Tishman Speyer Named Buyer of Hub’s One Federal St.
By Joe Clements
After a brief but spirited competition, the owners of Boston’s One Federal St. have agreed to sell the 38-story office tower to Tishman Speyer Properties for a figure said to be well over the $500 million opening benchmark. Tishman reportedly beat out two other entities to win the designation in a photo finish, according to an industry source, with the trio reportedly all close on financial terms. Finalists winnowed from an opening round established last week included Tishman Speyer Properties, Brookfield Properties Corp. and the Abbey Group of Boston, sources claimed. One source indicated the price will exceed $515 million.
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Boston’s Northwest Suburban Submarket Begins to Pick Up
By Joe Clements
Plenty of holes remain in suburban Boston’s Northwest commercial real estate market, but a couple of major blocks of space are being taken out of circulation via six-figure subleases to Sonus Networks and Raytheon Inc. Sonus will take all of 7 Technology Drive in Westford from Teradyne Inc., while defense giant Raytheon Co. reportedly is expanding to 185,000 square feet in Billerica in two buildings leased to Nortel Networks.
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Black-Owned Banks to Compete Online
By Andrea Gregory
In a deep baritone voice, Kevin Cohee, chairman and CEO of Boston-based OneUnited Bank, began inviting radio listeners to join OneUnited last month. OneUnited calls the pitch its Dignified Invitation Campaign, which is intended to attract new consumers now that the bank has added a virtual bank to reach beyond the four cities in which it has physical branches.
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New Studies Shed Light on Housing Woes
By Katie Curnutte
After years of depending on anecdotal evidence to determine the reasons behind Massachusetts’ high housing costs and difficulties developing new affordable housing, new studies are helping housing and smart-growth groups back up their stories with numbers.
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New Predatory Lending Study Backs Case for State Controls
By Andrea Gregory
Although predatory lending costs American consumers an estimated $9 billion per year, nearly half of U.S. states have no safeguards in place to stop abusive lending practices. However, according to a new study, laws designed to protect consumers against predatory lending are making a difference in states that have enacted such legislation without limiting access to credit.
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Nordic Properties Said Acquiring 3- Building Complex in Reading
By Joe Clements
A suburban office park is losing its anchor tenant but has found a new buyer nonetheless, with Nordic Properties said to be acquiring 55 Walkers Brook Drive in Reading. Located just off Route 128, the complex has three buildings situated on approximately 14 acres.
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