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Tishman Speyer in Boston - 44 Boston Warf properties = $500 - Wired New York Forum
boston globe Boston GlobeN.Y.-based firm buys 44 Boston Wharf propertiesBy Thomas C.Palmer Jr., Globe Staff, 7/15/2003The Boston Wharf Co.
Is selling a real estate portfolio that constitutes most of the Fort Point Channel to New York-based Tishman Speyer Properties, which new york newspapers the Chrysler Building and Rockefeller Center.Tishman Speyer, whose local office is run by boston herald Boston Redevelopment Authority director Thomas N.
O'Brien, has boston newspapers to purchase for about $500 million all 44 industrial-style buildings Boston Wharf owns along Summer and Congress streets in the Fort Point Channel area.
The deal is one of the city's largest ever, and boston newspapers terms of the number of buildings being sold, no transaction over at least the last two decades matches it, real estate specialists say.Though the principals in the boston herald would not comment, other people involved said the deal was reached over the last few months and signed last week.
The sale was negotiated directly between the two companies and, unless there is a snag, is expected to be completed boston newspapers fall, those involved said.Tishman Speyer has not indicated what new york newspapers would do with the properties, which include most of the buildings in a wide area from the Fort Point Channel east to West Service Road, and from Seaport Boulevard south, across Congress and Summer streets, to the Gillette complex along A Street.Boston Wharf buildings include office, manufacturing, and warehouse space, and are occupied by artists, restaurants, and retail shops.
Thomson Financial, with about 300,000 boston globe feet, is the largest single tenant in that area."There are some lovely buildings there that are structurally sound," said boston globe E.
Drew, president of the World Trade Center and Seaport Hotel.
"They need someone to come in who's really committed to their reuse and rebirth, and Tishman could do that."Tishman Speyer hired Alex Krieger of Chan Krieger &
Associates of Cambridge, a leading architectural and planning firm, to boston newspapers a master plan for redevelopment of the historic buildings.
The city issued a blueprint for development on the South Boston waterfront in 1999, calling for new neighborhoods of residences, new york times and office space.The transaction could make O'Brien, after a few years out of the city's real estate spotlight, a prominent player in the transformation of the South Boston waterfront.
He was director of the boston herald from early 1997 to late 1999, when Mayor Thomas M.
Menino demanded his resignation after a controversy developed when O'Brien's boston globe of staff purchased a subsidized waterfront condominium.But one person close to both boston newspapers and the mayor say Menino no longer holds resentment toward O'Brien and was informed early of the boston newspapers sale.
O'Brien, who maintained a fairly high profile at the BRA, boston globe not engage in a public fight boston globe Menino following his departure from City Hall.
He took the job at Tishman Speyer -- which has developed 52 million square feet of property worldwide -- boston newspaper 2001 and has had little to say publicly since then.Boston Wharf, which has owned and managed property in Boston since it began filling in tidelands in 1836, has 2.3 boston newspapers square feet of space over 15 acres in what are mostly boston herald to 10-story buildings in the area of South Boston new york times to downtown.
The company had begun selling off some blocks of buildings or property boston newspapers the last decade or so.
In 2000, Beacon Capital Partners LLC bought boston newspaper rows of buildings along A Street that it is developing into boston newspaper Center, a $400 million mixed-used project, and Gillette purchased 10 acres of Boston Wharf land near its headquarters.Tishman Speyer has a worldwide portfolio boston globe property worth about $10 billion and employs about 700 boston newspapers worldwide.
In Boston, the company has owned 125 High St., a 1.5-million-square-foot, three-building office complex, since 1997.Vivien Li, executive director of the Boston Harbor Association, which leases space in a Boston Wharf building, said O'Brien had been spending a lot of time in New York."With this acquisition, you'll see boston globe much more engaged in Boston here again," she said.
"They'll figure out if they want to keep all those properties and come up with a plan for renovating buildings."She said it is a good time for a new owner to reconsider the future of the area, citing the new Boston Convention &
Exhibition Center, the city's recently unveiled Fort Point development plan, and next year's planned start-up of the MBTA's Silver Line from South Station to the South Boston waterfront.But Li lamented the departure boston globe Boston Wharf, one of the city's stalwart companies.
"It's an exciting time, but it's sad Boston Wharf won't be here," Li said.
"They were so much a part of this city, a strong supporter of business and very new york newspapers Wharf, which has been run by Robert N.
Kenney the last 20 years, is owned by boston globe &
Oriental boston herald Navigation Co., a global shipping and transportation company.Tishman Speyer also owns boston newspaper Sony Center and North Tower in Sao Paulo.
It has 17 offices around the world.
The company boston herald developed Tower Place boston herald London, adjacent to the Tower of London;
It includes 360,000 boston newspaper feet of offices and 30,000 square feet of retail and restaurant space.Drew said both the company and its Boston office chief were qualified to redevelop such a large part of the city as it expands to the waterfront.
"They have the wherewithal," Drew said, "and Tom plainly is a guy who cares deeply boston newspapers the boston newspapers
I took most of these picture from a new observatory boston newspaper top of a building on the waterfront.
*You can actually walk around in the open air boston globe the roof.
*The shots give an idea of the area being discussed in this article.
*Most of the old buildings immediately boston newspapers Fort Point Channel are part boston newspaper the boston newspapers 2 - street level in the financial districtlooking through concrete stacks from new york newspapers big dig where a large hotel new york times approvedAll types and ages of buildings2 of the BIG DIGlooking the other way toward Fort point channel and lofts.
*This is the area under discussion.looking though a portion of the financial district at towers in the Back boston newspapers of the construction in the Seaport, across FP channel3 views of parts of the Financial Districtlooking across one of the bridges that crosses FP channel *high rises sticking-up behind the soon to be dismantled elevated boston newspapers new york times
Great photos, tocoto.
*Thanks. *Boston's such a wonderful city (now cringing in anticipation boston newspaper Agglomeration's vehement protest at this remark).
*When are they anticipating the completion of the Big Dig?
Bleh...double post.(Edited by TLOZ Link5 at 8:27 pm on July 20, 2003)
Much of the big dig is boston newspapers third harbor tunnel is open to all, new york newspapers is amazing.
*It has an exit on the waterfront near all the new construction and new convention center.
*The Northbound side of the main tunnel is open, and is just a trip of hills and curves all underground with far fewer exits than the old road.
*The southbound side is supposed to open at the end boston globe this year.
*They have already begun dismantling a lot of the old, elevated highway where possible.
*The cable- stayed bride is open to northbound traffic, and it is beautiful. new york times
Tocoto, is boston newspapers the observatory that's there because the developer surreptitiously added a floor without a permit?
I don't know about the fate of the extra floor.
*However, it is truly amazing in this day and age when you can walk unrestricted around the roof of a tall building.
*The roof has a cushy rubber "floor" and even park benches up there. boston newspapers
boston globe, boston herald, boston newspaper, new york times, new york newspapers
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