Fan Pier Developments | Seaport

[KentXie]

Has anyone heard anything about who will be the tenants?

One project's gain is another's setback
Key tenant quits Filene's site in favor of Fan Pier

By Casey Ross, Globe Staff | April 10, 2009

The anchor tenant in the $700 million Filene's redevelopment is pulling out of the stalled project and moving to an office building under construction at Fan Pier, representing a seismic shift in the fortunes of two of Boston's most ambitious developments.

The law firm Fish & Richardson has signed a letter of intent to move into the top four floors of One Marina Park Drive, the first building in developer Joseph F. Fallon's $2.5 billion mixed-use project on the South Boston Waterfront. The firm is the first major company to make public its plans to move into the 21-acre development.

"For Fan Pier, the timing is perfect," Fallon said yesterday. "We've got a series of things lining up. We're talking with a number of restaurants, and we're anxious to move forward."

While the deal is a major boon to Fan Pier, it is yet another major setback for redevelopment of the Filene's block in Downtown Crossing, where Fish & Richardson was to be the primary office tenant in a 32-story tower at the corner of Franklin and Washington streets.

The law firm's switch reflects stiff competition for top-flight office tenants in the down economy. Attracting new companies is particularly challenging for developers, who must convince them to pay big money to move at a time of financial hardship.

The loss of Fish & Richardson will make it even more difficult for Filene's developers Gale International and Vornado Realty Trust to cobble together financing for the project, which was halted midconstruction last fall after the frozen credit markets prevented them from securing a package of loans.

The work stoppage has left a crater in the middle of Downtown Crossing, creating an election-year liability for Boston Mayor Thomas M. Menino, who has sought to use the project as a catalyst to revitalize the gritty shopping district.

In a sign of the project's difficulties, Vornado has written off as a loss the $37 million it spent on demolition and construction at the site, indicating the firm does not expect to turn a profit on the project in the foreseeable future. Executives with Vornado referred phone calls to Gale International. Gale's chief executive, John B. Hynes III, did not return a phone call seeking comment.

Menino has demanded the firms take steps to preserve historic buildings on the site. The buildings, including the original Filene's store, were partially demolished and remain exposed to weather during the work delay.

John Palmieri, director of the Boston Redevelopment Authority, said Gale and Vornado continue to assure the city that they are seeking funding and intend to move forward with construction. "And if they can't, they'll have to take steps to shore up the buildings and make the area more operational for pedestrians," he said.

Timothy French, managing principal of Fish & Richardson, said the delay in construction forced the firm to shop elsewhere for space so it can move by 2011, when its current lease at 225 Franklin St. expires. "It became clear with the timing issue that they were not going to be a fit for us," he said.

The law firm will occupy 145,000 square feet, or 30 percent, of One Marina Park Drive, an 18-story building that is scheduled to be completed by spring of 2010. French said the firm will pay $55 a square foot, a low rate for new office space that reflects broader softness in the commercial real estate market. Average asking rents for top-flight space have dropped 20 percent this year from about $68 a square foot in the first quarter of 2008.

"Building owners are realizing the new world of economics that we live in," said Barry Hynes, a partner with the real estate services firm DTZ FHO Partners, which represented Fish & Richardson. "There is absolutely competition for tenants right now."

One Marina Park Drive is the first of three office buildings to be constructed as part of Fan Pier, which also will include four residential buildings, a 175-room hotel, stores, restaurants, a marina, and public parks.

Like other projects in the city, Fan Pier has struggled to proceed during the soft economy and tight credit market.

Fallon said yesterday that he continues to talk with restaurants and office tenants. A deal to bring Vertex Pharmaceuticals to the project was delayed, but the parties continue to discuss a possible move. Later this month, the project will host the Volvo Ocean Race, an international sailing contest that will feature several days of events and racing in Boston Harbor.

http://www.boston.com/business/articles/2009/04/10/one_projects_gain_is_anothers_setback/

 

[jass]

I hope this isnt too overwhelming

As seen through a telescope

 

[Bubbybu]

This is actually turning out to be a pretty nice cube....the structure is so compressed that the disrupted unity of the building makes it quite modern...

One can even say that it is almost 'funky'.....

The glass-alucobond contrast works great....I think I even like that side better than the all glass portion facing the waterfront...


If some tall and skinny buildings are developed near by; it could create a pretty nice interplay of the oddly-shaped....this, the ICA, the courthouse....

Our own Tetris village...

Of course though the street level is still light years away from this being a viable neighborhood...

 

[czsz]

Seaport with Puma City, Boston, 2009:

Potsdamer Platz with Infobox, Berlin 1998

 

[Bubbybu]

....can we ask the Puma store to please stay?


but seriously they need to bring moderate priced housing to this area before they build more office space they can't fill or bring in retail ventures that are doomed to failure....

 

[ablarc]

The anchor tenant in the $700 million Filene's redevelopment is pulling out of the stalled project and moving to an office building under construction at Fan Pier, representing a seismic shift in the fortunes of two of Boston's most ambitious developments.

Will Fan Pier fill up with law firms attracted by proximity to the Courthouse?

