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Monthly Archives: November 2014

National Development teams with BDG for Cleveland Circle Project

November 17, 2014 — Boston Development Group (BDG) and National Development announced today that they are forming a joint venture to develop the site of the former Circle Cinema at the intersection of Beacon Street and Chestnut Hill Avenue in Boston. The companies will jointly develop the property. Charles River Realty Investors will provide the capital for the project.

Ted Tye, Managing Partner of National Development, stated, “We are pleased to help bring development of this landmark site to fruition. There has been a great deal of effort put forth to date from the City of Boston, Town of Brookline, and the local community. Our combined team will work to move the project forward, with an anticipated mid-2015 construction start.”

Tye and BDG project manager John Meunier indicate that the program for the two building project would be similar to the currently proposed mixed-use hotel, residential and retail plan. The 162-key hotel and 92-unit residential project with retail along Chestnut Hill Ave will have some design modifications, including an overall decrease in building area. The developers plan the residential building as an age-restricted adult community much like National Development’s award-winning Waterstone at Wellesley independent living community in Wellesley Lower Falls, in part to address neighborhood comments.

“We see a huge need for urban residential alternatives for active senior adults,” said Tye. The Circle site’s access to public transportation, retail amenities in Cleveland Circle, Boston College, the reservoir and the adjacent park make it ideal for the hotel and active adult community. We’re strongly committed to excellence in building and landscape design and creating an active streetscape.”

A new design team has been formed. The architect for the project is Boston-based Elkus Manfredi Architects with the Boston studio of Stantec providing civil engineering and landscape architecture. Newton-based Cranshaw Construction is providing pre-development services.

ND and CRRI buy Crosby Corporate Center in Bedford, MA

CHARLES RIVER REALTY INVESTORS AND NATIONAL DEVELOPMENT AQUIRE CROSBY CORPORATE CENTER IN BEDFORD, MA

NEWTON (November 6, 2014) – Charles River Realty Investors and National Development are pleased to announce the acquisition of Crosby Corporate Center for $95.5M. Crosby Corporate Center is a nine-building office park totaling 586,682 sf.

The Park is well-located at the intersection of Route 3 and Route 62 in Bedford, enabling easy access to Burlington’s deep amenity base. Crosby Corporate Center is currently 98% leased to a diverse roster of software, information technology and biotechnology companies, including Aspen Technologies who is relocating from Burlington into 143,000 sf.

Fifty-two percent (52%) of the Park’s leases roll over the next three years, allowing for value creation through tenant retention or by attracting future tenants at increased rents. The property has several unique features that, once improved, will contribute to the unique high tech campus environment including very high ceilings with abundant natural light. In addition, many of the buildings are interconnected through a series of above and below-grade tunnels.

To enhance the overall tenant experience, Crosby will be re-positioned as a Silicon Valley-like tech environment with new ownership implementing a $5 million capital program focused on high-impact aesthetic improvements. Future upgrades will include new park signage and branding, additional parking, new outdoor amenities and landscape improvements, façade renovations and updates to fitness facilities and cafes.

The property sale was effectuated by Eastdil Secured.

About Charles River Realty Investors
Charles River Realty Investors, formed in 2006, is a private equity real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients. The firm is currently investing Charles River Realty Fund II REIT, LLC, a $255 million discretionary fund comprised of educational endowments, foundations, pension funds and family offices. The firm has completed over $1.5 billion in investments. See www.crreal.com

About National Development
For over 25 years, National Development has been one of the most active development firms in Massachusetts. Specializing in mixed-use, retail, multi-family, commercial and senior housing projects, National Development and its affiliates have developed over 20 million square feet of space. The firm’s current high profile projects include Ink Block South End, Longwood Center, MarketStreet Lynnfield and University Station in Westwood. National Development provides development, construction, asset management and investment services. See www.natdev.com.