by Dan Cordeau

(Mr. Cordeau is senior vice president at the Boston office of Jones Lang LaSalle. This article is reproduced here from the firm's Real Estate Market Intelligence Monthly.)

The Greater Boston lab market consists of approximately 16.4 million square feet of space.  Since 2002 the total market has grown by approximately 35%, while the Cambridge lab market has nearly doubled.  However the increase in supply has failed to keep up with demand and the market has seen its availability rate steadily decline to 14.1%, the same low level recorded in 2002.

BOSTON-- DTZ FHO Partners announced that Lee Munder Capital Group L.P. has renewed its lease for 27,638 square feet of office space at 200 Clarendon Street, Boston.  Barry Hynes and Rick Fahey, Partners of DTZ FHO Partners represented Lee Munder Capital Group, while David Martel, Executive Vice President of Cushman & Wakefield represented the landlord. 

BOSTON—Fantini & Gorga recently arranged financing for the construction of a 44-unit, age-restricted townhouse community in Duxbury, known as Duxbury Estates. Financing was split between a facility to construct the roadways and infrastructure, and a revolver to build the townhouses.

WESTPORT, CT – The Westport office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it arranged a $6 million refinancing for 101 Oakview Drive, a 43,540-square-foot office building that is fully-leased to Sacred Heart University in Trumbull, Connecticut.

BOSTON – The Meredith & Grew team of James Elcock, David Goodhue and William Lynch has negotiated two leases totaling 24,608 square feet on behalf of BioEnergy International, LLC, a science and technology leader in the development of multi-product biorefineries that produces biofuels and bio-based specialty chemicals.

CAMBRIDGE, Mass. – Nauset Construction has completed Richdale Place, a multi-unit cohousing residential project in Cambridge, MA.  Offering a unique living opportunity to its residents, the 38,000 sq. ft. building located near Porter Square will house 20 condominium units, including two affordable housing units.

NEEDHAM, Mass. – Potomac Realty Capital, LLC (“Potomac”), a full service commercial capital provider, originated and closed a $4.8 million bridge loan for a 202-unit apartment complex (the “Property”) located in Belton, Texas. The proceeds of the loan will be used to acquire the Property and perform a renovation program.

BOSTON - STAG Capital Partners, a real estate firm that pro-actively acquires and manages single-tenant, net leased properties throughout the United States, announced that it has purchased a total of 272,000 square feet of warehouse and distribution facilities in Boardman, Ohio.

BOSTON, MA – Suffolk Healthcare has been selected as the contractor for the new Fenway Community Health complex. The $14 million fit-out project will encompass 10 floors and 100,000 square feet within a newly constructed facility at 1330 Boylston Street.

MELROSE, Mass.--Wise Construction recently completed the new Cardiac and Endovascular Center at the Melrose-Wakefield Hospital.  Partnering with Hallmark Health Systems, the Wise team converted three occupied clinical units into a state-of-the-art diagnostic and treatment facility.