Boston, MA EXECUTIVE SUMMARY
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Boston, MA EXECUTIVE SUMMARY Newmark Knight Frank’s Boston Capital Markets Group has been exclusively retained to sell 63 Melcher Street, an exceptional commercial condominium unit located in the thriving Seaport District of Boston, Massachusetts. Totaling 3,120 square feet, the offering is fully leased to Joint Ventures Physical Therapy, on a brand new 10-year, triple-net lease basis. This landlord-friendly lease also incorporates contractual annual rent increases and two 5-year extension options. Currently under construction, the space has recently been turned over to the tenant as of February 1, 2019. 63 Melcher Street sits at the heart of the Fort Point neighborhood in Boston’s dynamic Seaport District, which has recently undergone a transformation into one of the city’s most dynamic “lifestyle” locations. The offering forms the base of The Muse, a luxury boutique residential condominium featuring 38 units. These studio and one-bedroom loft-style residences are currently being marketed at $1,250 per square foot, with the first residents taking occupancy of their units earlier this year. Approximately $19 billion in public and private funds have transformed the Seaport District into Boston’s hottest lifestyle neighborhood. This has led to the neighborhood attracting global and regional headquarters for a variety of blue chip companies, such as General Electric, Reebok, Alexion, PTC, PWC, Goodwin, Space photographed prior to being turned over to tenant and Vertex. In addition to these, Amazon plans to open up to one million square feet of office space in the Seaport. The Seaport has also become the newest retail and restaurant destination in Boston, with new retailers such as L.L. Bean, Lululemon, and Warby UP Parker complementing the exciting restaurant scene highlighted by elec. rm. entry Sportello, Drink, Lolita, and Bastille Kitchen. lobby UP UP UP Space photographed prior to being turned over to tenant elevator residential elev. lobby ELEVATOR fire command machine room room UP Joint Ventures EXCEPTIONAL 3,120 SF SEAPORT LX: may 2029 LOCATION INVESTMENT HIGHLIGHTS BRAND NEW NNN LEASE Brand New Boston’s Hottest Neighborhood Free and Retail Boston’s Seaport District is the city’s hottest location, Clear of Condominium Prime benefiting from $19 billion in public and private investments Existing Debt that have attracted blue chip employers, an affluent 3,120 square foot commercial Fort Point residential population, and a vibrant retail scene. The offering is being provided condominium located at Location free and clear of any existing the base of The Muse luxury debt allowing the buyer to residential condominium Located at the prominent Historic Charm, capitalize on the current low building in the heart of intersection of A Street and Modern interest rate environment Boston’s red-hot Fort Point Melcher Street, 63 Melcher Channel neighborhood Street is at the heart of Redevelopment the dynamic Fort Point In keeping with the neighborhood consisting surrounding area, 63 Melcher of luxury residential Street is a former shoe condominiums, high-end manufacturing location that restaurants, and a vibrant has been transformed into a New Long-Term NNN Lease office market featuring the LEED Gold, brick and beam new global headquarters of building featuring 38 luxury Fully occupied by Joint Ventures Physical General Electric. residential units that were Therapy, with a new long-term NNN lease delivered to their new owners which commenced Feburary 1, 2019 in 2018. SEAPORT DISTRICT: FORT POINT CHANNEL 5-6 Necco Court New $200 million headquarters campus 253 Summer Street 400,000 SF 150,000 SF 800 employees 900 employees Lease signed 2016 Opening Q3 2018 Opening 2019-2021 SUMMER STREET CO NG RE SS ST RE ET 225 Franklin Street, 33rd Floor Boston, MA 02110 ROBERT E. GRIFFIN, JR. GEOFFREY MILLERD PAUL PENMAN U.S. Head of Capital Markets Vice Chairman Director (617) 863.8611 (617) 863.8615 (617) 863.8638 [email protected] [email protected] [email protected] JUSTIN SMITH SAMANTHA TORTO GLORIA KUO Senior Managing Director Financial Analyst Transaction Services (617) 863.8619 (617) 863.8539 (617) 863.8606 [email protected] [email protected] [email protected] FOR DEBT INFORMATION: DAVID M. DOUVADJIAN TIMOTHY O’DONNELL Executive Managing Director Director Head of Mortgage Banking New England (617) 863.8394 (617) 863.8388 [email protected] [email protected].