By Olivia Rockeman Macy’s Inc. will open 30 new small-format stores by the fall of 2025 as it works to expand its presence outside of traditional malls. Macy’s already operates small-store locations in markets such as Dallas, Atlanta, St. Louis and Chicago, and it announced four new ones in August. The department store chain will have 15 smaller stores across […]
By: Scott Carpenter and Sarah Holder Office prices in the US are due for a crash, and the commercial real estate market faces at least another nine months of declines, according to Bloomberg’s latest Markets Live Pulse survey. About two-thirds of the 919 respondents surveyed by Bloomberg believe that the US office market will only […]
By Greg Ryan The real estate firm behind Somerville’s Somernova business campus is proposing to replace the low-slung structures now on the site with a $3.3 billion redevelopment featuring five significantly taller buildings aimed at “tough tech” tenants. Right now, the 7.5-acre Somernova campus — located off Somerville Avenue, a half-mile west of Union Square — […]
By Joe Clements CAMBRIDGE—In a mega-$168 million trade that caps off a banner beginning for CBRE/NE’s market-leading multifamily sales team, Heitman Real Estate Capital has changed places with fellow Chicago-based investor Equity Residential as landlord to the Cambridge Park Apartments in this city’s rapidly emerging Alewife district. The 311-unit, first-class asset at 30 CambridgePark Dr. […]
By Meera Raman The iconic John Hancock sign is heading for a new home. According to documents obtained by the Business Journal through a public records request, John Hancock has gotten approval to move the sign — which lived in Fenway Park for 20 years — to the company’s U.S. headquarters building in Back Bay on […]
By Rowan Walrath A consortium of leaders in the private and public sectors are making a push for Massachusetts to play host to a hub of a new, biomedical research-focused federal agency. ARPA-H, short for the Advanced Research Projects Agency for Health, is tasked with kickstarting biomedical innovation. While its home base will be in the […]
By Lucia Maffei After a national search that lasted months, Somerville-based Greentown Labs has found its new leader. The largest climatetech incubator in North America said Thursday it appointed Kevin Knobloch as its next CEO. He plans to start on Sept. 5. Knobloch, 66, served as chief of staff of the U.S. Department of Energy during […]
By Jon Chesto Eastern Bank is making a major move to expand its private bankingwith a $528 million deal to acquire Cambridge Trust, while simultaneously selling its insurance business for $510 million to brokerage giant Arthur J. Gallagher & Co. The Boston-based bank’s holding company, Eastern Bankshares, announced both deals after the stock markets closed […]
By Jack Rogers The wide bid-ask gap during the first half of 2023—as CRE transaction volumes plunged in the steepest cliff dive since the Great Recession—appears to have narrowed in the third quarter. According to Steve Jacobs, CEO of online auction leader Ten-X, the “flex”—the difference between a seller’s initial asking price and a price […]
By Macie Parker After four years of construction and nearly a decade of planning, the new John A. Volpe National Transportation Systems Center has opened in Kendall Square, part of $750 million deal between MIT and the federal government to redevelop a 14-acre parcel that was once a NASA electronic research center. The new transportation center is […]
