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The Commercial Real Estate Development Association

2017 NAIOP MASSACHUSETTS ANNUAL REPORT


PAST PRESIDENTS 2016 Dennis Clarke 2015 Steve Marsh 2014 Marci Loeber 2013 Tom DeSimone 2012 Paul Marcus 2011 Brian Kavoogian 2010 Sarah Abrams 2009 Kevin McCall 2008 Jonathan Davis 2007 Jay Doherty 2006 Paul Nasser 2005 Young Park 2004 Maryann Gilligan Suydam 2003 Eric Schlager 2002 Peter Barber 2001 James Karman 2000 Thomas Alperin 1999 Frank McCourt 1998 Steven Fessler 1997 Stephen Murphy 1996 Daniel DeMarco 1995 Gayle Blakeley Farris 1994 Frank Wuest 1993 Ted Tye 1992 Ogden Hunnewell 1991 Chris Maietta 1990 Michael Grill 1989 Dana Rowan 1988 David Begelfer 1987 Jonathan Kay 1986 Matt Dwyer 1985 Steve Johnson 1984 Tony Orbe 1983 Ranne Warner 1981 - 1982 Peter Forrester 1978 - 1980 William Bradshaw

A MESSAGE FROM

DOUGLASS KARP 2017 PRESIDENT

As a leading voice for the commercial real estate community, NAIOP Massachusetts represents the interests of companies that own or manage office, retail, multifamily, industrial, laboratory, mixed use, and institutional real estate in the Commonwealth, as well as the interests of all professions that serve the industry. In addition to providing outstanding education and networking opportunities for more than 1,700 members, NAIOP advances responsible commercial real estate development and advocates for policies that support the industry. I want to sincerely thank all of the companies and individual members who have contributed to the strength and vitality of our Chapter through their support and participation in leadership positions, committees, and other activities. Our Board of Directors, Gavel Members, Executive Committee and event sponsors deserve special recognition for giving so generously of their time, expertise, and financial support throughout the year. I encourage those of you who have yet to participate in NAIOP to become actively engaged. The benefits to you, your colleagues, and your firm are sure to pay substantial dividends. It has been an honor to serve as your president this year, and I look forward to continuing to work with all of you in the coming years.

- Douglass Karp

President, New England Development

MISSION STATEMENT NAIOP Massachusetts is the leading association representing the interests of the real estate industry, including developers, owners, and other professionals engaged in real estate development, investment and ownership in the Commonwealth. Part of an international commercial real estate association, the Chapter provides its members with outstanding services that are effective, visionary and responsive to their professional needs. Core organizational values include:

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Providing visionary leadership Practicing and promoting absolute integrity and professionalism Promoting inclusivity and diversity Supporting career-long learning and networking opportunities Contributing to the economic well-being and sustainability of the Commonwealth


47

EVENTS

6,840

1,716 MEMBERS

200

active government affairs issues pursued

ATTENDEES

523

companies represented by members

186

CORPORATE MEMBER FIRMS

445

Developing Leader members

NAIOP BY THE NUMBERS

100+

leading CRE principals on Board of Directors and Gavel

21%

female members


BOARD of DIRECTORS Sarah Abrams Iron Mountain Thomas Alperin National Development Luis Alvarado Newmark Grubb Knight Frank Thomas Andrews Alexandria Real Estate Equities Kathy Bachman Gravestar, Inc. Kevin Benedix Boston Global Investors Donald Briggs Federal Realty Investment Trust James Carlin Crosspoint Associates, Inc Sara Cassidy JP Morgan Asset Management Dennis Clarke Cummings Properties, LLC Leslie Cohen Samuels & Associates Lawrence Curtis WinnDevelopment Cappy Daume The Davis Companies Jonathan Davis The Davis Companies Daniel DeMarco Campanelli Thomas DeSimone WS Development Mark DiNapoli Suffolk Construction Company

Jay Doherty Cabot Cabot & Forbes James Elcock Colliers International Douglas Fainelli The Gutierrez Company Gayle Farris Harvard University Steven Fessler Harvard University Sam Flood TIAA-CREF Dick Galvin CV Properties LLC William Gause Leggat McCall Properties, Inc. Abby Goldenfarb Trinity Financial Derrick Goodwin Margulies Perruzzi Architects David Greaney Synergy Investments Michael Grill Fairlane Properties Timothy Guy Clarion Partners Pamela Herbst AEW Capital Management LP Andrew Hoar CBRE / New England Michael Hogan A.D. Makepeace Company

PRESIDENT

VP CHARITABLE EVENTS

PRESIDENT-ELECT

ASSISTANT VP CHARITABLE EVENTS

SECRETARY

VP DEVELOPING LEADERS

TREASURER

ASSISTANT VP DEVELOPING LEADERS

Leslie Cohen Samuels & Associates

Jennifer Price Colliers International

SPECIAL CHAIR - AWARDS

VP EDUCATION

Douglass Karp New England Development Ed Marsteiner National Development Sara Cassidy JP Morgan Asset Management

Daniel McGrath Berkeley Investments

Derrick Goodwin Margulies Perruzzi Architects Danielle Simbliaris Transwestern

Abby Middleton Oxford Properties Group

Michael Wilcox The Bulfinch Companies, Inc.

