Contact:
Carmen Hernandez
Vice President of Marketing
Richards Barry Joyce & Partners
press@rbjrealestate.com
617-439-6000
Richards Barry Joyce & Partners Brokers New 54,457 SF Lease Between CIDC And Archon Group
Software Development Company Signs Lease For New Headquarters Location
At 150 CambridgePark Drive, Cambridge, Mass.
BOSTON – July 23, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new 54,457 square foot lease between Cambridge Interactive Development Corp. (CIDC) and Archon Group.
CIDC, a software development company, signed a lease for office space at 150 CambridgePark Drive, Cambridge, Mass. The new location will become the company’s new corporate headquarters. CIDC is relocating its operations from nearby 100 CambridgePark Drive, where the company currently occupies 30,000 square feet of space.
150 CambridgePark Drive is part of a two-building campus owned by Archon Group that also includes 125 CambridgePark Drive. The campus totals 436,100 square feet of office space (183,920 square feet at 125 CambridgePark Drive and 252,180 square feet at 150 CambridgePark Drive). The buildings, located adjacent to the Alewife MBTA Station and Route 2, offer a full package of amenities, including a café, fitness area, free parking and conference facilities.
“CIDC is a very exciting Cambridge company and their significant expansion into a new office is a positive indicator of their success and forward motion,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners. “By moving to 150 CambridgePark Drive, the company maintains its presence in Cambridge and benefits from a wide range of building and local amenities.” ”
RBJ represented CIDC and Archon Group in the transaction. The RBJ team consisted of Jon Varholak, Steve Purpura, and Eric Smith. RBJ is the exclusive leasing agent for 125 and 150 CambridgePark Drive.
According to research by RBJ, the Cambridge submarket consists of 13,071,000 square feet of office space and was 7.6% vacant, as of the quarter ended June 30, 2008. [source: Richards Barry Joyce & Partners’ “officeSTATus –Summer 2008”]
About Cambridge Interactive Development Corp. (CIDC)
CIDC is a software development company specializing in localized products for multi-player gaming, social networking, affiliate portals and other web verticals, with offices in Cambridge, Massachusetts. CIDC is a wholly owned subsidiary of GigaMedia, Ltd. (NasdaqNM: GIGM), a diversified provider of broadband and entertainment services with headquarters in Taipei, Taiwan. www.cidc.com
About Archon Group
Archon Group, L.P. is building value worldwide as an international, full-service commercial real estate investment and management company. A wholly-owned subsidiary of The Goldman Sachs Group, Inc., Archon’s global team of 2,500 professionals currently manages investments totaling more than $14 billion in North America, Asia and Europe. On behalf of Whitehall Street Real Estate funds and others, Archon has completed more than 140 portfolio and single-asset transactions in a dozen countries. Archon’s singular business goal is to provide the highest return possible to its investors. Substantial financial resources, superior information technology and highly skilled professionals are the cornerstones of Archon’s expansive activities in acquisition, development, management, financing and disposition of real estate investments. www.archongroup.com
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Greater Boston Office Market Experiences Slight Increase In Vacancy Rate, States Report By Richards Barry Joyce & Partners
Market Well Positioned To Weather Economic Slowdown
Boston, MA – July 15, 2008 – According to commercial real estate firm Richards Barry Joyce & Partners, the office market in Greater Boston experienced a slight increase in vacancy rates during the second quarter of 2008, edging up by 0.4% to 13.6%. The findings were released in officeSTATus – Summer 2008, the firm’s quarterly office research report.
Average asking lease rates for office space had a corresponding decrease, dipping $0.58 to $39.54 per square foot. During the quarter more than 800,000 square feet of office space was added to the market and construction activity was at a four-year high, with 2.1 million square feet under development.
