{"id":1004708745,"date":"2024-04-03T01:34:01","date_gmt":"2024-04-03T09:34:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004708745"},"modified":"2024-04-03T05:44:40","modified_gmt":"2024-04-03T13:44:40","slug":"cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/","title":{"rendered":"Cushman & Wakefield to Manage 1.4 MSF Boston Office Portfolio"},"content":{"rendered":"
\n
\"The
The 501 Boylston St. office property came online in 1940 and was completely renovated in 2008. Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n

Nuveen Real Estate has appointed Cushman & Wakefield as property manager for One Boston Place and 501 Boylston St., totaling some 1.4 million square feet of office space in Boston. <\/p>\n\n\n\n

As part of the deal, the brokerage firm hired 16 incumbent agents from the buildings\u2019 management team led by Senior Managing Director Bruce Clifford and Associate Director James Russell.<\/p>\n\n\n\n

The company also extended Cushman & Wakefield\u2019s contract to deliver property management services for both 99 High St. and the Fort Point Portfolio, which together encompass more than 1 million square feet. The firm was hired in 2021 to provide its services for these properties.<\/p>\n\n\n\n

Two renovated office buildings<\/h2>\n\n\n\n

Dating back to 1970, One Boston Place is a 41-story tower in downtown Boston. The property went through cosmetic renovations in 2002 and 2005. Located at 201 Washington St., the LEED Gold-certified high-rise features a caf\u00e9, 6,000 square feet of retail space, 18 passenger elevators and floorplates averaging almost 21,000 square feet.<\/p>\n\n\n

\n
\"The
One Boston Place is an 805,588-square-foot office building in downtown Boston. Image courtesy of Cushman & Wakefield<\/em><\/figcaption><\/figure><\/div>\n\n\n

Nuveen acquired the 805,588-square-foot asset in December 2002 for $259 million\u2014or $321.5 per square foot\u2014from Blackstone Group, according to CommercialEdge data. Tenants of the skyscraper include Wilson Sonsini Goodrich & Rosati, Crossharbor Capital Partners and TM Capital.<\/p>\n\n\n\n

The 610,000-square-foot 501 Boylston St. rises 10 stories less than 2 miles from One Boston Place. The building is also within 3 miles from 290 Binney St., a life science project where BXP recently sold a 45 percent interest<\/a> to Norges Bank Investment Management.<\/p>\n\n\n\n

Built in 1940, the building went through a complete makeover in 2008. The property features 62,672-square-foot average floorplates, 12 passenger elevators and some 140,000 square feet of retail space. The LEED Gold-certified property’s roster includes Lego, Burson-Marsteller and PureTech.<\/p>\n\n\n\n

Nuveen purchased the asset in 2007 for $370.5 million from Broadway Partners, the same source shows. In April 2016, the owner took out a $216.5 million loan held by Northwestern Mutual. Two years later, Norges Bank Investment Management acquired a 49.9 percent stake in the property for $290.9 million.<\/p>\n\n\n\n

Recent office deals in Boston<\/h2>\n\n\n\n

As of February, Boston held the nation’s largest office development pipeline, with 14.5 million square feet underway, the latest CommercialEdge office report<\/a> shows. More than two thirds of this space had life sciences as its main use type. The metro\u2019s vacancy rate clocked in at 12.2 percent, marking a 240 basis-point year-over-year increase, but still below the 17.9 percent national average. At that point in time, Boston\u2019s average listing rate stood at $45.6.<\/p>\n\n\n\n

In March, an affiliate of Takeda Pharmaceutical Co. signed a 10-year lease extension<\/a> at 75\/125 Binney St. for 222,925 square feet. Alexandria Real Estate Equities Inc. owns the two-building life science property.<\/p>\n\n\n\n

A month earlier, BPGbio committed to 70,000 square feet at Lincoln Property Co. and a MetLife Investment Management client\u2019s 300 Third Ave. The company will relocate its headquarters<\/a> to the 143,533-square-foot building by June next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nuveen Real Estate owns this pair of buildings.<\/p>\n","protected":false},"author":3355,"featured_media":1004708747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21742,10,21747,21785],"tags":[32799,43901],"class_list":["post-1004708745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-latest","category-northeast","category-office","category-property-management","tag-cushman-wakefield","tag-nuveen-real-estate"],"acf":[],"yoast_head":"\nCushman & Wakefield to Manage 1.4 MSF Boston Office Portfolio - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Nuveen Real Estate has appointed Cushman & Wakefield as property manager for One Boston Place and 501 Boylston St. in Boston.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cushman & Wakefield to Manage 1.4 MSF Boston Office Portfolio\" \/>\n<meta property=\"og:description\" content=\"Nuveen Real Estate has appointed Cushman & Wakefield as property manager for One Boston Place and 501 Boylston St. in Boston.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-03T09:34:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-03T13:44:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/501B.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Vicentiu Fusea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/\",\"name\":\"Cushman & Wakefield to Manage 1.4 MSF Boston Office Portfolio - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/501B.jpg\",\"datePublished\":\"2024-04-03T09:34:01+00:00\",\"dateModified\":\"2024-04-03T13:44:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6f90c90d1e85956f06679ddabc844412\"},\"description\":\"Nuveen Real Estate has appointed Cushman & Wakefield as property manager for One Boston Place and 501 Boylston St. in Boston.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-manage-1-4-msf-boston-office-portfolio\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/501B.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/501B.jpg\",\"width\":1000,\"height\":750,\"caption\":\"The 501 Boylston Street office property came online in 1940 and was completely renovated in 2008. 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