ASSISTANT VP EDUCATION

Dorrian Fragola Janitronics Building Services

Ogden Hunnewell Nordblom Company Douglass Karp New England Development Brian Kavoogian Charles River Realty Investors Jonathan Kay JBK Ventures Bryan Koop Boston Properties, Inc. Charles Leatherbee Skanska USA Commercial Development Marci Loeber Griffith Properties, LLC Christopher Maietta Combined Properties, Inc. Paul Marcus Marcus Partners, Inc. Steve Marsh MIT Investment Management Co. Edward Marsteiner National Development Rebecca Mattson Cottonwood Management Kevin McCall Paradigm Properties, LLC William McLaughlin AvalonBay Communities, Inc. Peter Merrigan Taurus Investment Holdings Maura Moffatt Synergy Investments Stephen Murphy Campanelli

John Myers Redgate Paul Nasser Intercontinental Real Estate Corp. Thomas O’Brien The HYM Investment Group, LLC Lauren O’Neil HFF Young Park Berkeley Investments, Inc. Frank Petz JLL Dana Rowan Exeter Companies Eric Schlager The Bulfinch Companies, Inc. Sarah Shank Beacon Capital Partners Kimberly Sherman Stamler Related Beal Joel Sklar Samuels & Associates Marilyn Swartz-Lloyd MASCO Kirk Sykes Urban Strategy America Fund Ted Tye National Development Lauren Vecchione Colliers International Stephanie Williams Bozzuto Group Joseph Zink Atlantic Management Corp.

EXECUTIVE COMMITTEE VP GOVERNMENT AFFAIRS

VP MARKETING AND MEMBERSHIP

ASSISTANT VP GOVERNMENT AFFAIRS

ASSISTANT VP MARKETING AND MEMBERSHIP

VP PROGRAMS

SPECIAL CHAIRS - STRATEGIC DEVELOPMENT

Greg Sampson Brown Rudnick

Kathleen Brill Foley Hoag LLP

Allen Breed MIT Investment Management Co.

ASSISTANT VP PROGRAMS Robert Borden JLL

SPECIAL CHAIR - GOLF TOURNAMENT John Myers Redgate

Alexandra Saccone National Development Marsha Miller Vanderweil Engineers

Kathy McMahon National Development Lauren O’Neil HFF

Adam Weisenberg Sullivan & Worcester LLP


ME MBE R SHI P With over 1,710 members, NAIOP Massachusetts remains the largest chapter in the nation. NAIOP’s strength in recruiting and retaining members is due in large part to a very active and creative Membership and Marketing Committee, with support from the Board of Directors and staff. This year, the committee continued to enhance value-add membership benefits, including members only Space Spotlight Series, early registration for typically sold out programs, access to post event presentations and content, as well as committee participation.

MEMBERSHIP BREAKDOWN NAIOP Members by Profession:

NAIOP Members by Sector:

MEMBER ONLY EVENTS The Chapter held several member-only or free for member events this year, including:

- Building Connections: NAIOP Member Mixer at Legoland - New Member Connections: Benefits Over Breakfast - Two sold out Coffee with Colleagues held at Arrowstreet and Avison Young - Three Space Spotlights that were hosted by NB Development Group (at Boston Landing), Timberline Construction Company (at Clarks Headquarters), and The Grossman Companies (at Trac 75) - Two Developing Leaders Executive Dinners (with Rob Griffin of Newmark Grubb Knight Frank and Owen Thomas of Boston Properties), open only to Developing Leader members, where a small group shares a casual dinner with an industry leader


GOVE RNME NT AFFAI R S The year brought the start of a new legislative session on Beacon Hill, a reelection for Boston Mayor Marty Walsh, a new Chairman of the powerful House Ways & Means Committee, and an unexpected change in leadership in the Senate at the close of the year. Throughout the year, the Baker Administration and the legislature were often forced to react to the latest tweets coming from the White House, with the Attorney General filing numerous lawsuits challenging the Trump Administration. Budget uncertainty plagued Beacon Hill with state tax collections trailing despite a relatively healthy economy. Through it all, the commercial real estate industry continued to grow with cranes dotting the skyline and rents and sale prices approaching record highs. In 2017, NAIOP aggressively worked to shape a wide range of regulations, policies, and legislation affecting the industry. None of this advocacy would have been possible without the support of NAIOP Gavel Members and NAIOP’s volunteer Government Affairs Committee members. The following are just some of this year’s government affairs activities:

