Firm in talks for Russia Wharf tower in downtown Boston

Investment giant Wellington Management is working toward an agreement to lease the 31-story office tower being built by Boston Properties Inc. on Russia Wharf in downtown Boston, according to several real estate executives who have been briefed on the negotiations. Landing Boston-based Wellington, which manages $550 billion in investments, would be a major coup for Boston Properties and would virtually assure a successful redevelopment of the historic complex, which also fronts the new Rose Fitzgerald Kennedy Greenway.

Foreclosures drag down home sales

The explosion in home foreclosures and a tightening in mortgage lending dragged down real estate prices in Massachusetts in August, a real estate research and publishing firm reported yesterday.Warren Group in Boston said median single-family home prices last month fell 4.9 percent, to $314,000, from August 2006 - the 16th consecutive month in which prices have declined. The number of sales in the period fell by 1.5 percent.
Outside of the foreclosure problems, the Massachusetts market is "very stable," Azarian said. Currently, there is about an 8-month supply of houses listed for sale, down from 9.6 months last year, he said. A smaller supply of properties for sale tends to support prices.

First Ipswich Bancorp to Sell Boston Office Building

The property, a 10-story, 22,625 sq. ft. office building is located in the heart of Boston's financial district at the corner of Congress and State Streets, will be sold though a "call for offers" process managed exclusively by CB Richard Ellis' Capital Markets Private Client Group. "The sale and lease back of our Boston building is a logical next step in our ongoing strategic plan," said FNBI president and CEO Russell G. Cole. "FNBI, like many banks, believes that a sale/leaseback arrangement is consistent with good business practices. Quite simply, it allows us to put our money into loans to our customers and not tie it up in real estate."

Real estate chat transcript

That's a tough question for me, since I mainly cover the housing market and don't know about home repairs (full disclosure). However, I do think real estate agents would tell you, first, that if you've just moved in, do things that you, as an occupant, would enjoy. For example, renovate the kitchen the way that you want to, especially if you plan to live in the house a long time. By the time you sell, the buyer may want to change it again anyway. Structural improvements are always a good bet. Also, I believe that some interior renovations have a better "pay back" when you sell, and some experts in that field have taken the time to calculate that. So you might want to research that. Wish I could help more.

Boston Properties to Participate in Merrill Lynch Global Real Estate Conference

Boston Properties, Inc. , a real estate investment trust, announced today that it will participate in the Merrill Lynch Global Real Estate Conference in New York on Wednesday, September 19, 2007. Edward H. Linde, the Company's Chief Executive Officer, and Douglas T. Linde, President and Chief Financial Officer, will present a brief Company overview followed by a question and answer session scheduled to begin at 9:30 a.m. The presentation will be archived and available for 14 days after the conference on the Merrill Lynch website and in the Investor Relations section of the Company's website under News and Events.

Boston - Auctions join home listings

Local real estate brokers may soon be taking home buyers out to auctions, not just open houses, after a big shift by the Bay State’s online property listing service.
MLS Property Information Network, the state’s main database for home and condo sales, will now also highlight upcoming property auctions in a sign of the times for the sluggish real estate market. With home sellers and brokers scrambling in a down market to move their properties, auctions are on the rise, both nationally and locally.

Triple Net Makes $116M Boston Entrance

Making an impressive debut in the Boston market, Triple Net Properties has picked up two prime properties in the central business district from Tufts-New England Medical Center. The acquisition, which closed on Sept. 5, was completed on behalf of tenant-in-common investors. Sources tell CPN that the Tupper and Biewend buildings on the Tufts-NEMC campus sold for $54.9 million and $61.1 million, respectively. In total, the 10-year triple net lease transaction for the medical offices and labs totaled $116 million.

Mortgage meltdown hits office properties

The credit crunch caused by the subprime-mortgage meltdown is now hitting the office building market in Boston, industry officials and the Federal Reserve of Boston warned.
“There’s a real lack of liquidity,” said Alan Leventhal, chief executive of Beacon Capital, a major Boston real estate investor with holdings in Boston and across the country. Leventhal said sales of office buildings are slowing due to tougher loan requirements - and it could get harder to find financing for new developments in Boston and elsewhere.

The Western Massachusetts real estate market has a new driving force

This weekend when house hunters set out to look at homes for sale or rent, they'll be armed with a customized route map. A quick visit to masslive.com/realestate provides all the tools and information a potential buyer or renter needs to locate available homes and plan a road trip to see them. Visit MassLive.com's new real estate section for your Western Michigan Real Estate needs. masslive.com/realestate can provide you with a customized map of homes for sale, as well as tools and information to help you find houses for rent and new homes in Western Massachusetts.

Beacon Capital to pay $390m for half of One Financial

Beacon Capital Partners LLC, which had sold most of its Boston-area real estate, is jumping back in as a buyer despite record high prices for commercial properties, agreeing to acquire half of One Financial Center for a reported $390 million. The Boston private real estate investment trust run by Alan Leventhal and partners is buying the interest held by Rose Associates Inc. of New York since Rose developed the 46-story tower in 1984. Along with One International Place, it is one of downtown's two tallest buildings.

Vacancies down and rents up in Boston

After several years of upward movement, second-quarter activity in Boston's office market was "almost at the peak achieved in 2000," according to a new report from Jones Lang LaSalle, a Chicago real estate money management and services firm with a big presence in Boston. Rents and vacancy rates are nearing levels that "invite new construction for the first time in three years," noted William P. Barrack, the Jones Lang LaSalle managing director who authored the report on the Boston office market.