Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Essex Spotlight: Boxford
Jeffrey Sullivan was part of a small group of long-time bankers who thought western Massachusetts needed more options for small business lending. After market research and interviews with more than 100 people supported this notion, they decided to open Massachusetts’ first de novo bank in a decade.
IN PERSON
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WEEK OF MONDAY, JANUARY 27, 2020
COMMERCIAL REAL ESTATE BY THE NUMBERS
MISSING LINK
WORCESTER LURES
865,000 square feet The size of The Chiofaro Co.’s proposed waterfront tower. See Steve Adams’ story on page 10. Source: The Chiofaro Co.
PHARMA MANUFACTURING
$177,000 Pittsfield officials hope the city’s low median home sale price can lure companies to expand there. See Jay Fitzgerald’s story on page B1. Source: The Warren Group
AT THE REACTORY
$500 million Brockton has seen over $500 million in completed and planned public and private investments downtown. See Matthew Osborne’s column on page B4. Source: Eastern Bank
530,000 square feet The amount of space approved in a new biotech business park in Worcester. See Steve Adams’ story on this page. Source: Worcester Business Development Corp.
$100 Class A office rents could hit $100 per square foot in Boston. See Scott Van Voorhis’ column on page 3. Source: Colliers International
$250,000 The state offers $250,000 grants to Gateway Cities business owners for building improvements. See Joe Kriesberg’s and Ben Forman’s column on page B5. Source: MassDevelopment
60 percent Simple steps can reduce landlords’ heating bills by 60 percent. See Doug Quattrochi’s column on page 5. Source: MassLandlords
Contract Drug Manufacturing Fills Industry Need BY STEVE ADAMS BANKER & TRADESMAN STAFF
D
evelopers built more than 12 million square feet of labs in the past decade to satisfy life science companies’ demand for earlystage research space
in Massachusetts. As biotech companies obtain FDA approvals for their drug treatments and bring products to market, Massachusetts hasn’t
kept pace in the growth of its advanced manufacturing space to enable them to grow in their backyards. Now a former state hospital property in Worcester is making a bid to put central Massachusetts on the map as an affordable option. WuXi Biologics, a Chinese contract pharmaceutical manufacturer with offices in Cambridge’s Kendall Square, is in negotiations to acquire the first of eight development pads that are approved for a combined 530,000 square feet at The Reactory, a 46-acre site. “They wanted access to the colleges and university workforce here,” said Craig Blais,
CEO of the Worcester Business Development Corp. “They’re talking about 150 employees, and they need to hire people from the vocational technical high school level all the way up to Ph.Ds at [Worcester Polytechnic Institute] and UMass, so it’s quite a range.” State economic development officials steered WuXi Biologics toward Worcester as Massachusetts competed with Pennsylvania for its U.S. manufacturing facility. WuXi estimates project costs at $60 million and is in negotiations with the city of Worcester on a tax increment financing agreement, Blais said. Continued on Page 7
157,000 square feet The size of the renovation at TD Garden managed by Gilbane Building Co. See Hot Property on page 7. Source: Delaware North Cos.
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
COMMERCIAL INTERESTS
SMALL SUCCESSES
Booming Economy Turns Demand Toward Office Towers
Small Businesses Seek Help, Personal Connections from Bankers
By Scott Van Voorhis | Banker & Tradesman Columnist
By Diane McLaughlin | Banker & Tradesman Staff
Could Boston Office Rents Banks Turn to High-Touch Programs Hit $100 Per Square Foot? to Capture Business Customers
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9