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 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 […]
By Rowan Walrath Massachusetts’ life sciences industry grew by more than 7,000 jobs last year, outpacing competitor states even as the so-called “Covid boom” began to wane. That’s according to the latest “Industry Snapshot” report put out by the Massachusetts Biotechnology Council, the trade group better known as MassBio, which examines trends in workforce, real estate, […]
By: Gary Kerr The Commercial Triangle district in Everett, Massachusetts, provides a case study in putting a strategic vision into action. Municipal leaders are continually seeking to improve their communities by bringing in private-sector investment, which catalyzes growth and opportunity. But how can a municipality attract the right kind of investment? Welcome to Everett Located just […]
By Erik Sherman Green Street last month reported that overall smaller sales in various markets were showing greater strength than larger ones. They’ve lost sales volume, but at a much smaller rate than larger properties. Multifamily was one of the two stars of the pandemic in sales, values, and increasing rents. (Industrial was the other.) But how […]