ADVOCACY • Provided extensive input on the 9th edition of the building code, which took effect statewide on January 1, 2018. Defeated attempts to mandate designated electric charging parking spaces for electric vehicles at commercial and residential properties through the building code. Modified solar rooftop language to ensure design documents need only be marked as solar ready, rather than mandating that rooftop space be reserved for solar panels. • Reviewed Coastal A Flood Zone maps to determine impact on commercial real estate industry. Hosted program to educate members on new maps and submitted detailed comment letter expressing concerns with how the maps would affect commercial development in coastal communities. As currently proposed, the maps would conflict with existing regulatory requirements for mapped properties and would prohibit underground parking and first floor use. • Represented CRE industry on DPU Interconnection Task Force, which was created to discuss the current processes used by utilities to provide new services to commercial projects. Through this process, the utilities have committed to outsourcing contractors, increasing more online communication, assigning a point person for all projects, and creating performance metrics on cycle time performance with quarterly updates to the group. The utilities also committed to increasing transparency around the calculation of the CIAC fees- a top concern for NAIOP members. • Provided input to legislators and Baker Administration officials on how to encourage the production of housing in the Commonwealth. Supported Governor Baker’s Housing Choice Initiative legislation, which incentivizes communities to build more housing. NAIOP is also advocating for passage of the Housing Bond Bill, which includes funding for numerous housing programs. • Filed legislation that would extend the Brownfields Tax Credit, which is set to expire in 2018, by five years. NAIOP will work to ensure it is passed before the close of the session on July 31. • Opposing S. 81 and H.2420, the zoning legislation supported by a number of environmental advocacy and planning groups and strongly opposed by all real estate groups and the MMA. The bill would hinder the production of housing, limit predictability and add financial risks for expanding businesses in the Commonwealth. • Eliminated language from the state’s final FY’18 budget that would have restricted when a brownfields tax credit could be obtained, as well as retroactive language affecting tax credits that had been issued for clean-up work completed by non-profit organizations. • Submitted comments in support of the new updated version of the Priority Habitat maps under the Massachusetts Endangered Species Act (MESA). The maps reduce the total mapped area and prioritize the areas that are of importance to the species. • Participating in Construction Fire Safety Partnership, which was created following several large loss fires in 2017. The group includes industry groups, regulators and fire officials. Case studies are now underway to highlight best practices for preventing similar fires in projects under construction. • Participated on numerous climate change task forces and working groups. Opposing climate change legislation that, if passed, could seriously limit development. Provided input on Boston Planning & Development Agency’s Climate Preparedness Checklist Update. NAIOP submitted comments on draft documents and brought together a group of developers to discuss specific concerns with the BPDA. NAIOP will continue to advocate for flexible adaptation strategies and a shared response between the public and private sectors.


ADVA NCE + CHANG E • Met with the Department of Revenue and senior members of the Baker Administration to discuss member concerns with the delay in the issuance of Brownfields Tax Credits. In response, DOR announced reforms and a plan, including new hires, to address the backlog. • Representing business community to oppose wage theft legislation. The radical wage theft bill targets and punishes companies that have no way of knowing about any wage violations by subcontractors. NAIOP was recently appointed to the legislative Wage Theft Working Group and will continue to fight this extremely problematic legislation as the session progresses. • Continued to advocate for additional reforms at the MBTA through participation in the Coalition for a World Class Public Transit System. The Coalition successfully defeated language that would have undermined the MBTA’s three year exemption from the state law that constrains privatization (Pacheco Law). NAIOP is also working with transportation groups on a potential congestion pricing pilot program. NAIOP will continue to advocate for a long-term transportation plan and policies that support roads, bridges, public transit – and economic growth. • Testified in support of An Act to Enable the Commonwealth’s Administration of the Massachusetts Pollutant Discharge Elimination System. The legislation would provide MassDEP with the authority to request to administer the National Pollutant Discharge Elimination System (NPDES) program in Massachusetts, which is now administered by the EPA. NAIOP believes that having MassDEP as the sole permitting authority, with EPA limited to an oversight role, would result in a more efficient permitting process. • Filed new legislation to address a wide range of issues including energy, transportation, brownfields, and more. Met with legislative leaders and new legislative committee chairs on specific bills. • Tracking more than 200 bills before the Legislature affecting the real estate industry. Legislative advocacy will continue through the close of the legislative session in July 2018.

EDUCATION: INCREASING AWARENESS Educating NAIOP members on the various government affairs issues that affect the industry is a vital part of the association’s mission. This year NAIOP continued its very popular government affairs series with the following educational programs: • Climate Change & the Future of the Built Environment: The event included presentations on how the public and private sectors are planning for climate change and what it means for real estate development. Following presentations from the City of Boston and the Executive Office of Energy & Environmental Affairs, executives from GE, Gensler, and Lend Lease discussed how innovation and a commitment to sustainability are shaping the way these global companies with a presence in Boston are doing business. • New MCP Guidance: What It Means for Real Estate Development in Massachusetts: The program included in-depth presentations from industry experts on how the MCP regulatory changes are affecting the cleanup of sites with contamination. • Construction Fire Safety + NFPA 241: What Owners and Developers Need to Know: This program provided an overview for owners and developers on what is required under NFPA 241 as well as examples of best practices to address fire hazards during construction and new technologies being used to mitigate risk.

