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Real Estate Bulletin, May 2022

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| Legal Update

The Nutter Real Estate Bulletin is a periodic update that highlights recent clients, projects and financings for which the firm has been pleased to serve as legal counsel.

101 South Street at Boynton Yards

Leggat McCall Properties and DLJ Real Estate Capital Partners
Project: 101 South Street at Boynton Yards
Address: 101 South Street, Somerville, MA
Sectors: Lab, Office, Retail
Building SF: 290,000
Nutter Role: Recapitalization (Developer)

A joint venture with Leggat McCall Properties and DLJ Real Estate Capital Partners as the Developer recapitalized the 101 South Street Project located in Somerville’s Boynton Yards. This new construction has 290,000 square feet that covers nine floors, with 276,5000 square feet of life sciences space and 13,500 square feet of retail space. The lab space is fully leased to four life sciences companies within Flagship Pioneering’s portfolio.

Boynton Yards

Leggat McCall Properties and DLJ Real Estate Capital Partners
Project: 808 Windsor Street at Boynton Yards
Address: 808 Windsor Street, Somerville, MA
Sectors: Lab, Office, Retail, Parking
Financing Amount: $246,000,000
Building SF: 353,000
Nutter Role: Construction financing (borrower), joint venture, permitting

The 808 Windsor Street Project will consist of an 11-story, state-of-the-art facility that will offer 346,000 square feet of lab space, 7,000 square feet of retail, and 242 below-grade parking spaces. This Project is part of the Developer’s Boynton Yards Master Plan, which is currently programmed for approximately 1.862 million square feet of development in Somerville, MA.

15 McGrath Highway

Leggat McCall Properties and DLJ Real Estate Capital Partners
Project: 15 McGrath Highway
Address: 15 McGrath Highway, Somerville, MA
Sector: Lab
Building SF: 262,000
Nutter Role: Joint venture, permitting

Approved nine-story laboratory building containing approximately 262,000 square feet with four levels of underground parking providing 265 parking spaces.

60 First Street, Cambridge, MA

Anchor Line Partners and Northwood Investors
Project: Lab space lease of former Sears retail store
Address: 60 First Street, Cambridge, MA
Sectors: Lab, Office
Lease SF: 149,000
Nutter Role: Leasing (landlord)

A joint venture of Anchor Line Partners and Northwood Investors, as landlord, completed a 149,000 SF lease to Prime Medicine in the former Sears location within the CambridgeSide shopping mall in East Cambridge, MA. This is part of a conversion of selected sections of the mall for laboratory, office, and residential purposes. Prime Medicine is expected to occupy the space in 2023.

Common Allbright

Needham Bank
Project: Common Allbright
Address: 525 Lincoln Street, Allston-Brighton, Boston, MA
Sector: Co-living, Residential
Financing Amount: $50,000,000
Building SF: 135,025
Units: 80
Nutter Role: Financing (lender)

Represented Needham Bank in a $50 million construction loan facility to Allbright Realty LLC, an affiliate of Boylston Properties (a joint venture between Boylston Properties and Arx Urban), to construct a six-story, 132,000 s.f. co-living facility of 80 units and a 30-car parking garage. 

Blue Star Business Park

Condyne Capital Partners
Project: Blue Star Business Park, Phase 1
Address: 15, 19 and 40 Leonard Street, Norton, MA
Sectors: Industrial, Warehouse, Flex, Office, Ancillary Retail
Buildings: 3
Total Building SF: 444,881
Land Acres: 64
Nutter Role: Sale (seller)

Condyne Capital Partners, with its joint venture partner, sold an industrial distribution portfolio totaling 444,881 SF, located across three buildings in Phase I of the Blue Star Business Park, a premier master-planned commercial development. The Park offers a high bay warehouse, fulfillment, flex industrial, and manufacturing buildings on a 64-acre parcel.

Republic Properties Retail Acquisition

Republic Properties
Project: Five Nationwide Retail Acquisitions
Address: Chandler, AZ; Garden City, GA; Farmville, VA; Medford, MA; Saugus, MA
Sectors: Retail
Transaction Amount: $31,963,750
Nutter Role: 1031 Exchange, acquisition, financing (borrower)

A 1031 Exchange that sold a retail property in Medford, MA to acquire three retail properties located in Arizona, Georgia, and Virginia. Also acquired two adjacent retail sites along Route 1 in Saugus, MA. One from a different 1031 Exchange and one for cash.

Seaport Circle

Lincoln Property Company and Phoenix Property Company
Project: Seaport Circle
Address: 701 Congress Street, Boston, MA
Sectors: Lab, Office, Job Training and Career Center, Retail
Building SF: 602,200 (including, the Pavilion)
Land Acres: 2.5 (Parcel H, owned by Massport)
Nutter Role: Joint venture, development rights, permitting, ground lease

A 650,000-square-foot laboratory/research & development and office mixed-use project in Boston’s Seaport District slated to be built on a 2.5-acre Massport-owned site on Congress Street known as Parcel H. The Project will include two towers: one 9 stories, and one 13 stories, as well as underground parking. The Project will also include is a life sciences and STEM job training and career center, known as the Pavilion. The Developer has also proposed building a new Silver Line MBTA station within the site.

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