“Greater Boston’s office market is very stable and we see that continuing, even if there is a broader economic slowdown,” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners. “The local economy isn’t in the center of the economic issues as was the case during the commercial loan issues in the late 1990s or in the tech bust of 2001. Additionally, the construction pipeline of 2.1 million square feet is much more manageable than the 9.1 million square foot pipeline at the end of 200.”
officeSTATus highlights each submarket, with a section focusing on developments in Boston’s Central Business District, Cambridge, Route 128 and I-495. An executive summary emphasizes significant news across the market and the “Economy & Real Estate” section places the real estate data within a broader economic framework. The final page of the report is comprised of a single chart with the quarter’s key statistics (vacancy, market size, absorption, availability) compiled into a single, handy reference tool. This quarter’s “Market Interesting” section is puzzling: the “RBJ Summer Fun Crossword”.
To request a copy of RBJ’s officeSTATus – Summer 2008, please send an email to research@rbjrealestate.com.
RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports. In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 45,141 SF Lease For Imagitas, Inc.
Subsidiary of Pitney Bowes Renews Lease At 48 Woerd Avenue, Waltham, Mass.
BOSTON – June 26, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a 45,141 square foot lease renewal on behalf of Imagitas, Inc., at 48 Woerd Avenue, Waltham, Mass.
Imagitas, a subsidiary of Pitney Bowes, renewed its lease for office and R&D space on the building’s first floor. Imagitas is an innovative marketing services company that connects leading marketers with highly valuable consumers, through government communication channels.
“48 Woerd Avenue provides Imagitas with an excellent location,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners. “The building is located close to Boston and also has easy accessibility to the region’s major highways.”
48 Woerd Avenue, totaling 127,285 square feet, is owned by Intercontinental Real Estate Investment Fund III, LLC.
Imagitas was represented by Jonathan Varholak and Ron Friedman, vice president, of RBJ working in partnership with Cushman & Wakefield of New York. Intercontinental Management Corp, the building’s landlord, was represented internally by Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management for Intercontinental.
According to research by RBJ, the Route 128 West submarket consists of 20,255,000 square feet of office space and was 12.7% vacant, as of the quarter ended March 31, 2008. [source: Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Spring 2007”]
About Imagitas, Inc.
Imagitas is an innovative marketing services company. Our success is based on a proven strategy of reaching consumers when the products and services our clients offer are most relevant. In 2005, Imagitas became a wholly-owned subsidiary of Pitney Bowes. Since its inception in 1992, Imagitas has created powerful marketing channels by changing the way consumers interact with the government. Our business model involves partnerships with government agencies such as the U.S. Postal Service (USPS) and several state Departments of Motor Vehicles (DMVs). For more information, please visit www.imagitas.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Campanelli Companies and Richards Barry Joyce & Partners Announce Redevelopment Plans For Presidential Woods Corporate Center
Dramatic Development Will Create Three-Story Building With 166,000 SF
Of First-Class Office and Laboratory Space
BOSTON – June 18, 2008 – Campanelli Companies and Richards Barry Joyce & Partners, LLC (RBJ) today announced dramatic redevelopment and expansion plans for Presidential Woods Corporate Center (PWCC) in Woburn, Mass. The existing two-story facility built in 1998 will be totally renovated, creating a new first-class building with more than 166,000 square feet that can accommodate office and laboratory uses.
The joint venture of Campanelli Companies and Commonfund Realty, Inc. purchased Presidential Woods Corporate Center in late 2007, renaming it from 8 Presidential Way. The development plans allow for a 62,000 square foot, three-story addition to the existing two-story, 104,000 square foot facility. Permitting for the new construction was well received by all City of Woburn authorities and quickly approved in December 2007.
PWCC has been pre-certified as a LEED silver building, a designation by the U.S. Green Building Council to denote a building’s adherence to a set of standards for environmentally sustainable construction. The new space will provide flexibility for a variety of tenant uses including first-class office and laboratory space.
A dramatic two and 1/2-story lobby, featuring a glass-enclosed atrium, will seamlessly connect the two structures into a single building. The building will have a full-service cafeteria, a fitness facility and a 3.5 per 1000 square foot parking ratio. The site’s zoning also allows for additional structured parking if needed.
