Cabot, Cabot & Forbes of New England has opted to sell the 450,000-square-foot Boston Tech Center in Allston.
After struggling for more than five years to lease up a hulking commercial property on Lincoln Street in Allston, Cabot, Cabot & Forbes of New England has opted to put the 450,000-square-foot building on the block, retaining Cushman & Wakefield of Massachusetts as marketing agent.
“We are going to be selling that,” Cushman & Wakefield principal Edward C. Maher Jr. confirmed last week of 176 Lincoln St. Maher declined to provide specifics of the effort, but one source said the property, known as the Boston Tech Center, will be offered between $20 million and $23 million, a range that would put the per-square-foot price between $45 and $51.
Industry observers spoken to maintained it is difficult to assess a value for the building given the uncertainty of what sort of uses might make sense. Constructed in the early 1900s as a warehouse, CC&F purchased the building for $32 million in June 2000, initially intending to lease the facility to telecommunications tenants. Early on, the developer signed a deal with Globix Corp. for the entire building, but when that firm was swept under by the technology crash that enveloped the region at the start of the new millennium, CC&F was forced to reconsider its strategy.
Backed by financing from department store heir Marshall Field V, CC&F turned its sights on the life sciences sector and almost succeeded in landing Novartis AG until that Swiss pharmaceutical concern opted for Central Square in Cambridge. A glut of laboratory space put on line in Cambridge further conspired to thwart the life sciences concept for 176 Lincoln St., leading the developers to ponder such options as retail space or even use as a self-storage facility. Children’s Hospital in Boston also was rumored to be considering occupying the building for a time, according to one source, although that was not confirmed by Maher or others familiar with the property.
‘A Lot of Attention’
Given its prominence fronting the Massachusetts Turnpike Extension, 176 Lincoln St. ultimately became a glaring embarrassment for CC&F, with the property emerging as the face of the state’s economic woes, especially for the still-struggling technology industry. According to Maher, however, that ignominious recognition fomented by the building’s location should be a strong selling point for other prospects going forward.
“Visibility wise, it’s way off the charts,” said Maher. “That’s going to be a real draw for someone.”
Maher said he is not sure exactly what the future holds for 176 Lincoln St., but said Cushman & Wakefield is already receiving encouraging interest from potential bidders even though a formal marketing package has yet to be issued. Possible uses, he said, could include retail, residential, office or even the laboratory market that CC&F has aggressively chased in recent years. Given the lack of build out of the structure’s interior, 176 Lincoln St. can accommodate a variety of concepts, said Maher, who also disputed long-held theories that the building is difficult to reach by automobile.
“If you ask people who have [visited] the building, they don’t think it is difficult to get to at all,” he said, noting that the aforementioned Massachusetts Turnpike has an Allston-Brighton exit barely a mile away. The building is also close to Harvard Square, East Cambridge and Newton Corner. According to Maher, “people couldn’t be more wrong” about 176 Lincoln St.’s accessibility.
Given the proximity to Cambridge and its most famous institution, Harvard University, observers have long predicted that the school would be a likely suitor should 176 Lincoln St. ever be put up for sale. While Maher did not dispute that Harvard might be among those vying for the property, he said school officials have yet to indicate that the university will pursue the opportunity. One broker familiar with the building and Harvard’s real estate needs called the school “the odds-on favorite” to end up with the building.
One potential stumbling block with that scenario might be neighborhood concerns over Harvard’s expansion into the community, with the institution having been criticized in the past for quietly scooping up real estate in the Allston neighborhood. Harvard has also recently embarked on a massive expansion into another part of the community, earlier this month announcing plans for a 500,000-square-foot stem cell research facility just a few blocks from 176 Lincoln St. at the Allston Landing parcel near the Charles River.
Given the prominence of 176 Lincoln St. locally, residents will be engaged in any talks about the building’s future, Maher pledged. “At the end of the day, the neighborhood is going to have a lot of say in what happens there, as will the [Boston Redevelopment Authority],” said Maher.
Although one broker called development of 176 Lincoln St. “ill-conceived from the start,” Maher said he believes there are numerous elements of the property that should attract buyers. The ceilings are unusually high, floor plates are expansive and the structure can support substantial weight, he said. “It’s a great piece of real estate,” Maher said. “I think it is going to attract a lot of attention.”
