Divested by a local partnership, 100 Hancock St. traded for just over $17 million. CBRE | Melody managing director Frank Petz arranged a $27.5-million package from Capmark Finance Inc. to fuel the purchase plus a renovation and marketing program. The sale was orchestrated by CBRE/New England's Boston investment team, led by principal Gary Lemire and colleagues Chris Angelone, Andrew Majewski and Phil Giunta. CBRE/New England has been retained as leasing agent, with Majewski at the helm, Griffith also says.
Massachusetts has only recently pulled out of a multi-year economic funk, but the veteran developer is among a growing stripe anticipating a sustained recovery, and says he was "excited" at snagging 100 Hancock St. after a previous bid came up short. "It feels good," Griffith says of cementing the purchase, opining that, "vacancy is not a bad word in a rising market," and praising the prize, which is in the heart of Quincy Center.
"It is a terrific location," Griffith says in listing top attributes. Situated close to the Red Line subway into Boston, there is enough room for a new garage to address what Griffith says was an unfulfilled need. The public transit and increased parking should enhance 100 Hancock St.'s draw, says Griffith, who cites "fabulous views of the Boston skyline and Boston Harbor" as another bonus.
"It's a very efficient building, especially for back office space," adds Griffith. Floor plates averaging 20,000 sf could accommodate mid-sized and large prospects alike, he says, and expects projected pricing in the mid to high $20-per-sf range will pique interest up against rates double and nearing triple that level in Boston's Financial District.
Calling it "value-add in every sense of the imagination," Griffith notes the venture is similar to prior redevelopments conducted by either Griffith Properties or at Leggat McCall Properties, the innovative real estate firm he co-owned for decades. The newer operation is repositioning an office complex in Wilmington and reportedly has committed to buying the Burlington Woods Office Park in Burlington for around $67 million, a deal reported yesterday by GlobeSt.com.
Griffith declined comment on the Burlington status, but says the firm is moving forward on 100 Hancock St. Well-known corporate architect ADD Inc. has been retained to design the upgrade, while. Jones Lang LaSalle is the development manager and property manager. Besides the garage, the new ownership will refurbish the facade, lobby and common areas, upgrade mechanical systems and add amenities such as a café and fitness center.
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