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Real Estate Bulletin, February 2014

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02.12.2014 | Legal Update

The Nutter Real Estate and Finance Group ended 2013 with a series of closings representing buyers, sellers, borrowers and lenders in commercial real estate transactions totaling more than $600 million in aggregate value. During this period, we were also involved in lease transactions totaling more than 700,000 rentable square feet. The Nutter Real Estate Bulletin is a periodic update that highlights recent client transactions for which the firm has been pleased to serve as legal counsel.

Redevelopment of historic Lovejoy Wharf in downtown Boston into a mixed-use project of office, retail and residential space

The City of Boston and Commonwealth of Massachusetts recently authorized modifications to prior zoning and land use approvals to enable the redevelopment of a historic building and adjacent wharf which has been leased to Converse, Inc. as its world headquarters. While reconstruction of the historic Lovejoy Wharf and office headquarters were underway, the development group at Related Beal undertook further entitlement efforts to amend prior approvals to increase the number of condominium units, adjacent to the office project, to 175 units. Nutter's real estate team played a critical role in advising the development group on the multi-faceted permitting regime and negotiating and implementing an innovative real estate tax structure. Nutter continues to assist the development team on the project.

Sale of major five-building corporate portfolio in downtown Boston

On December 31, 2013, a five-building corporate portfolio in Boston was sold by its ownership group. The portfolio, comprising most of a city block in the heart of Boston's Financial District, is often referred to as the Fidelity Block and includes 82 Devonshire Street, 35 Congress Street, 68 Devonshire Street, 19 Congress Street, 15 Congress Street and the land parcel at 54 Devonshire Street. Nutter's real estate team assisted the ownership group in formulating and executing this complex sale-leaseback transaction within its desired timeframe.     

Redevelopment of Massachusetts Mental Health Center site for Brigham and Women's Hospital

Nutter assisted Brigham and Women's Hospital, Inc. ("BWH") in the completion of the zoning and land use permitting required to enable the redevelopment of a portion of the 2.61 acre former Massachusetts Mental Health Center ("MMHC") site as a 360,000 square foot state-of-the-art research and clinical facility known as BWH's "Building for the Future" ("BBF"). Construction of BBF is now underway. The MMHC site is located in both the Longwood Medical and Academic Area and the Mission Hill Neighborhood, at the intersection of institutional and residential neighborhoods. The development of BBF is part of an overall redevelopment effort which has also enabled the development of clinical and residential programs for the Department of Mental Health as well as market rate and affordable housing sponsored by a community based not-for-profit organization. The overall development of the MMHC site will result in 630,000 square feet of mixed-use facilities, including residential, clinical, office, and research uses.   

Sale of LEED Gold-certified life science building in Cambridge for Skanska Commercial Development USA

Nutter represented 150 Second Street, LLC, an affiliate of Skanska USA Commercial Development Inc., in the sale of its ground lease interest in a 123,210 square foot LEED Gold-certified life science building which Skanska developed at 150 Second Street, Cambridge, Massachusetts to ARE-MA Region No. 50, LLC, an affiliate of Alexandria Real Estate Equities, Inc., for $94,500,000. The Nutter real estate team also assisted Skanska in the recent negotiation of leases of most of the property to Foundation Medicine, Inc. and Bluebird Bio, Inc.  

Lease for an entire building in Nashville, Tennessee for Fresenius Medical Care North America

Nutter represented Fresenius Medical Care North America, as Tenant, in a long term lease for an entire building which contains a medical office and laboratory in Nashville, Tennessee, with Duke Realty, as Landlord.

Refinancing of Cordage Commerce Center in Plymouth, Massachusetts

Nutter represented JD Cordage, LLC on the refinancing of the Cordage Commerce Center in Plymouth, Massachusetts, which consists of 300,000 square feet of commercial space located in a renovated 19th century rope factory.

This update is for information purposes only and should not be construed as legal advice on any specific facts or circumstances. Under the rules of the Supreme Judicial Court of Massachusetts, this material may be considered as advertising.

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