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 Spotlight: Edgartown
IN PERSON
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Konrad Martin is the CEO of the IT and cybersecurity firm Tech Advisors, which has offices in Medfield and Boston. The company provides businesses of all sizes with a range of services including network security, converting information to the cloud and disaster recovery.
WEEK OF MONDAY, OCTOBER 29, 2018
COMMERCIAL REAL ESTATE BY THE NUMBERS
COMMERCIAL INTERESTS
$31.5 million A tax-exempt bond issued to CIEE Inc. by MassDevelopment to purchase 99 Athens St. and 69-71 A St. in Boston’s Fort Point. See Hot Property on page 7 for more. Source: MassDevelopment
$4,000 The rent per month for an apartment in Boston Landing, a high-rise luxury apartment complex in Allston. See Steve Adam’s story on page 7. Source: Boston Landing
117 The number of rooms in the hotel Studio Allston, with interiors and branding inspired by Allston’s artist community. See Deniz Ferendeci’s story in CRE Insider on page B4 for more. Source: Studio Allston
$10.75 million
FENWAY PARK IS THE REAL MVP
The sale price of a 5-year-old retail strip mall in Alewife, acquired by The Grossman Cos. See CRE Insider’s Briefs on page B1. Source: The Grossman Cos.
$337 million The cost of the conversion of the old St. Gabriel’s Church and Monastery in Brighton by developer Cabot, Cabot & Forbes and its partners. See Jay Fitzgerald’s story in CRE Insider on page B1. Source: Cabot, Cabot & Forbes
100 The number of housing units that could be supported in a mixed-use development proposed at a site in Randolph near its MBTA commuter rail station. See CRE Insider’s Briefs on page B1 for more. Source: City of Randolph
Two Decades Later, Decision to Renovate the Stadium Was the Right Choice BY SCOTT VAN VOORHIS BANKER & TRADESMAN STAFF
I
t was a canny development decision that laid the foundation for one of the most remarkable transformations in the history of sports. This is the fourth World Series for the Red Sox since
a then-obscure hedge fund guru by the name of John Henry and Hollywood producer Tom Werner bought the Red Sox in 2001. On the December day nearly 17 years ago when they emerged victorious from a $700 million-plus bidding war for the team, the new owners vowed to win not one, but multiple World Series. Their decision to renovate, not tear down, the old Fenway Park was a crucial step towards making that dream come true and ending an 86-year World Series drought.
Today Fenway is the ballpark other teams in baseball, and sports in general, wish they had, a sparkling, antique jewel revered by fans while generating a steady cash bonanza for the team’s front office. The decision to renovate Fenway, instead of razing it to make way for a new and larger stadium, looks like a slam dunk in hindsight. But when Henry, Werner and their fellow investors bought the Sox in 2001, they faced more than a little skepticism over their plan to fix up Fenway.
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91,000 The number of square feet that will be redeveloped at the former Powder House School by Sebastian Mariscal Studio in Somerville. See CRE Insider’s Insider Insights on page B2. Source: Sebastian Mariscal Studio
48,000 The number of square feet in St. Gabriel’s Monastery that will be converted into housing, along with 25,000 square feet of space in St. Gabriel’s Church. See Jay Fitzgerald’s story in CRE Insider on page B1 for more. Source: Cabot, Cabot & Forbes
VERTICAL VILLAGE
MOVING PIECES
Showrooming Spreads to More Categories
Mid-Sized Banks Emerge After Absence
Slimmer Profile Fits New Retail Strategy By Steve Adams | Banker & Tradesman Staff
Commercial Real Estate PAGE 7
Boston’s Banking Market Reverts to Form By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 8