this year.

INSIDETRACK THIS MONTH: TRANSIT AND DEVELOPMENT | NEXT MONTH: BETTING ON CASINOS

Greater Boston CRE Market Continues The Heating Up WITHIN February 24 - Growth Explosion Tenants absorbed 1.4 million square feet of Greater Boston commercial office real estate in the third quarter of 2013, the greatest such amount seen in more SEPTEMBER 30, 2013 CA BANKER R& TRADESMANE COMMERCIALInsider REAL ESTATE SPECIAL SECTION B1 than six years, according to new report from Richards Barry Joyce & Partners. Vacancies, despite the delivery of 1.1 mil- HUB AND SPOKE lion square feet of space, still decreased from 14.1 percent to 13.8 percent as A look at the Seaport, and the repercussions inside and outside a particular area conditions continued to notably tighten in the Back Bay, the Seaport District, and for Financial District Class A space, the REVERSE COMMUTES report noted. Owing to the ever increasing CRE INSIDER size of inventory, Boston occupancy levels of 63.5 million square feet are at the GAINING STEAM greatest such level ever, more than five million square feet occupied at the height With Increasing Transit Options, Suburbs when there’s a growth explosion. of the “tech boom” in 2000. Attracting Companies, Workers In Cambridge, the influx of technology giants continued as Facebook and Twitter BY STEVE ADAMS committed to East Cambridge space, SPECIAL TO BANKER & TRADESMAN On a monthly basis, joining Amazon, Google and Microsoft, he term “reverse commute” tra- having entered the market within the ditionally has been associated past six years, giving to further specula- Twith an easy drive to work, but tion a landlord may decide to proceed it’s rapidly gaining a new meaning with construction on a speculative tower, in the form of growing mass transit despite heavy demand for space from the options for Massachusetts workers. biotechnology industry. Ridership on Outside the core, optimism is also shuttle buses spurred on by positive absorption 13 of run by the state’s our team of experts the last 14 quarters along 128, positive 11 transportation March 10 - Top Lenders absorption in the long beleaguered 495 management asso- Ridership The North submarket, where rents, though ciations increased demographic well-below the level seen in other areas, 37 percent in 2012 to on shuttle buses run by the profile of riders has changed over the have risen to their highest since 2009. 5.7 million, aided by years to include more high-tech workers, That report notes that while landlords nearly $14 million in state’s 11 transportation said Michael Lambert, deputy adminis- have enjoyed many quarters of increas- PATRICK SULLIVAN contributions from trator of the Massachusetts Department ing rents in Back Bay, Cambridge and the private sec- management associations of Transportation. the Seaport District and are now seeing tor. Federal grants “Certainly the most visible part of it increases along Route 128, the balance awarded this year increased 37 percent in 2012 to is young people from Somerville and bring you the latest of the market continues to see little or no topping $2.6 million 5.7 million, aided by nearly $14 Cambridge going to high-tech jobs. The Saluting the top producers of 2013 in the real estate lending industry. rent growth. As build-to-suit projects per- also support the goal is you’re meeting a broad array of meate the market, a vast majority of the shuttles that con- needs, which is public transportation at projects spurred on by existing local firms nect business parks million in contributions from the its best,” Lambert said. reflect consolidation and a net decrease and neighborhoods private sector. College students and reverse com- in used space, in many cases using strat- with MBTA lines. muters to MetroWest are expected to be MELISA TINTOCALIS egies to materially decrease the amount The shuttles fill among the heaviest users of a new shut- required on a per worker basis. gaps in the state’s mass transit network. ership has increased an average of 12 tle bus connection to Woodland Station They’re increasingly sought by compa- percent in each of the last three years, in Newton on the Green Line. nies in suburban office parks trying to Sullivan said. All but one of the Alewife An online survey garnered more than commercial real estate Learn About New Energy Code attract young city-dwelling talent, as shuttles are self-sufficient, with commer- 800 responses, many requesting reverse NAIOP Massachusetts will be hosting a well as Boston and Cambridge compa- cial property owners providing the bulk commute shuttles, said Ed Carr, admin- seminar on the new statewide energy nies that have moved to the suburbs and of the funding not paid by fares, Sullivan istrator of the MetroWest Regional Tran- code – the International Energy Conser- want to retain employees. said. sit Authority. vation Code (IECC 2012) – adopted over “Some of the smaller biotech startups “The thing that people want most is the summer by the commonwealth. The that have incubated in Cambridge have Grant Helping that connection to the Green Line at March 17 - Wealth Management new code represents a 20 percent in- branched out into the suburbs for larger Aided by a $123,000 grant, the newest Woodland because that opens up reverse crease in energy efficiency requirements lab space. These shuttles are a tool for route launched on Sept. 10 serves the commute opportunities,” Carr said. and will affect significant renovations, these companies that are moving to Hartwell Avenue business corridor in The new route is modeled after the news, exposing the as well as new development. The event, areas where public transit isn’t as abun- Lexington. It provides door-to-door pick- Route 9 shuttle that travels from Wood- which features Commercial Construction dant,” said Patrick Sullivan, director of up at seven commercial properties, most land Station to the Staples headquar- Consulting Inc. President James Kirby and policy and outreach for the 128 Business of which are approximately a half-mile ters in Framingham. When the service CBT Architects Principal David Hancock Council. from the nearest MBTA bus stop. launched in 2010, organizers expected – will be held Oct. 9 at the Atlantic Wharf New shuttles starting this fall enable The shuttle is designed to increase the that would be used primarily by Metrow- Conference Center at 280 Congress St. Red Line riders to reach the Hartwell Av- marketability of roughly 820,000 square est residents headed into Boston via the Investors have learned hard lessons. enue business district in Lexington and feet of vacant office and lab space in Green Line. in Boston. Registration starts at 7:15 a.m. For more information, email info@ connect Natick and Wellesley neighbor- Lexington, said Melisa Tintocalis, the “What we found is the majority of naiopma.org. hoods to Woodland Station on the Green town’s economic development director. the riders are reverse commuters,” Line. The Job Access Reverse Commute Carr said. “They’re people coming from drama behind the deals The 128 Business Council coordi- grants are an offshoot of the Welfare Brookline and Newton and Boston who nates shuttle buses from the Red Line’s Reform Act of 1996, and are designed to are transit-savvy, but they can’t use the Alewife station to business districts in make mass transit commutes more con- commuter rail.” n Lexington, Needham and Waltham. Rid- venient for low-income workers. INSIDE