NAIOP + Homebuilders Association testify in opposition to zoning legislation.

Panel discussion at Climate Change + the Future of the Built Environment program.

MassDEP Commissioner Martin Suuberg speaks to Leadership Institute Candidates.

NAIOP supports Governor Baker’s housing legislation.


CHAPTE R CONNE CT I ONS NAIOP Massachusetts constantly works to promote the image and reputation of the Chapter to the legislature, business community, press and membership through a variety of mediums.

CONNECTING THE INDUSTRY NAIOP Massachusetts works hard to keep its members, and the entire commercial real estate industry, informed, educated and connected.

• Continued to increase media and industry partnerships with Banker and Tradesman, Boston Building Wraps, Elisif Andrews Brandon Architectural Photography, Marino PR and Solomon McCown.

• Enjoyed a strong presence in regional media including, The Boston Globe, Boston Herald, Boston Business Journal, New England Real Estate Journal, High Profile Monthly, Banker & Tradesman, WBZ, and The Real Reporter.

SOCIAL MEDIA INITIATIVES NAIOP Massachusetts continues to build brand awareness through social media platforms and has been exploring new outlets and ways to connect with the Commercial Real Estate Industry. • NAIOP Policy and Trends Blog 27,653 views 220 posts • LinkedIn NAIOP Massachusetts Group: 610 members NAIOP Massachusetts Company Page: 915 followers • Facebook NAIOP Massachusetts: 456 likes NAIOP Massachusetts Developing Leaders: 136 likes

• Twitter 3,884 followers • YouTube 42 videos posted 5,071 video views • Instagram 478 followers 70 posts

DID YOU KNOW? You can connect with NAIOP Members directly through the online Membership Directory.

CREST DIVERSITY INTERNSHIP PROGRAM PILOT In an effort to increase diversity in the CRE industry, NAIOP worked with Kage Growth Strategies on a pilot summer internship program. Sixteen minority and female students were placed at 16 different companies for a 10-week, paid full-time summer internship. Interns also had the opportunity to participate in additional workshops, professional development courses and real estate boot camp. Students came from Bentley University, Brandeis University, Tufts University, University of Massachusetts Boston, and Wellesley College. Thank you to all companies that hired interns this summer and participated in this initiative: AEW Capital Management, Boston Investments, Boston Properties, CBRE | New England, Cummings Properties, The Davis Companies, HYM Investment Management, JLL, MCCA, Millennium Partners, National Development, Paradigm Properties, Samuels & Associates, Skanska, Suffolk Construction and Trinity Financial.


CHARITABL E OUT R E ACH The commercial real estate industry is known for its generosity towards civic and charitable endeavors, and in this area NAIOP Massachusetts continues to be a leader. In 2017, the Chapter maintained a strong presence in the community and actively contributed to many worthwhile charitable organizations.

COMMUNITY SUPPORT

• Hosted the 6th Annual Community Connect along with AAREP New England, BSA, CoreNet New England, CREW Boston, SMPS Boston, SWEP and ULI Boston to benefit Cradles to Crayons. Close to 150 volunteers helped sort, organize and package donated clothing and children’s items. Their efforts benefited over 1,000 local children.

• In partnership with Building Impact, held several donation drives at regularly scheduled events, including a Toy and Gift Card Drive at the Annual Holiday Party and a school supply drive at the Rock ‘N Real Estate Harbor Cruise.

• Supported the Massachusetts Housing & Shelter Alliance’s Home for Good event.

• Made donations to United Way in honor of AEW Capital Management (2017 Distinguished Real Estate Award recipient) and Boston Architectural College in memory of Howard Elkus (2017 Edward H. Linde Public Service Award honoree) at the Annual Awards Gala.

• Supported the United Way and its 2017 Real Estate & Building Industry Leadership Breakfast honoring National Development and Charles River Realty Investors.

• Sponsored Building Impact’s 5th Annual NonGala honoring Stantec.

• NAIOP Developing Leaders had team at the United Way Fight United fundraiser to support Youth Ventures.

TOTAL DONATIONS MADE TO HEADING HOME REACH $2.9 MILLION Donated $200,000 to Heading Home from proceeds of the 29th Annual NAIOP Charitable Golf Tournament, bringing the total raised to over $2.9 million. NAIOP Massachusetts continues to be Heading Home’s largest corporate contributor in its mission to end homelessness. This year, the event was moved to The International and was sold out. Thank you to John Myers of Redgate, the 2017 Golf Chair, along with the entire golf steering committee listed below for their efforts. Luis Alvarado of Newmark Grubb Knight Frank, Chris Chandor of The Davis Companies, Travis D’Amato of JLL, Kerry Hawkins of CBRE/New England, and Ben Sayles of HFF.


