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.