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January 12, 2023

Owner Of 46-Story Boston Office Complex Launching $100M Renovation To Stay Competitive

Learn About What New Innovative Sustainability Initiatives Developers Are Taking In Boston Mar. 7

The owner of a massive Boston office complex is launching a $100M renovation effort as it prepares to lose its largest tenant.

The Chiofaro Co. told Bisnow Wednesday it plans to begin work in the coming months on renovations to International Place, a 1.8M SF property with two towers reaching 46 and 35 stories tall. 

The renovations will include a new 16K SF amenity floor spanning the two towers, a rebuilding of the Fort Hill Plaza and updated lobbies in both towers. In total, the owner said it will renovate 100K SF on the property.

This project is the latest in a series of older office buildings undergoing major renovations to help compete in a market with record-high vacancy where demand has favored newer buildings. The Chiofaro Co. President Don Chiofaro Sr. told Bisnow these new renovations will help the office building attract and retain new tenants in today's changing market.

Owner Of 46-Story Boston Office Complex Launching $100M Renovation To Stay Competitive

“We’ve always been in the mix when you think about relocating,” Chiofaro Sr. said. “We expect to be looked at as a choice, we expect that for the future. We know that it is a competitive market, and the way people use space is transitioning.”The company hasn't secured a loan…

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BioPharma VC Funding Spreading To More Towns Outside Cambridge: MassBio Report

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Venture capital investment in Massachusetts' life sciences industry is spreading to cities and towns outside of the traditional Cambridge hub, a new report found, creating more opportunity for real estate growth in the suburbs. Of the $8.7B in venture capital funding to biopharma companies in the state last year, 51% went to…

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Transwestern Just Bought 3 Firms And It Could Buy More

Transwestern Just Bought 3 Firms And It Could Buy More  

Three acquisitions within a month might signify that Transwestern Real Estate is snatching up smaller firms left and right despite a looming recession and slowdown in the market.

But Transwestern Real Estate Services President Tom Lawyer describes the series of purchases as a years-long, disciplined plan coming to fruition — though that plan doesn't rule out further acquisition news for the Houston-based firm in 2023, challenging climate or not.

"When times get a little tough, it does create opportunities," Lawyer said in an interview with Bisnow. "We feel like some of these times create better opportunities for us because the smaller firms are challenged with everything that all the larger firms are challenged with, without the capital." Transwestern announced last…

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Hochul's Housing Agenda Delivers On Real Estate Industry's Wish List

Hochul's Housing Agenda Delivers On Real Estate Industry's Wish List  

In her first address as New York state’s elected leader Tuesday, Gov. Kathy Hochul set ambitious new targets for housing development across the state, proposed a replacement for the popular-with-developers 421-a tax credit and said she would push to allow for higher allowable density and less restrictive zoning.

Her State of the State speech checked many of the items industry groups and development leaders had placed on their 2023 agendas, chiefly a focus on housing focused almost entirely on increasing development.

The governor pledged to see 800,000 new homes delivered across the state through a range of measures dubbed the New York Housing Compact, including forcing housing production targets on municipalities, increasing density near transit hubs and legalizing basement apartments. “Through the creation of a true statewide housing policy, the governor’s proposals will…

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