DID YOU KNOW? Members can post jobs for free on the job board at naiopma.org.


DID YOU KNOW? NAIOP Massachusetts University offers onsite continuing education courses in finance, development, leasing, construction and more.


ED UCAT I ON + E VE NTS NAIOP Massachusetts prides itself on offering timely and informative programs that provide industry professionals with the critical information they need for career development and industry success. Special thanks to the NAIOP Education Committee and Program Committee for putting together an exciting line-up of pertinent programming with high level speakers and industry experts. Programs covered a variety of topics highlighting all sectors, current development trends and important regulatory issues. All of these events and programs were made possible through the generous support of NAIOP’s sponsors. A full list of this year’s programs and event sponsors can be found on the following pages.

2017 DISTINGUISHED REAL ESTATE AWARDS GALA

SPECIAL EVENTS 2017 Distinguished Real Estate Awards Gala

AEW Capital Management was honored with the Distinguished Real Estate Award, and Howard Elkus was posthumously honored with the Edward H. Linde Public Service Award. Registrations for the Gala were over 1,000, providing the most significant networking opportunity of the year.

Breaking Down Boston Market Tour

In June, NAIOP Massachusetts invited CRE professionals from around the country to come to Boston for a special in-depth look at Boston’s growing neighborhoods, while touring some of the most innovative and top of the line new developments. This one of a kind tour brought together commercial real estate professionals from around the country and received great reviews from all attendees.

San Francisco Tour

In April, 20 NAIOP Massachusetts Members took a trip to San Francisco to explore some of the area’s newest developments. Tours included 399 Fremont Residential Tower with UDR, Mission Bay/SoMa Cluster Mixed-Use Development with Alexandria Real Estate Equities, Market Square with Shorenstein and Polaris Pacific, Airbnb Headquarters and Google . Attendees also heard a market presentation from Cushman & Wakefield, details about the Salesforce Office Tower from Boston Properties, and a Spec for Tech presentation from Gensler.

NAIOP WOMEN’S LEADERSHIP NETWORK Last year, the Chapter launched the Women’s Leadership Network, a forum comprised of female members of the Board of Directors and Gavel representatives. The group met several times to informally connect and have an opportunity to share and discuss important issues and concerns for women in leadership positions in CRE.


LEARN + NE T WOR K NETWORKING NAIOP works hard to offer multiple ways for professionals to engage with the industry. In addition to its regular programs, the chapter also hosted several networking events. These events were very popular and are almost always sold out. • Two well-attended Coffee with Colleagues, which were open to all industry professionals, but free for members, hosted by Arrowstreet and Avison Young • Over 100 attendees enjoyed a day on the slopes for the 6th annual NAIOP Ski Day at Loon Mountain, which presented fun networking opportunities for all • Two sold-out NAIOP @ Nights were held at Ink Block and Rail Stop • The 7th Annual Rock ‘N Real Estate Harbor Cruise, the industry’s most popular summer event, was once again sold out with over 300 on board • Over 300 attendees celebrated at the NAIOP Annual Holiday Party, hosted by Tishman Speyer at the 125 High Street Atrium

DEVELOPING LEADERS The Developing Leaders (age 35 and under) is NAIOP Massachusetts’ fastest growing membership segment and continues to make a significant mark on the Chapter. The Developing Leaders Committee is comprised of 150 rising professionals, who represent all facets of the industry. Several members of the committee also held leadership roles on NAIOP’s Executive Committee. Besides presenting a full line-up of programming and networking events, the DLs also showed support for the community by providing strong representation at Community Connect, and partnering with Building Impact through drives and volunteer nights. The DL Committee continues to assist the chapter with the Student Association Membership program to develop university partnerships and introduce local real estate students to NAIOP

Developing Leaders Annual Sponsors

NAIOP is grateful for the financial support of the 2017 sponsors below, which enables Developing Leaders members to receive a significant discount on membership dues and event registrations.

NAIOP MASSACHUSETTS LEADERSHIP INSTITUTE The inaugural 2016-17 Leadership Institute wrapped up in May. Candidates and their employers joined us for a graduation ceremony and received their diplomas. The Institute was well received and the 2018 Leadership Institute begins in January. The institute is a combination of educational and experiential training, along with one-on-one executive coaching and unique opportunities to network with industry and business leaders to improve individual, team and organizational effectiveness. It is offered under the NAIOP Massachusetts University (NMU) umbrella.

NAIOP MASSACHUSETTS UNIVERSITY The world of commercial real estate is changing at an unprecedented rate. Real estate professionals need to stay current on emerging trends, research, and regulatory changes in order to make informed decisions. As a result, professional development is becoming increasingly important for attracting and retaining employees. Because of this, the Chapter continued to introduce new NMU programming this year. Onsite course topics included: Legal Analysis of CRE Transactions, Real Estate Development Fundamentals, Commercial Leasing, and Real Estate Finance Fundamentals. All of the courses were sold out. The NAIOP @ Noon seminars were also very well attended. Seminar topics included: Workplace(making) Strategy, Coworking Concepts, The Budding Industry of Marijuana and Harnessing the Value of Building Technologies.


