100 Chestnut St. in Somerville/Image courtesy of Gensler
Developer North River Leerink’s bet on Somerville’s Brickbottom neighborhood as a new life science industry cluster gained momentum with a 76,000-square-foot lease to Cambridge-based ADA Forsyth Institute.
The institute is currently based at Clarion Partners’ 245 First St. lab building in Kendall Square.
The transaction brings the 208,600-square-foot speculative development known as 100 Chestnut up to 90 percent leased.
Brickbottom sits between Union Square and the growing life science cluster in East Cambridge.
What else is on tap today?
- Mortgage Company Acquired: Norwell-based mortgage lender Radius Financial Group has bought Norwood-based Poli Mortgage Group, as residential the mortgage market struggles against high interest rates.
- Developers Bid for Roxbury Lots: Two teams of active local developers have responded to the city of Boston’s offer of 4.4 acres in Roxbury for housing development.
- Branch Openings, Closings: JPMorgan Chase and Bank of America have filed applications to open and close branches in Massachusetts while Citizens Bank completed the closing of some of its grocery store outposts.
- Department Store Conversion: The 21-court pickleball complex, restaurant and two bars slated to replace the Natick Mall’s former Neiman Marcus store now has an opening date.
- Lending Standards Ease? Fewer banks tightened lending standards as 2023 came to a close, a hopeful sign for businesses that broader loan access is on the horizon, even if interest rate cuts aren’t expected for some months.
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Here’s what you might have missed in Sunday’s newsletter. Not a B&T subscriber? Fix that here.
- Jeff Speck has spent decades advocating for the benefits of dense and walkable environments. As cities confront the future of urban spaces in the post-pandemic era, he’s teaming up with transit advocate Chris Dempsey.
- We are experiencing a sea change in regulations related to sustainability and decarbonization in the built environment. And technical experts like architects need to have central roles in their development.
- The vast majority of mortgage loans are repaid without incident, but when they go into default, peculiar twists and turns can ensue. A federal district court decision issued in January, involving a home in Framingham, offers an example.