“Our goal is to create the 128 North market’s premier office and laboratory facility,” said Peter Brown, director of leasing at Campanelli Companies. “The facility boasts an excellent location, an outstanding design and a full-service amenity package, which create an ideal working environment at a competitive price. Campanelli’s track record in the adaptive re-development of office and laboratory properties positions us well to control costs and deliver a successful outcome at Presidential Woods Corporate Center.”
The site is located immediately off Interstate 93’s new Exit 37C, near the intersection with I-95, providing easy highway access. Nearby area amenities include the Anderson Transportation Center and Logan Express Bus, a new 32,000 square foot Boston Sports Club, convenience retail, and numerous hotels and restaurants. Corporate neighbors include Raytheon, Analog Devices, American Tower Group, Arqule and Paychex.
“The 128 North market has been very active during the past few quarters and we expect the trend to continue,” said Brian McKenzie, partner, Richards Barry Joyce & Partners. “We have already received interest in the building from a variety of companies, indicating the attraction of the redevelopment plans and the quality of its location.”
According to research by Richards Barry Joyce & Partners, the Woburn/Burlington micromarket contains 8.8 million square feet of commercial office real estate. It has experienced positive absorption of 2.1 million square feet since the third quarter of 2003, causing a dramatic decline in vacancy to 11.4% from 36.5%.
Richards Barry Joyce & Partners is the exclusive leasing agent for PWCC. The RBJ team assigned to the project includes Brian McKenzie, John Wilson, James Lipscomb and Robert Byrne.
About Campanelli Companies
Established in 1947, Campanelli Companies is a full service commercial real estate development company with extensive experience in the industrial, office, warehouse/distribution and retail markets. To date, Campanelli has developed over 15 million square feet of commercial real estate property. Campanelli has worked with a variety of capital sources including banks, insurance companies, pension funds and real estate investment trusts. Campanelli's extraordinary track record as a developer means that the company can match a project to the lowest available cost of capital, which translates into the most competitive market rates for every development proposal.
Campanelli works closely with its clients during every phase of a development project, including site selection, feasibility analysis, local, state and federal permitting, architectural and engineering design, building construction, as well as facilities and property management. All phases of a project are handled by a cohesive development team that has worked together for over thirty years. Campanelli serves as the general contractor on all of its development projects. As both the developer and general contractor, Campanelli can assure its clients that every aspect of a project is directed, monitored and controlled by Campanelli Companies. For more information, visit www.campanelli.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Sale Of 285 Summer Street
Aegean Capital Purchases 53,790 SF Office Building For $14.25 Million
Boston, MA – June 11, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of 285 Summer Street in Boston’s Fort Port Channel District for $14.25 million. The 53,790 square foot building was purchased by Aegean Capital LLC.
285 Summer Street is fully occupied by Payette Associates, a Boston-based architectural firm that purchased the six-story building in 1991. Originally built in 1897, 285 Summer Street is within walking distance of Downtown Boston and only 10 minutes from Boston’s Logan International Airport.
“We are very pleased with the purchase of 285 Summer Street,” said Costas Alexakos, founder of Aegean Capital. “We have acquired an excellent building in one of the strongest markets in Greater Boston.”
Richard Herlihy, Richard Bradbury and Kimberly Cinnamond of the Investment Services Group of Richards Barry Joyce & Partners, along with downtown expert Michael Joyce, represented the building seller and procured the buyer.
According to research by Richards Barry Joyce & Partners, Downtown Boston consists of 66,210,000 square feet of office space and was 8.5% vacant, as of the quarter ended March 31, 2008. [Source: Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Spring 2008”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including investment sales, market analysis, leasing, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Welcomes Vincent Erfe
Erfe Joins RBJ As Analyst On Firm’s Consulting Services Team
BOSTON – May 29, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that Vincent Erfe joined the firm as an analyst in its Consulting Services practice. RBJ’s consulting services practice delivers strategic real estate decision support to the firm’s corporate clients.
