Former Mayor Thomas Menino’s ambitious vision to transform the 1,000-acre South Boston waterfront into an “innovation district” came alive Jan. 25, 2011, when Vertex Pharmaceuticals announced plans to relocate to a giant, new headquarters there.
An office tower that attracted one of the first tech industry clusters in Boston’s Seaport District has been sold to an affiliate of Clarion Partners for $482 million.
The first major office development completed in Boston’s Seaport District following the ecoomic downturn of 2008 is up for sale by the original developer, The Fallon Co. of Boston.
For the second time in seven days, an office tower broke ground in the Seaport as Gov. Charlie Baker and Mayor Marty Walsh joined leaders from the Massachusetts Mutual Life Insurance Co. to celebrate the start of construction at 10 Fan Pier Blvd.
Michael Fallon was appointed president of The Fallon Co., just last month, but the 30-year-old real estate executive is already thinking about the long-term legacy of the Boston-based development company founded by his father Joseph in 1993.
The market remains firmly tilted in sellers’ favor, but is beginning to show signs of a correction while two record-setting ultra-high-end condominium developments scheduled to open this spring in Back Bay and asking prices for Boston condos continue to rise.
MassMutual will add 1,500 jobs at its Springfield headquarters and another 500 at a new office building set to break ground at Boston’s Fan Pier development, while closing its Enfield, Connecticut offices that employs 1,500 people.
Boston-based Fallon Co. says a 150-room hotel isn’t financially feasible on one of two undeveloped parcels in the 3-million-square-foot Fan Pier district.
A sovereign institutional investor has bought a 45-percent stake in the Vertex Pharmaceuticals headquarters on Boston’s Fan Pier for $261 million.
Lopsided disparities between supply and demand are the story of the Cambridge lab market like never before, with tenant requirements outpacing availabilities more than 20-to-1.
