Banker & Tradesman: Oct. 28, 2019

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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: Dukes and Nantucket Spotlight: Tisbury

IN PERSON

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For OneUnited Bank President and COO Teri Williams, closing the racial wealth gap is not about telling people to spend less money at Starbucks. Instead, a single transaction could affect the gap, she said, from buying a home to starting a business or investing in the stock market.

WEEK OF MONDAY,OCTOBER 28, 2019

COMMERCIAL REAL ESTATE BY THE NUMBERS

The $60 million Pavilion at Lawrence’s Riverwalk development will combine a four-story parking garage, multipurpose playing field and track and 80,000 square feet of commercial space.

PITCH PERFECT

$200 million The budget to convert the former Boston Globe headquarters to a “new economy” commercial building. See Jay Fitzgerald’s story on page B1. Source: Nordblom Co.

0 Future commercial tenants will want zero friction in the services their landlord provides. See Karen Bala’s column on page B4. Source: Karen Bala

80,000 The office square footage in the latest addition to the Lupoli Cos.’ Riverwalk project. See Steve Adams’ story on this page. Source: Lupoli Cos.

$134 million

6 million The office, lab and retail square footage in the Greater Boston pipeline. See Scott Van Voorhis’ column on page 3. Source: CoStar

MOMENTUM IN THE

Merrimack Valley Riverwalk Elevates its Game with The Pavilion BY STEVE ADAMS

43,821 The square footage taken by the first tenant in Skanska USA’s latest project, Two Drydock. See Hot Property on page 7. Source: Skanska USA

$350 Hobbs Brook Management CEO Sam Schaefer’s first job paid $350 per week. See Insider Insights on page B2. Source: Sam Schaefer

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module

BANKER & TRADESMAN STAFF

A

dilapidated mill complex just 15 years ago, Lupoli Cos.’ Riverwalk in Lawrence is virtually bursting at the seams. With occupancy of Riverwalk’s commercial space at approximately 95 percent, developer Lupoli Cos. has launched a $60 million expansion project called The Pavilion. Spanning 4 acres

of former surface parking lots, the groundup construction project includes a 4-story parking garage, 80,000 square feet of office and retail space – plus a sprawling, highenergy amenity for business tenants and Riverwalk’s loft apartment residents. The garage’s rooftop playing field and track will add a vast green space – albeit of the synthetic turf variety – available for corporate team-building exercises, lunch breaks, fitness workouts and local youth leagues’ games and practices. “The field supports the existing customer base,” CEO Sal Lupoli said. “The Millennials want open space. You’ll be able

to run around the track, catch some sun or play soccer at lunchtime. And because it’s a great place to bring children, it complements the residential component.” Select One Construction, Lupoli Cos.’ construction arm, has begun excavation and foundation prep work on the site with a target completion date of October 2020. Work on The Pavilion coincides with a 272-unit loft apartment conversion at Riverwalk West’s 250 Merrimack St., which is scheduled for completion in early 2021. Units will rent for $1,700 to $2,300 a month, Lupoli said.

COMMERCIAL INTERESTS

HIDDEN STRUGGLES

Residential Units Under Construction Down by Two-Thirds

Banks and Credit Unions Can Assist and Support Surviors

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

With Lenders Cool on Luxury Financial Abuse Ties Projects, Offices Take Center Stage Banking to Domestic Violence

and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Continued on Page 7

Image courtesy of SGA

The purchase price for 350 Washington St. in downtown Boston. See Week on the Web on page 2. Source: Suffolk Registry of Deeds

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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