In his new role, Mr. Erfe will focus on corporate real estate consulting and financial analysis. Prior to joining RBJ, he was the finance director for a multi-family real estate business, Hilda’s Houses, in Rhode Island. He performed financial analysis on investment properties, created and implemented a new business operations organizational system, and was responsible for cash flow operations. Previously, Mr. Erfe was a Congressional legislative aide to a member of Congress and a research assistant for the U.S. Chamber of Commerce, where he performed analysis on complex legislative issues to support policy decisions. He earned an M.B.A. from the University of Maryland and a B.A. from the Johns Hopkins University.
“Vincent is a welcome addition to the RBJ team,” said Brian Cohen, vice president of consulting services, Richards Barry Joyce & Partners. “Our consulting services practice works across many functional areas of our clients’ organizations, including real estate, HR, finance and operations. Vincent’s unique skill set and experience will enable him to immediately fit in and make an impact.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Releases
“bioSTATus – Greater Boston Summer 2008”
Leading Report For Biotechnology Real Estate Shows An Influx Of New Laboratory Space Meets Sustained Positive Demand
Boston, MA – May 21, 2008 – According to Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm based in Boston, 771,000 square feet of new, state-of-the-art inventory was introduced to Greater Boston laboratory market during the two-quarter period ending March 31, 2008 and positive absorption totaled 378,000 square feet. RBJ released the findings in “bioSTATus – Greater Boston Summer 2008”, the region’s most in-depth research report on biotechnology-focused real estate.
According to the report, the market realized an increased focus on “green building” construction. Several new laboratory buildings are being completed with LEED (Leadership In Energy Environmental Design) certification, a designation by the U.S. Green Building Council to denote a building’s adherence to a set of standards for environmentally sustainable construction.
“We have witnessed another strong showing for the Greater Boston biotech market, during this reporting period,” said Brendan Carroll, vice president of research, Richards Barry Joyce & Partners. “Demand remained consistently positive in Cambridge and the suburbs, as companies executed their growth strategies and remained close to the area’s well known supply of experienced biotech workers.”
bioSTATus also reports that globalization had a major impact on the market, with the number of international agreements accelerating notably over the past year. Local companies joined with international counterparts to expand research efforts, gain approvals in new markets and expand production and manufacturing.
About bioSTATus
RBJ has been publishing “bioSTATus” since 2002 and the report has become the leading research publication focusing on biotechnology real estate. The report delivers pertinent real estate figures, such as vacancy, availability and absorption rates for the laboratory market in Greater Boston as well as the Cambridge, Boston and Suburbs submarkets. The report also provides business context around the figures, making it an indispensable tool for following the Greater Boston biotechnology market
To request a copy of the report, please send an email to research@rbjrealestate.com. In addition to bioSTATus, RBJ also publishes quarterly Office, Industrial and Flex reports, covering all submarkets, and quarterly marketSTATus reports for the following submarkets: 128 North, 128 West, 128 South, 495 North, 495 West, Cambridge, Back Bay and the Financial District.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Sale Of 121 Brookline Avenue, Boston
Boylston Properties Company, Inc. Buys Development Parcel,
Hires RBJ As Leasing Agent
Boston, MA – May 14, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of 121 Brookline Avenue, Boston, on behalf of 121 Brookline Ave., LLC. The site was purchased by Boylston Properties Company, Inc. for $8.7 million.
121 Brookline Avenue will become the site of the Longwood Research Center (LRC), a proposed six-story, 130,000 square foot laboratory building. Longwood Research Center is located adjacent to the Longwood Medical Area, with institutional neighbors including Dana Farber, Children’s Medical Center, and Beth Israel Deaconess Medical Center. The building is convenient to the MBTA (Green Line/Fenway stop) and the Yawkey Station Commuter Rail.
“This was an excellent investment for Boylston Properties,” said William P. McQuillan, president of Boylston Properties. “We are pleased that our plans for this location have BRA approval and we look forward to the successful completion of this project.”
