Two Financial Center

Lincoln Property to construct downtown office building on spec
Boston Business Journal - 3:27 PM EST Tuesday, February 13, 2007
by Michelle Hillman
Journal staff


Lincoln Property Co. will build a 12-story, 214,000-square-foot downtown office building on a speculative basis, said John Miller, senior vice president.

Lincoln won Boston Redevelopment Authority permission Tuesday to receive development rights from the soon-to-be-former owners and also to build offices. The site had initially been approved for office in 2000 but outgoing owner Rose Associated had switched to residential in April 2005.

Miller said Lincoln plans to start construction on Two Financial Center by the end of July.

Rose Associates, which is selling to Lincoln for $18 million, has owned the land for more than 30 years.

Lincoln Property has hired Somerville, Mass.-based Arrowstreet Inc. to design the tower and Boston-based Suffolk Construction Co. Inc. as the general contractor.

The tower will be located across from South Station and adjacent to the 1.1 million-square-foot tower called One Financial Center. Miller said it's the right time to build an office building on a speculative basis, or without a tenant, given the fact that vacancy is dropping and large blocks of space are hard to find. At the same time, about 40 percent tenants in Boston office towers will be facing lease expirations in the next two years prompting developers to speed up office projects.

Another speculative office building is expected to be under construction by the end of this year on South Boston's Fan Pier. Fan Pier developer Joseph Fallon exclusively told the Boston Business Journal last month that he would begin the first 480,000 square-foot office building on a spec basis. Fallon, president of the Fallon Co., recently held a reception to discuss his plans with 100 of Boston's top real estate brokers.



Link
 
From the BRA:


Two Financial Center Re-Approved as Leather District Office Building

The BRA Board re-approved the Two Financial Center project, which will now become a 12-story office building in the city?s Leather District. The project was first approved in 2000 as an office building and changed to residential use in 2005 because of market conditions. The project will once again consist of commercial office space, 212,000 square-feet, and ground-floor retail and below-grade parking.

Rose Associates, Inc., and its affiliate Sandwell, LLC, the former developer, is in the process of selling the project to Lincoln ASB Two Financial, LLC ? a joint venture of an affiliate of Lincoln Property Company and an entity controlled by ASB Capital Management, LLC.

The project incorporates the key public benefits approved by the BRA?s original 2000 vote, which includes: approximately $571,000 in housing linkage funds and $114,200 in jobs linkage funds; the creation of approximately 200 to 300 construction jobs and provision of space for 1,000 permanent jobs; public realm improvements along Essex Street; a commitment to participate in the maintenance of the proposed Leather District?s Gateway Park; underground parking available for neighborhood use; street-level retail opportunities designed to encourage occupancy by businesses serving the needs of local residents of the adjacent Leather District and Chinatown neighborhoods; and completion of the urban streetscape where a surface parking lot now exists. Additionally, the developer will contribute $214,000 to be used for the enhancement of Essex Street pursuant to the Mayor?s Crossroads Initiative and $20,000 to be used for up-keep and cleaning in Chinatown by Project Place.

The developer expects to break ground in July 2007 with an estimated 16 month construction period. Total development cost for the project is $110 million.


Link
 
I am surprised it isn't a little taller, with less space in Boston, height in buildings is now becoming kind of a necessity IMO. At least in the Financial District, this is true
 
I think 12 stories is right for that site, I probably think anything up to 15 would have been ok, but the Leather District is a designated historic district, and something too much taller would really throw the scale out. Nothing else in the neighborhood is taller than 9 stories.

I wonder how the retail will turn out....Lincoln Plaza has had little success leasing its space. With the additional office space, I can see some lunch places being supported, but not much else.

Back when this was residential, I had heard Whole Foods was interested in coming, but I don't think that is still the case.
 
The parking lot is no longer in business and the site is fenced off, but no equipment has yet to arrive.
 
Got to love it that we're losing both this lot and the one where the W hotel will be at the same time. If Millennium Partners kept their word from last fall, the Hayward Place lot would also be closing around this time.
 
Are there any more recent renderings? Renderings in color? I hope that brickish one isn't final, because it sucks.
 
It isn't, because the building shown in that rendering at the top of the page is 15 stories, meaning it's the old residential version. I've edited my post to clarify this.
 
Wow, I didn't know it was being constructed so soon!!! That's awesome that they are just building right away! And also, like van said, someone get an updated rendering in here!
 
According to the Boston Business Journal, construction on Two Financial will begin next week.
Click to expand...

...they weren't just teasing us. As of lunch time today, the only vehicle in the parking lock was a back hoe.
 
A ground breaking ceremony for Two Financial Center was held this morning.
 
Construction underway on Two Financial Center

Lincoln Property Co. and ASB Capital Management LLC broke ground on Two Financial Center, a 12-story, 207,129-square-foot office building on a former parking lot at Essex and South streets, near South Station on the edge of the Leather District. Designed by Arrowstreet Inc., it's the first significant new office space to start construction since 33 Arch St. in June 2001. Two Financial Center is slated for completion in early 2009. (Thomas C. Palmer Jr.)


Link
 
secrecy

Still no pics available(and for other projects). The secrecy of Menino and his lackeys at the BRA is unbelievable
 
Designed by Arrowstreet Inc., it's the first significant new office space to start construction since 33 Arch St. in June 2001.
Click to expand...

I think it's pretty surprising that this is the first office project to break ground considering all the competition it had. Fan Pier, Russia Wharf, South Station Tower, and Filene's Tower all could have broken ground before this.
 
Well, this has been on the boards long before Filene's (close to 10 years?), and Russia Wharf has broken ground.

justin
 
Atlrvr, spread the love. How bout posting some of your UP stuff over here so we dont have to plagiarize :D .

Thanks for the these BTW.
 
You must log in or register to reply here.

Back
Top