| Despite the downturn in lab demand and glut of life science space in Greater Boston, Beacon Capital is seeking to add a second, 500,000-square-foot building next to its same-size 2 Harbor St. building, now nearing completion without a tenant commitment.
Why would a developer plow forward with a large, seemingly-spec lab development when the market is already flooded with unleased space? Beacon Capital declined to comment on a potential tenant, but at a recent public meeting, Beacon Capital Managing Director Eric Ewer said the firm has its eye on a specific target.
And who might that be? Likely it’s Vertex Pharmaceuticals, which is publicly contemplating moving its big headquarters from Fan Pier.
What else is on tap today?
- New Tolls Win Key Support: As the transportation secretary’s recent comments about imposing tolls for drivers crossing into Massachusetts continue to attract fire from political adversaries, Senate President Karen Spilka told business leaders yesterday the idea was worth considering.
- Offices Break Ground in Norwood: Insurer FM Global has broken ground on a new all-electric-powered campus expansion in Norwood that utilizes 221 geothermal wells to reduce its energy consumption.
- Homes.com Owner Buys Matterport: CoStar Group has inked a deal to buy the 3D camera company many real estate agents rely on to promote their listings.
- Cape Cod 5, MVCU’s New Branches: Two large local financial institutions are in the process of setting up shop in Plymouth.
Show me the data!
What’s the single-family mortgage market doing?
What did I miss?
Here’s what you might have missed in Sunday’s newsletter. Not a B&T subscriber? Fix that here.
- Red hot for years, has the Boston luxury condo market finally lost its sizzle? It looks like it – and developers’ ability to offer cash back at closing could be keeping prices from coming down.
- With nearly every community complying, there’s still work to be done to make sure new zoning translates to new homes, MHP’s Tom Hopper and Ellen Marya argue.
- Many downtown Boston office deals are stet to include Wall Street investors taking preferred equity stakes in troubled office properties, lending short-term debt at rates as high as 18 percent to pay down existing mortgages.