LRC is pre-certified LEED compliant, a designation by the U.S. Green Building Council to denote a building’s adherence to a set of standards for environmentally sustainable construction. The project is fully approved by the Boston Redevelopment Authority (BRA) and ground breaking is expected during summer 2008. Upon making the building purchase, Boylston Properties hired RBJ as the exclusive leasing agent for the property.
“We anticipated a high level of interest in the location during the sales process, due to its proximity to the Longwood Medical Area,” said Paul Mattes, managing partner, 121 Brookline Ave., LLC. “The RBJ team did a fantastic job of identifying and then interfacing with potential purchasers of the property. Their knowledge of the life sciences real estate market proved quite valuable.”
Robert Richards, president of Richards Barry Joyce & Partners, represented the building seller and procured the buyer. Richards and Chris McCauley, vice president, will lead the RBJ team assigned to the leasing project.
“121 Brookline Avenue is located near one of the country’s leading centers of biomedical and biotechnology activity, Longwood Medical Area,” said Robert Richards, president, Richards Barry Joyce & Partners. “We have already received a very high level of interest in the building, from tenants varying in size from single occupants to multi-tenant occupants.”
According to research by Richards Barry Joyce & Partners, the Downtown Boston submarket consists of 2,480,000 square feet of laboratory space and was 1.7% vacant, as of the quarter ended March 31, 2008. [Source: Richards Barry Joyce & Partners’ “bioSTATus – Greater Boston Summer 2008”]
About Boylston Properties Company, Inc.
Boylston Properties is a Boston based developer of urban mixed-use projects including retail, residential, office, and research buildings. The company draws upon 30 years of development experience in the northeast markets, much within metropolitan Boston.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including investment sales, market analysis, leasing, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Greater Boston Commercial Real Estate Office Market Remains Strong, According To Report By Richards Barry Joyce & Partners
officeSTATus Report Shows Finds Vacancy Rates Down For Ninth Consecutive Quarter
Boston, MA – April 15, 2008 – The Greater Boston office market experienced its ninth consecutive quarter of positive growth, with overall vacancy dropping from overall vacancy dropping from 13.6% to 13.2%, according to officeSTATus – Greater Boston Spring 2008, a research report released this week by Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm.
The market for Class A office space was even tighter, with vacancy at 10.1%, (down from 18.3% just three years ago). Average asking lease rates for Class A office space dropped slightly, edging down $0.45 to settle at $40.12. Class A office space is down to 6.3% in Downtown Boston, with particularly limited supply in Longwood and the Seaport District. The Seaport District also displayed strength in the Class B office market; asking lease rates have increased 77% for Class B space in that area over the past three years.
“The office market in Greater Boston is still quite strong, with the continuation of a more than two-year stretch of consistently dropping vacancy rates,” said Brendan Carroll, RBJ’s vice president of research. “This positive trend in the commercial real estate office market stands in relative contrast to many indicators in the broader economy.”
officeSTATus highlights each submarket, with a section focusing on developments in Boston’s Central Business District, Cambridge, Route 128 and I-495. An executive summary emphasizes significant news across the market and the “Economy & Real Estate” section places the real estate data within a broader economic framework. The final page of the report is comprised of a single chart with the quarter’s key statistics (vacancy, market size, absorption, availability) compiled into a single, handy reference tool. This quarter’s “Market Interesting” section takes a look back at the past 48 years of development in the office market, from 1960 when the majority of the office space was in Boston and Cambridge to today, when the suburbs hold the most office space.
To request a copy of RBJ’s officeSTATus – Greater Boston Spring 2008, please send an email to research@rbjrealestate.com.
RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports. In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners’ Kristin Connelly Recognized By Women’s Business Boston
Firm’s Director Of National Services Named To Magazine’s
“Top Ten Real Estate Professionals” List
BOSTON – April 4, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that Kristin Connelly, the firm’s director of national services, was named to the “Top Ten Real Estate Professionals” list by Women’s Business Boston.
“Kristin has a keen understanding of her clients’ business that enables her to offer a high level of service,” said Robert Richards, president, Richards Barry Joyce & Partners. “We are pleased to see her receive this deserved recognition from Women’s Business Boston.”
