Flaherty Takes Top Honor At CBA Awards Ceremony

Joseph Flaherty

Joseph Flaherty

JLL Managing Director Joseph Flaherty was named winner of the Broker of the Year Leadership award at the Commercial Brokers Association’s 2016 awards dinner, held Thursday at the Intercontinental Boston.

The awards recognize the most significant deals of 2016 in Greater Boston and local industry professionals who have distinguished themselves. The division of the Greater Boston Real Estate Board has over 400 members in the commercial brokerage community throughout Massachusetts.

2016 Deal of the Year Winners are:

Office – Boston: Publicis Groupe’s 212,277-square-foot lease at Congress Square. The French advertising firm began its search for new office space three years ago, hoping to consolidate its two Downtown Crossing locations under one roof. JLL represented both the landlord, Related Beal, and the tenant, Publicis Groupe.

Office – Greater Cambridge: Akamai Technologies 476,000-square-foot leases in Kendall Square. Akamai Technologies was considering moving out of Cambridge, as it sought to consolidate its current six locations in the city into one. Akamai and Boston Properties reached an agreement that Akamai would lease 100 percent of a new 476,000-square-foot, 19-story structure at 145 Broadway, as well as lease an additional 150,000 square feet of Boston Properties space elsewhere in Kendall Square. Boston Properties represented itself, and Akamai was represented by Cresa Boston.

Office – Suburban: Kronos’ 505,664 lease at Cross Point in Lowell. Software firm Kronos was looking for a new headquarters to bring its 1,400 employees together in one location, from three buildings along Billerica Road in Chelmsford. With tax incentive packages provided by the city of Lowell and the state of Massachusetts, Kronos agreed to a 12-year lease for 505,664 square feet of office space at Cross Point in Lowell. CBRE | NE represented the landlord, while Cushman & Wakefield represented the tenant.

Retail: Eataly Boston, Prudential Center. As a result of a joint effort by Boston Properties, the city of Boston and a CBRE broker team, Eataly opted to open its third location in the U.S. in Boston, in 53,000 square feet of space over three floors at the Prudential Center. The landlord, Boston Properties, represented itself, while the tenant, Eataly, was represented by CBRE in New York and Boston.

Industrial: Repositioning of 150 Blackstone River Road, Worcester. Three years after purchasing 150 Blackstone River Road in Worcester and undertaking a complete demolition of the steel structure, GFI Partners transformed 150 Blackstone into a 632,000-square-foot, high-bay distribution center that was fully leased out last year. Imperial Distributors leased 325,000 square feet, G3 Enterprises leased 230,000 square feet of space and Mid-States Packaging agreed to lease 70,000 square feet.  CBRE | NE and Kelleher & Sadowsky represented the landlord, GFI Partners; CBRE | NE was also the representative for tenant G3, while Imperial was represented by The Stubblebine Co.

Life Science: Shire Human Genetic Therapies lease at 500 Kendall Street, Cambridge. Last year, Shire Human Genetic Therapies began exploring taking more space in Kendall Square and learned that a tenant in neighboring 500 Kendall Street was unlikely to renew its lease. Shire approached BioMed Realty – the owner of both Shire’s existing building and 500 Kendall St. – and entered into confidential discussions with Transwestern, which represented both the tenant and the landlord. The trio ultimately reached agreement on a 12-year lease for 343,000 square feet of space at 500 Kendall St.

Most Creative: Boston Celtics at Boston Landing in Brighton. After nearly two decades practicing at their Healthpoint complex in Waltham, the Boston Celtics will soon be practicing once again in the city they play in. The team will move into their new training venue at Boston Landing in 2018, following last year’s lease deal with NB Development Group for more than 70,000 square feet in the new development alongside the Massachusetts Turnpike in Brighton. Transwestern represented both NB Development Group and the Celtics.

Investment Sale: One Kendall Square in Cambridge. DivcoWest, which purchased the 8-acre One Kendall campus for $394 million in 2014, sold the 644,771-square-foot, multi-building complex to Alexandria Real Estate Equities for $725 million in July, making it the largest sale of 2016 in the Boston area based on total transaction size and price per square foot. DivcoWest was represented by Newmark Grubb Knight Frank, while Alexandria Real Estate Equities represented itself.

Community Impact: Mount Auburn Hospital Renewal/Expansion in Cambridge. Last year Mount Auburn Hospital in Cambridge was facing an upcoming 2019 lease expiration at 725 Concord Ave. and spare alternatives in the city. Mount Auburn negotiated a long-term lease extension for its entire 85,226-square-foot building at 725 Concord Ave., marking one of the largest commercial lease transactions of the past year in Cambridge. The lease agreement negotiated by CBRE | NE with the building’s landlord, Davis Marcus Partners, includes plans for future expansion and a sweeping modernization of the building.

2016 Special Recognition Awards Winners: Flaherty was named the CBA 2016 Broker of the Year based upon his performance as head of JLL’s Cambridge team. Among last year’s transactions was a build-to-suit lease deal for 240,000 square feet at University Park at MIT. Flaherty’s tenant clients include Alkermes, Merrimack Pharmaceuticals, bluebird bio, SONOS, Enanta Pharmaceuticals and Boston Biomedical.

Landlord of the Year: Boston Properties. Boston Properties last year broke ground on the redevelopment of 100 Federal St. and the North Station redevelopment, which included signing deals to bring in a new hotel and supermarket to the neighborhood in addition to sustainable office and retail buildings. Boston Properties also signed major lease transactions with Putnam Investments, Advent and Akamai Technologies, and opened the new 888 Boylston St., the city’s most sustainable building, at the Prudential Center, along with Boston’s newest tourist attraction, Eataly.

Rising Star of the Year: Suzanne Brown, CBRE | NE. A broker at CBRE since 2013 representing landlords and tenants as a vice president on the urban brokerage leasing team, Brown has compiled a list of clients including SeniorLink, Optimus Ride, Wellist, Wanderu, Ceres, Northwestern Mutual and the Boston Business Journal. On the institutional side, her clients have included Shorenstein Properties, Bentall Kennedy and CBRE Global Investors.

Collaborating Professional of the Year: Dyer Brown Architects. Since its founding nearly half a century ago, Dyer Brown Architects, which is based in Boston and has an office in Atlanta, has established itself as a full-service architecture and interior design firm that specializes in the design of a variety of workplaces, including offices, retail and hospitality settings and academic spaces. Over the years, Dyer Brown has worked with nearly every major brokerage firm and institutional building owner in the Greater Boston area, supporting their work in completing leases while meeting tenants’ needs.

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Flaherty Takes Top Honor At CBA Awards Ceremony

by Banker & Tradesman time to read: 4 min