2017 PROGRAMS

Space Spotlight at Boston Landing

NAIOP/SIOR Mid-Year Market Roundup

The South End Surge

NAIOP @ Noon: Harnessing the Value of Building Technologies

January 19 January 25

6th Annual NAIOP Ski Day

January 27

Women’s Leadership Network Dinner at Eataly

NAIOP @ Night at Rail Stop

July 25

Women’s Leadership Network Dinner with Tiffani Faison

Building + Furthering a Career in CRE: SAM Career Panel

7th Annual Rock ‘N Real Estate Harbor Cruise

February 23

August 9

Legal Analysis of CRE Transactions Onsite Course

Cambridge: Still in the Lead

March 9

NAIOP @ Noon: Coworking Concepts

March 15

NAIOP @ Night Bar Hop at Ink Block

March 22

August 7

September 13

Commercial Leasing Onsite Course

September 22 + 29

Coffee with Colleagues at Avison Young

October 13

Cocktails and Conversation: South Bay

October 17

Space Spotlight at Trac 75

Community Connect

October 19

New Member Connections Benefits Over Breakfast

October 23

March 29 April 4

Cocktails and Conversation: Fit City - The Wellness Trend + CRE

April 5

Climate Change + the Future of the Built Environment

April 6

NAIOP Massachusetts San Francisco Tour

April 12 - 14

Coffee with Colleagues at Arrowstreet

April 28

Real Estate Development Fundamentals Onsite Course

May 5 + 12

NAIOP Gavel Workshop: Millennials in the Workforce

May 17

NAIOP @ Noon: The Budding Industry of Marijuana

May 19

New MCP Guidance: What It Means for Real Estate Development in Massachusetts

May 23

Space Spotlight at Clarks Americas, Inc.

May 23

Breaking Down Boston Market Tour

Breaking Down Boston Market Tour

July 18

NAIOP @ Noon: Workplace(making) Strategy

Developing Leaders Executive Dinner with Rob Griffin of NGKF

7th Annual Rock ‘N Real Estate Harbor Cruise

June 22

Building Connections: NAIOP Member Mixer at Legoland

March 2 + 9

NAIOP Annual Holiday Party

29th Annual Charitable Golf Tournament Eastern Seaport by Foot

February 16

NAIOP @ Noon: Workplace(making) Strategy

June 15

February 7

February 15 The South End Surge

June 8

June 7-9

Rising Above the Noise: The Power of Brand in CRE 8th Annual Women of Influence Luncheon

October 24

SAM Meet + Greet with SMPS

October 26

Real Estate Finance Fundamentals Onsite Course

October 27 + November 3

Developing Leaders Executive Dinner with Owen Thomas of Boston Properties

November 1

Distinguished Real Estate Awards Gala

November 9

NAIOP/SIOR Annual Market Forecast

November 29

New Coastal A Zone Mapping: Members Only Breakfast

December 1

Construction Fire Safety + NFPA 241: What Owners + Developers Need to Know

December 5

NAIOP Annual Holiday Party

December 7


EVENT SPONSORS Acentech AEW Capital Management AHA Consulting Engineers AIG Alexandria Real Estate Equities Allen & Major Associates, Inc. Arup Atlantic Management Corp. AvalonBay Communities Avison Young AW Perry Bank of America Merrill Lynch Bard, Rao + Athanas Consulting Engineers Banker and Tradesman Beacon Capital Partners Bergmeyer Associates BioMed Realty Trust, Inc. Bohler Engineering, P.C. Boston Building Wraps Bowdoin Construction Bozzuto Group Brookline Bank Callahan Construction Managers Campanelli CBRE | New England Charles River Realty Investors Chase Commercial Term Lending Choate, Hall & Stewart Citizens Commercial Banking Claremont Companies Clarion Partners CohnReznick The Collaborative Companies Colliers International Cottonwood Management Creative Office Pavillion CUBE 3 Studio LLC Cummings Properties, LLC Cushman & Wakefield Dacon Corporation The Davis Companies Dellbrook/JK Scanlan

Delta Commercial Faucet Deutsche Asset Management DiCicco, Gulman & Co. DivcoWest DLA Piper Doerr Associates Dyer Brown Architects Eastdil Secured Elisif Photography Elkus Manfredi Architects EMJ Construction Equity Office Epsilon Associates, Inc. Erland Construction, Inc. Fairlane Properties, Inc. Feldman Land Surveyors First American Title - National Commercial Services First Realty Management Futura Sales, Inc. Gensler Gilbane Building Company Goodwin Procter Greenberg Traurig, LLP Griffith Properties LLC Grossman Development Group, LLC GZA GeoEnvironmental Haley & Aldrich, Inc. Heading Home HFF Hinckley Allen J. Calnan & Associates Janitronics Building Services JLL