Ms. Connelly joined RBJ in 2005 and has worked with many of the firm’s national accounts, including Sapient, PAREXEL International Corporation, EnerNOC, Inc., OneBeacon Insurance Group, Dunkin’ Donuts National DCP, Forrester Research, and Corning Incorporated. Before coming to RBJ, she was with Spaulding & Slye Colliers, working in Greater Boston’s Metrowest market. Previously, Ms. Connelly worked at Digitas where she created marketing campaigns for clients such as AT&T, FedEx and American Century Investments.
“Richards Barry Joyce & Partners has counseled Sapient on real estate matters for many years and Kristin joined the Sapient team in early 2007,” said Andrea Jeffrey, Corporate Real Estate, Sapient. “Since she began working on our projects, Kristin has offered excellent insight into our strategy. Her knowledge of the real estate market and her understanding of our business requirements make her an invaluable asset to our real estate group.”
Women's Business Boston was launched in 1998 by Vicki Donlan and circulates in Massachusetts, New Hampshire and Rhode Island. In 2004, Donlan sold the monthly publication to Herald Media. Women's Business Boston is the only regional publication profiling senior executive women and women entrepreneurs and enjoys a broad reach to the city's decision makers.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Honored By Commercial Brokers Association For Work With Shire Human Genetic Therapies
Firm Wins “2007 CBA Life Science Deal Of The Year”
BOSTON – March 27, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, is pleased to announce that its work on behalf of Shire Human Genetic Therapies earned the firm the “2007 CBA Life Science Deal of the Year” award from the Commercial Brokers Association.
In 2007, RBJ developed and executed a real estate strategy for Shire, in which the RBJ team analyzed all aspects of Shire’s real estate portfolio and associated business operations, from headquarters to research, to manufacturing and distribution. Execution of the strategy resulted in five transactions in Lexington and Cambridge, representing 242,500 square feet of office, laboratory and biotechnology manufacturing space. The RBJ team that represented Shire consisted of Robert Richards, president, Jonathan Varholak, partner, and Brian Cohen, director of consulting services.
“Richards Barry Joyce & Partners’ strategic counsel and insight continue to be critical on this ongoing, complicated project,” said Pat Sacco, Vice President, Facilities & Engineering Operations, Shire Human Genetic Therapies, Inc. “They consistently bring a high level of service that has made them an important part of our real estate team.”
The CBA’s “Deal of the Year” awards are presented to acknowledge the leading transactions in four major categories: life science, office, industrial and retail. The award takes into account complexity, ingenuity, market impact, uniqueness and transaction size. The award was announced on March 6 at the CBA’s annual awards banquet. The CBA is a division of the Greater Boston Real Estate Board.
“RBJ is pleased to have worked with Shire to develop a real estate strategy to support the company’s business,” said Brian Cohen, director of consulting services, RBJ. “Our work helped set the stage for the company’s expansion, based on extensive review of Shire’s employee demographics and growth estimates.”
“Our efforts on Shire’s behalf demonstrate that RBJ approaches projects from an overall business perspective rather than a real estate-only perspective,” said Robert Richards, president, RBJ. “We are honored to have worked so closely with Shire on this project and to be acknowledged by an excellent organization such as the CBA.”
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers Sale Of 100,000 SF Building On Behalf of CWCapital Asset Management LLC
275 Dan Road In Canton, Mass., Bought For $5.1 Million; Will Be Occupied By Organogenesis, Inc.
Boston, MA – March 10, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, today announced that it brokered the sale of 275 Dan Road in Canton, Mass. on behalf of CWCapital Asset Management LLC, in its capacity as Special Servicer to the seller of the property. The 99,869 square foot office building was purchased for $5.1 million by Rugby Realty Co., Inc.
The building will be fully occupied by Organogenesis, Inc., a Massachusetts-based company that is the world's most successful regenerative medicine company. The new space at 275 Dan Road represents an expansion for Organogenesis, which is headquartered at nearby 150 Dan Road. In June 2007 Organogenesis announced an aggressive expansion to build state of the art regenerative medicine facilities.
