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From the Globe, a report that Ohio-based Forest City Enterprises is selling a stake in University Park in Cambridgeport. Because of the UP project, Forest City has been a major developer and owner in our community for almost 20 years. Their bringing in another investor (Health Care REIT, Inc) means little in the day-to-day effect on the neighborhood, but could be interesting for other neighborhoods in Boston. According to the article, Boston has been and will remain a core market for Forest City. Some other details from the article:
As part of the deal disclosed yesterday, Forest City will retain 51 percent ownership of seven buildings involved in yesterday's transaction. University Park is a 2.3 million square foot development near the Massachusetts Institute of Technology and Central Square. The complex includes 10 buildings for biotechnology research, 674 residences, a 210-room hotel, and several stores.
(h/t to rwinters.com; image of University Park courtesy Forest City)
In last week's Banker & Tradesman, there was an interesting (and welcome) forecast for the Cambridge Commercial Real Estate market, with regard to life sciences firms. The full article is available to subsribers only, but here's the preview:Cambridge's life sciences market appears poised to rebound long before the rest of the region's commercial real estate market, thanks to tight constraints on space, healthy demand from small users, and a bit of fortuitous timing.
The article focuses mostly on Cambridge's relative strength in the steady market for smaller, non-blockbuster life sciences spaces, which don't draw a lot of attention, but have mostly avoided the serious commercial real estate downturn, and are better poised for recovery. This is especially relevant for C-port, which has a significant chunk of this kind of commercial space, much of it currently vacant. Additionally, at least two significant redevelopment projects await the rebound of the market in MIT's 130 Brookline Street and 640 Memorial Drive.
From the Globe, a report that Ohio-based Forest City Enterprises is selling a stake in University Park in Cambridgeport. Because of the UP project, Forest City has been a major developer and owner in our community for almost 20 years. Their bringing in another investor (Health Care REIT, Inc) means little in the day-to-day effect on the neighborhood, but could be interesting for other neighborhoods in Boston. According to the article, Boston has been and will remain a core market for Forest City. Some other details from the article:
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