Marcus Partners, Inc. Margulies Perruzzi Architects Marsh & McLennan Companies MassDevelopment Maugel Architects, Inc. McNamara Salvia, Inc. Mintz Levin MIT Investment Management Co. NAI Hunneman National Development National Grid Natixis Global Asset Management Net Lease Capital Advisors Neoscape New England Development Newmark Knight Frank Nitsch Engineering Nordblom Company Norel Service Company Normandy Real Estate Partners NorthStar Project & Real Estate Services Nutter McClennen & Fish, Officeworks Oxford Properties Group Paradigm Properties, LLC Pare Corporation Peabody Office Pembroke Real Estate Perkins + Will Pierce Atwood PNC Real Estate PWC Red Thread

John Moriarty & Associates

Redgate

JP Morgan Chase

Related Beal

Jumbo Capital Management, LLC

Riemer & Braunstein LLP

Keller Augusta Partners

RJ O’Connell & Associates

Kevin P. Martin & Associates

Rockland Trust Company

Lane Capital Partners Leggat McCall Properties

Rubin and Rudman LLP

Marcum LLP

Sanborn, Head & Associates

Samuels & Associates

Sasaki Shawmut Design & Construction Siemens Building Technologies Sierra Architects The Simon Group Skanska SMPS Sompo International Spagnolo Gisness & Associates Stantec Stewart Title Guaranty Co. STV | DPM Suffolk Construction Co. Sullivan & Worcester LLP Synergy Investments Terracon Timberline Construction Corp. Tishman Speyer TotalOffice Interiors Transwestern Consulting Group Turner Construction Co. Union Point Ver-Tex Construction Specialties VHB View Dynamic Glass VPNE Parking Solutions VTS Walker Parking Consultants WilmerHale WS Development

DID YOU KNOW? NAIOP sponsors are exposed to over 10,000 CRE professionals in the NAIOP database.


CORPORATE MEMBERS A.D. Makepeace Company AEW Capital Management, L.P. Alexandria Real Estate Equities, Inc. Arrowstreet, Inc. Atlantic Management Corporation AvalonBay Communities, Inc. Avison Young A.W. Perry, Inc. Bank of America Merrill Lynch Beacon Capital Partners LLC Benchmark Senior Living Berkeley Investments, Inc. Beveridge & Diamond, P.C. Boston Development Group Boston Global Investors Boston Properties, Inc. Bowditch & Dewey, LLP Boylston Properties Bozzuto Group Bradley & Associates Brookline Bank Brookwood Financial Partners L.P. Brown Rudnick LLP BSC Group, Inc. The Bulfinch Companies, Inc. Burns & Levinson LLP Cabot Cabot & Forbes Calare Properties, Inc. Cambridge Savings Bank Campanelli CBRE Investors CBRE/New England CBT Architects, Inc. Charles River Realty Investors, LLC Chestnut Hill Realty Corporation Choate, Hall & Stewart LLP Citizens Commercial Banking Clarion Partners The Collaborative Companies Colliers International Commodore Builders Cottonwood Management Crosspoint Associates, Inc. Cummings Properties, LLC Cushman & Wakefield Dain, Torpy, LeRay, Wiest & Garner, P.C. Daniel O’Connell’s Sons, Inc. The Davis Companies Davis, Malm, D’Agostine, P.C. DiCicco, Gulman & Company LLP DiMella Shaffer Associates, Inc. Divco West DLA Piper The Drew Company The DSF Group Duffy Properties, LLC Dyer Brown Architects Eastdil Secured, LLC Eastern Bank Eastern Insurance Group LLC Elkus Manfredi Architects

Epsilon Associates, Inc. Equity Industrial Partners Corp. Equity Office Eversource Federal Realty Investment Trust Fidelity Real Estate Company, LLC Foley Hoag LLP Forest City Realty Trust Gensler Gilbane Building Company Goodwin Procter LLP Goulston & Storrs Gravestar, Inc. Greenberg Traurig LLP Griffith Properties, LLC The Gutierrez Company GZA GeoEnvironmental, Inc. Haley & Aldrich, Inc. HFF Hinckley Allen Hines Hobbs Brook Management LLC Holland & Knight LLP Howard Stein Hudson The HYM Investment Group, LLC Integrated Builders Intercontinental Real Estate Corporation J. Derenzo Company Jacobs Janitronics Building Services JLL JP Morgan Asset Management Jumbo Capital Management, LLC K & L Gates Keller Augusta Partners KeyPoint Partners, LLC KS Partners LLC Leggat McCall Properties LLC Lincoln Property Company Marcum LLP Marcus Partners, Inc. Margulies Perruzz Architects MassDevelopment McCall & Almy, Inc. McCarter & English, LLP Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C. MIT Investment Management Company ML Strategies LLC Morgan, Lewis & Bockius LLP NAI Hunneman National Development NB Development Group Neoscape, Inc. New Boston Fund, Inc. New England Development Newmark Grubb Knight Frank Nitsch Engineering Nixon Peabody LLP Nordblom Company Normandy Real Estate Partners Northland Investment Corporation