“Massachusetts is one of the world’s foremost centers for life sciences companies,” said Michael Frisoli, partner, RBJ. “We are seeing a continued increase in life sciences activity in the suburban markets, particularly with Governor Patrick’s focus on expanding biotech in the Commonwealth.”
Richard Herlihy, executive vice president, and Michael Frisoli, partner, of Richards Barry Joyce & Partners represented the building seller and Sean Teague of DTZ FHO Partners procured the buyer.
According to research by Richards Barry Joyce & Partners, the Route 128 South submarket consists of 11,195,000 square feet of office space and was 14.5% vacant, as of the quarter ended December 31, 2007. [Source: Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Winter 2008”]
About CWCapital Asset Management
A comprehensive real estate finance and investment management company, The CWCapital family of companies is comprised of CWCapital, CWCapital Investments and CWCapital Asset Management. CWCapital Asset Management (CWCAM) currently controls the special servicing and subordinate CMBS on approximately $180 billion of multifamily and commercial loans representing approximately 14,500 mortgages. CWCAM also performs special servicing duties on mezzanine loans and B Notes, acts as special servicer for CDO issuances, and performs third party special servicing for non-affiliated subordinated CMBS purchasers.
Cadim, a Montreal-based real estate advisor and portfolio manager, holds a majority interest in CWCapital and CWCapital Investments. Cadim is a subsidiary of the Caisse de dépôt et placement du Québec, the leading institutional fund manager in Canada with more than $200 billion of assets under management. For more information, visit www.cwcapital.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including investment sales, market analysis, leasing, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers New 70,000 Square Foot Lease For Olympus NDT
Testing Company Signs Lease At 48 Woerd Avenue, Waltham, Mass.
BOSTON – February 26, 2008 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, announced today that it brokered a new 70,000 square foot lease for Olympus NDT at 48 Woerd Avenue, Waltham, Mass.
The building is the headquarters for Olympus NDT, a world leader in nondestructive testing technologies. Olympus NDT, a subsidiary of Olympus Corporation of Japan, supplies reliable, economical inspection and maintenance systems globally that enhance safety, security, and productivity for customers and that contribute to society.
Prior to signing the new, 10-year lease, the company had subleased space in the single-story building. 48 Woerd Avenue is owned by Intercontinental Real Estate Investment Fund III, LLC.
“Remaining in 48 Woerd Avenue enables Olympus NDT to sustain its work without interruption,” said Jonathan Varholak, partner, Richards Barry Joyce & Partners. “The building is appealing to Olympus because it is centrally located for its employees and partners.”
Olympus NDT was represented by Jonathan Varholak and Ron Friedman, vice president, of RBJ. Intercontinental Real Estate Corporation, the building’s landlord, was represented internally by Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management for Intercontinental.
According to research by RBJ, the Route 128 West submarket consists of 19,982,000 square feet of office space and was 12.3% vacant, as of the quarter ended December 31, 2007. [source: Richards Barry Joyce & Partners’ “officeSTATus – Greater Boston Winter 2007”]
About Olympus NDT
Olympus NDT provides an industry-leading portfolio of ultrasound, phased array, eddy current, and eddy current array nondestructive testing technologies. Our goal is to supply reliable, economical inspection and maintenance systems globally that enhance safety, security, and productivity for customers and that contribute to society. We are committed to actively pursuing the development of new technologies, products, and services that offer the best solutions to customers' needs. Our commitment to designing quality products is directly linked to our customers' responsibility to comply with the highest industry standards and regulations in order to ensure public safety. For Company profile and further information please visit www.olympusndt.com.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Releases “officeSTATus – Greater Boston Winter 2008” Research Report
Report Finds Vacancy Rates Down, Asking Lease Rates Stable Across Greater Boston
Boston, MA – January 7, 2008 – The Greater Boston office market saw vacancy rates edge down slightly during the fourth quarter of 2007, according to officeSTATus – Greater Boston Winter 2008, a research report from Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate firm.
