121 Seaport Boulevard | Parcel L2 | Seaport Square

Fair point. i don't know the details. i'd use the most extreme prejudice before ever opening a store or restaurant before the development area could support it's success.

As a developer i would want to make money. But, encouraging businesses to rent my space before the time was right, might be bad for everyone. If a business were to fail, others might be very hesitant to take their place.

The marketplace runs life. This is a fast upwardly moving area. Like every neighborhood in Boston, the marketplace will sort out what the retail/ dining environment will be (sooner rather than later).
 
I heard that Alexion has begun moving into this building and some employees are now working from 121 Seaport as of Monday.
 
It'll be interesting to see how the Office market responds over the next few years. Even if housing cools off there are a lot of growing businesses in Boston that will need more space.
 
falcon42 said:
Not even a sniff of a retail tenant here. Interesting.
Click to expand...

I think I'm seeing a trend here where retail is the very last thing to develop in these mixed use building after most of the above floors have been physically occupied with actual bodies for a while. For example, even though both PTC and Alexion were known signed tenants for over +1 yrs (guesstimate), the actual build-outs and move-ins are still in process and/or have done been in phases. I don't think PTC is physically moving in until early next year? The same thing happened with the two Vertex buildings nearby, same with Goodwin I believe.

If the above is true, I imagine that a similar phenomenon will happen at the Echelon next door as well.
 
jl326 said:
I think I'm seeing a trend here where retail is the very last thing to develop in these mixed use building after most of the above floors have been physically occupied with actual bodies for a while. For example, even though both PTC and Alexion were known signed tenants for over +1 yrs (guesstimate), the actual build-outs and move-ins are still in process and/or have done been in phases. I don't think PTC is physically moving in until early next year? The same thing happened with the two Vertex buildings nearby, same with Goodwin I believe.

If the above is true, I imagine that a similar phenomenon will happen at the Echelon next door as well.
Click to expand...

Many of the new Seaport office buildings have only one or few tenants, so it's easy for the developer to fill them up in one fell swoop (and typically construction doesn't even start until office tenants are signed). The retail spaces are smaller and pretty much always "on spec," so it follows that the the various retail spaces will take longer to fill than the office spaces.

Residential buildings are pretty much by definition always on spec, so it's less likely to be the case that all the units upstairs will fill before the retail downstairs does. It's also way more obvious to the average person on the street when, say, 20% of retail space in a new building is still vacant than it is when 20% of residential space is still vacant. Different developments fill their retail at different paces. In the Fenway, for example, the Skanska building (The Harlo) leased up all of its retail spaces before anybody moved in to the residential units upstairs. All the Samuels buildings, however, tend to fill their retail spaces more gradually (some of the ground floor spaces in the Target building have still never had a tenant).
 
jl326 said:
I think I'm seeing a trend here where retail is the very last thing to develop in these mixed use building after most of the above floors have been physically occupied with actual bodies for a while. For example, even though both PTC and Alexion were known signed tenants for over +1 yrs (guesstimate), the actual build-outs and move-ins are still in process and/or have done been in phases. I don't think PTC is physically moving in until early next year? The same thing happened with the two Vertex buildings nearby, same with Goodwin I believe.

If the above is true, I imagine that a similar phenomenon will happen at the Echelon next door as well.
Click to expand...

Goodwin moved in all at once in June 2016. It happened over a weekend.
 
MPA_PTC-Warren-Patterson-Photography-e1549492486164.jpg


“PTC Relocates to 250,000 SF Global Headquarters in Boston’s Seaport District”
https://bostonrealestatetimes.com/ptc-relocates-to-250000-sf-global-headquarters-in-bostons-seaport-district/
 
So this building was sold in december.

“The developer sold 121 Seaport for $455M to a joint venture of American Realty Advisors and Norges Bank Real Estate Management. Skanska built the 17-story, 450K SF building on spec in 2015 for about $281M. The elliptical-shaped building is notable amid the neighborhood's boxier buildings and seen as a response to calls for better architecture in the Seaport.”

https://www.bisnow.com/boston/news/capital-markets/alexion-and-ptcs-future-seaport-hq-sells-for-445m-96124
 
BeeLine said:
Talked to one of the workmen and they are repairing the roof of the garage which was leaking. He was not sure what the final design of the park will be or if they will replace the historical features or the boat sculpture.

IMG_0160 by Bos Beeline, on Flickr
Click to expand...

Wow ok, so the uprooting of everything that was here is due to a leaky garage roof? That's a whole lot of rework. I suppose it's better than short term patching..
 
jl326 said:
Wow ok, so the uprooting of everything that was here is due to a leaky garage roof? That's a whole lot of rework. I suppose it's better than short term patching..
Click to expand...

I've heard that WS, when they took over the Seaport, decided to redo the park to match their other landscape (block L) we'll see if they keep the really cool boat feature
 
DwnTwnr said:
I've heard that WS, when they took over the Seaport, decided to redo the park to match their other landscape (block L) we'll see if they keep the really cool boat feature
Click to expand...
Odd.. I was fairly sure that WS was already the original developer over that space and came up with the original design. There was nothing to "take over."
 
jl326 said:
Odd.. I was fairly sure that WS was already the original developer over that space and came up with the original design. There was nothing to "take over."
Click to expand...

My understanding is that after the 121 Seaport park had been designed and built WS hired the High Line designers to come up with a promenade that would extend from Summer St. all the way to the harbor. Their design is a boardwalk lined with trees, so the existing park will eventually have to be redone to match the new design.
 
You must log in or register to reply here.

Back
Top