 

[SeamusMcFly]

Guess it was just a good time to take pictures of this thing. I took a bunch on Friday, but now see no point in posting them. Here's a few anyways.

 

[Bubbybu]

One of the buildings of the newly crowned Pritzker winner Peter Zumthor.....

 

[pelhamhall]

I don't care how funky or interesting this Menino Stump has been designed. To me, it looks like it's been built on the cheap. Walk by/into Park Lane apartments for a preview of the crap we can expect. Cheap is cheap, regardless of architectural intentions.

These low-quality pre-cast panels are already dripping rust. Hopefully this will be cleaned before the building opens, but given the cheap track record of this developer, I'm guessing these red rust stains will get worse before they get better:

 

[choo]

That PUMA city thing is awesome. If fallon were smart he'd try to buy it off puma of construct his own. A beautiful blend of design and trendiness, while being a testament to Boston's active seaport. Replace PUMA with "Boston".

This is the type of fun look and interactive feel that the seaport needs to make it a destination with some character all its own.

 

[vanshnookenraggen]

That PUMA city thing is awesome. If fallon were smart he'd try to buy it off puma of construct his own. A beautiful blend of design and trendiness, while being a testament to Boston's active seaport. Replace PUMA with "Boston".

This is the type of fun look and interactive feel that the seaport needs to make it a destination with some character all its own.

I think it is a sad state of affairs when a shoe company builds the most cutting edge building in Boston.

 

[pelhamhall]

I don't think it's sad that a shoe company is on the cutting edge of architecture. Sports & fashion brands are always on the cutting edge, and they need their real estate to be a proper reflection of their brands. Niketown is a good example.

 

[czsz]

I think it is a sad state of affairs when a shoe company builds the most cutting edge building in Boston.

And it's not even really a building...it's a showroom that's moving from city to city. I think it was sitting in Santa Monica last.

 

[SeamusMcFly]

These low-quality pre-cast panels are already dripping rust. Hopefully this will be cleaned before the building opens, but given the cheap track record of this developer, I'm guessing these red rust stains will get worse before they get better:

I for one am welcoming the rust on those panels. The precast is way too light for my tastes.

 

[pelhamhall]

The marketing side of me says "The sea breeze has already begun to layer beautiful natural oxide patinas over the panels, as a gentle marbling effect takes hold, bringing drama and much-needed texture to the building envelope"

Sounds better than "the concrete building is stained with rust"

 

[kmp1284]

And it's not even really a building...it's a showroom that's moving from city to city. I think it was sitting in Santa Monica last.

Not a showroom. It's the travelling HQ for the Puma syndicate in the Volvo Ocean Race coming to Fan Pier at the end of the month. They had that thing at Newport Shipyard last summer where the Puma program was training. It's nothing more than some furnished and cleverly arranged shipping containers. The docks and other facilities are to be constructed in the coming weeks.

 

[vanshnookenraggen]

I moved that tangent conversation about luxury housing over here.

 

[pelhamhall]

So to bring the convo back to my original issue from this morning - do any architects/engineers have any solutions to the rusting of the concrete panels? It looks pretty bad up close. Is this natural and expected, or is it something that is going to be washed off prior to opening? Or is this just how the building is going to look in perpetuity?

It looks god awful up close, I have to imagine once the building is finished the panels will be prepped/primed or something. Anyone have any ideas/clues or seen this before?

 

[kennedy]

Go PUMA!!!

During the next month I'm relying on you guys for photo updates of the Race Village since I'm not there to see it in person. You gotta see the boats, they are absolute BEASTS (PUMA is literally, The Monster).

Currently 5th, but only 24 miles between the leader (T-Blue) and 7 miles from 2nd and biggest rival, Ericsson 4. Long way to go! Bring it home!

This is obviously a little late, but here's an e-mail from the VOR shore team regarding the Race Village set-up:

How are you doing. I am working for the Volvo Ocean Race at Fan Pier for the Boston Stopover. We have an official page set up, that lists all of the events / activities that will be going on from April 25th - May 16th. You can do a search for Volvo Ocean Race at Fan Pier, or you might just be able to go to the link included http://www.facebook.com/group.php?gid=5397867378#/pages/Boston-MA/Volvo-Ocean-Race-at-Fan-Pier-Boston/38144242610?ref=ts This will be a good resource for everyone on your page.... Maybe you can send out a message to everyone telling them to go to that page...

...Official Set-up does not begin until next week. We are expecting to have the Race Village 100% complete. And you should be able to see from the facebook page all of the events going on; including high school sailing, College Semi-Finals for Nationals, and many many other events. Talk to you later.

-David S. Garsh

 

[kennedy]

Not a showroom. It's the travelling HQ for the Puma syndicate in the Volvo Ocean Race coming to Fan Pier at the end of the month. They had that thing at Newport Shipyard last summer where the Puma program was training. It's nothing more than some furnished and cleverly arranged shipping containers. The docks and other facilities are to be constructed in the coming weeks.

When it was in Alicante, Spain for the start, it was also part nightclub. It sells all of the gear. The technical side of the PUMA team HQ will be in the temporary offices/drydocks that are yet to be built. At least, that's how it's been done so far.