According to officeSTATus, vacancy rates for office space across Greater Boston declined by 0.2% to 13.6%, marking the eighth consecutive quarter of falling vacancy. During that time more than 8.3 million square feet of space was taken off the market.
Class A office space is more constrained, with vacancy rates lowering to 10.3% for the quarter (down from 19.8% three years ago). Across the market, asking lease rates for Class A space remained stable during Q4 2007, remaining above $40 per square foot at $40.57. However, certain areas have seen dramatic increases in Class A asking lease rates, including Boston’s Financial District (up 73% in two years), Cambridge (85% increase in two years) and along Route 128 (up 24% in two years).
“The year ended on a positive note with Greater Boston still witnessing a very strong market for office space,” said Brendan Carroll, RBJ’s vice president of research. “Many markets extended positive trends, while others, such as Route I-495 North, experienced a notable surge.”
officeSTATus features an executive summary page with an overview of some of this quarter’s most notable findings. Sections on each primary submarket – Downtown Boston, Cambridge, Route 128, and I-495 – deliver more in-depth analysis. The “Economy & Real Estate” section offers context for the quarterly findings within the broader economic environment. The report’s final page compiles all the quarter’s pertinent statistics – vacancy, market size, absorption and availability – into a single, useful reference. This quarter’s “Market Interesting” section takes a look at vacancy rates for suburban office space located within one mile of a highway exit.
To request a copy of RBJ’s officeSTATus – Greater Boston Winter 2008, please send an email to research@rbjrealestate.com.
RBJ Research Publications
officeSTATus is the flagship publication in RBJ’s family of eleven quarterly research reports. In addition to officeSTATus, RBJ publishes: flexSTATus, which highlights Flex property types; indSTATus, which focuses on Industrial property types; and individual marketSTATus reports on eight critical sub-markets. The firm’s biotechnology-focused report, bioSTATus, is released twice a year. In total, the firm produces an industry-leading 46 reports per year, in addition to custom research projects for clients.
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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Richards Barry Joyce & Partners Brokers 227,000 SF Lease For INVESCO Real Estate
Landlord Signs Lease Renewal With Owens & Minor In Franklin, Mass.
Boston, MA – December 19, 2007 – Richards Barry Joyce & Partners, LLC (RBJ), a full-service commercial real estate advisory firm, has announced that it represented INVESCO Real Estate in a 227,000 square foot lease renewal with Owens & Minor at 135 Constitution Boulevard, Franklin, Mass.
135 Constitution Blvd. is Owens & Minor’s northeast distribution facility. Owens & Minor, a fortune 500 company, is the nation's leading distributor of national brand-name medical/surgical supplies to hospitals and integrated healthcare systems.
135 Constitution Blvd. was built in 1987 and expanded in 1998. Located in the Franklin Industrial Park, the facility features 30' clear heights and has 34 loading docks. INVESCO purchased the building in 2005, with RBJ acting as its broker.
“Owens & Minor is an excellent tenant and we are pleased to retain them at 135 Constitution Boulevard,” said David Bass, INVESCO Real Estate. “This building has the features and location that make it a top distribution facility in the area.”
John Lashar, partner, Paul Leone, vice president, and Robert Byrne, associate, of Richards Barry Joyce & Partners represented INVESCO in the transaction. Owens & Minor was represented by Ken Boyd of Jackson & Cooksey.
“The transaction works out well for both INVESCO and Owen & Minor, who have built on an already strong business relationship,” said John Lashar, partner, RBJ. “Additionally, Owens & Minor avoids the significant disruptions inherent in moving a large-scale and complex distribution operation.”
According to research by RBJ, the Route I-495 South submarket consists of 16,202,000 square feet of Warehouse space and was 16.4% vacant, as of the quarter ended September 30, 2007. [source: Richards Barry Joyce & Partners’ “indSTATus – Greater Boston Fall 2007”]
About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company's focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners' unique platform offers a full range of real estate advisory services including market analysis, investment sales, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com.
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