Green Machine PRIVATE SHUTTLE INVESTMENT ANNUAL SHUTTLE BOARDINGS Bruce Percelay, chairman and founder of The Mount Vernon Co., and how they impact April 14 - Green Building is almost finished with his Green District project in Allston. But 2011 he’s not done making his mark. What it all means for the future of $14.4 2012 Allston and Boston. 2012 Page B2 2011 Mil. $13.7 Extreme Makeover 4.1 5.7 How to turn a brownfield into a Mil. the Massachusetts brightfield. Mil. Where are the biggest benefits, and when does ROI kick in? Page B6 Mil. n economy. May 12 - Community Bank Heroes EVENT SPONSORSHIP OPPORTUNITY Delivered at the end of each of month. Spotlighting community bank leaders who stand out from their peers and help make the communities they serve better places for all. May 19 - Bank Compliance New regulation implementation is on the way. MONTHLY BONUS DISTRIBUTION June 16 - New Media Marketing SEMINAR SPONSORSHIP OPPORTUNITY January 500 copies Leverage Twitter, Facebook, LinkedIn, podcasts, blogging and online videos to New England Mortgage Expo, BankWorld maximize your marketing potential. March 300 copies July 14 - Women of FIRE NAIOP MA seminar, mortgage brokers EVENT SPONSORSHIP OPPORTUNITY April 300 copies Saluting women who stand out professionally and personally, advancing their The Great New England Credit Union Show, professions and enriching the lives of others – winners of Banker & Tradesman’s Business Profile clients 2013 Women of Finance, Insurance and Real Estate (FIRE) awards. May 500 copies July 21 - Insurance Trends NEFMA spring conference, Real Estate Mass Spring Title insurance changes, errors & omissions. Conference, NAIOP - Suburban Transfomation Bus Tour

August 11 - Fast 50 June 300 copies Recognizing the 50 fastest-growing mortgage lenders in Massachusetts. New Media Marketing, Social Media Breakfast, New York Bank Board Conference, commercial real August 18 - Business Profiles estate brokers, mortgage brokers We will help tell your story. July 300 copies September 15 - Credit Union Heroes Women of FIRE Awards, Investors EVENT SPONSORSHIP OPPORTUNITY Honoring credit union employees who epitomize commitment to member service August 300 copies and volunteerism in their communities. Commercial Real estate brokers, mortgage brokers September 22 - Legal Trends September 500 copies Banking New England conference, Legal Conference October 12 - B&T's Best Credit Union Heroes, NEMBC (MMBA) Banker & Tradesman’s annual reader poll results issue, honoring the BEST vendors in the real estate and financial markets. October 300 copies NEFMA fall conference, NAIOP MA seminar November 17 - Continuing Education Required continuing education – who needs what and when; resurging online November 300 copies education; and Dodd-Frank changes are coming. ABX Architecture Boston show, Real Estate Massachusetts Annual Conference, Building Owners December 15 - Attracting Business with Tax Breaks Which side’s ROI calculation is right? How does it affect the real estate market. December 300 copies Commercial and Residential RE brokers 3 WAYS TO EXTEND YOUR REACH

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Comprehensive conferences and trade shows for the real estate and financial industries. The Warren Group’s successful model for industry specific conferences serves professionals and service providers throughout New England. Sponsoring and exhibiting opportunities are available. Our events bring hundreds of real estate and finance professionals together for educational breakout sessions, keynote speakers, and exhibitors offering solutions for all departments and managers.

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