Northmarq Capital LLC Nutter, McClennen & Fish, LLP O’Connell Companies O’Connell Development Group Inc. Oxford Properties Group Paradigm Properties, LLC Pembroke Real Estate Pierce Atwood LLP Prince Lobel Tye LLP Prologis Rackemann, Sawyer & Brewster Rackemann Strategic Consulting, Inc. R. G. Vanderweil Engineers, LLP R.J. Kelly Co., Inc. R.J. O’Connell & Associates, Inc. Red Thread Redgate Related Beal Retail Management & Development Riemer & Braunstein LLP Robinson + Cole Rockland Trust Company Ropes & Gray LLP The RMR Group Rubin and Rudman LLP S & R Corporation Samuels & Associates Sanborn, Head & Associates, Inc. Santander Sasaki Seyfarth Shaw LLP Shawmut Design and Construction Sherin and Lodgen LLP Sierra Architects The Simon Group Skanska SMMA Spagnolo Gisness & Associates, Inc. Structure Tone, Inc. Suffolk Construction Company, Inc. Sullivan & Worcester LLP Synergy Investments Taurus Investment Holdings TD Bank Tetra Tech TIAA-CREF Tighe & Bond Timberline Construction Corp. Tishman Speyer Transwestern Consulting Group Tremont Realty Capital Trinity Financial, Inc. Tsoi/Kobus & Associates, Inc. Turner Construction Company VHB The Wilder Companies WilmerHale Wingate Companies WinnDevelopment Woodard & Curran, Inc WS Development LLC


GAVEL MEMBERS None of NAIOP’s important advocacy would be possible without the support of the Gavel members, a select group of principals from the area’s leading real estate companies and those associate firms that service the industry. The Chapter is grateful for their support. It is their contributions of both time and money which have made it possible for NAIOP to be a leader in government affairs advocacy for the commercial real estate industry. The Chapter has a total of 96 Gavel Members, a complete list is below.

GOLD GAVEL MEMBERS A.D. Makepeace Company AEW Capital Management, L.P. Alexandria Real Estate Equities, Inc. Atlantic Management Corporation AvalonBay Communities, Inc. A.W. Perry, Inc. Beacon Capital Partners LLC Benchmark Senior Living Berkeley Investments, Inc. BioMed Realty Trust, Inc. Boston Global Investors Boston Properties, Inc. Boylston Properties The Bozzuto Group The Bulfinch Companies, Inc. Cabot Cabot & Forbes

Campanelli Charles River Realty Investors, LLC Clarion Partners Cottonwood Management Crosspoint Associates, Inc. Cummings Properties, LLC CV Properties The Davis Companies Divco West The Drew Company Equity Industrial Partners Corp. Federal Realty Investment Trust Fidelity Real Estate Company, LLC Forest City Realty Trust Gravestar, Inc. Griffith Properties LLC

The Gutierrez Company Hines Hobbs Brook Management LLC The HYM Investment Group, LLC John M. Corcoran & Company JP Morgan Asset Management Leggat McCall Properties LLC Madison Properties Marcus Partners, Inc. MassDevelopment MIT Investment Management Co. National Development New England Development Nordblom Company Normandy Real Estate Partners Paradigm Properties, LLC

Patriot Place Prologis Redgate Related Beal Retail Management and Development R.J. Kelly Companies R.W. Holmes Realty Co. Inc. Samuels & Associates Skanska Synergy Investments TA Associates Realty Taurus Investment Holdings TIAA-CREF Tishman Speyer Trinity Financial, Inc. WinnDevelopment WS Development LLC

Marcum LLP Margulies Perruzzi Architects Mintz, Levin, Cohn, Ferris, Glovsky & Popeo NAI Hunneman New England Economic Development Corp. Newmark Grubb Knight Frank Nitsch Engineering Nutter, McClennen & Fish, LLP Perkins + Will Robinson+Cole LLP Rubin and Rudman LLP

Sasaki Sherin and Lodgen LLP Suffolk Construction Company, Inc. Sullivan & Worcester LLP SunTrust Bank TD Bank Tighe & Bond Timberline Construction Company Transwestern Consulting Group VHB WilmerHale

SILVER GAVEL MEMBERS Arrowstreet, Inc. Bank of America Merrill Lynch Berkshire Bank Brown Rudnick Burns & Levinson LLP Casner & Edwards, LLC CBIZ Tofias CBRE/New England Choate, Hall & Stewart LLP Citizens Commercial Banking Colliers International

Consigli Construction Company Inc. DiCicco, Gulman & Company LLP DLA Piper Eastdil Secured, LLC Elkus Manfredi Architects Ltd. Foley Hoag LLP Goodwin Procter LLP Goulston & Storrs Greenberg Traurig LLP HFF JLL

DID YOU KNOW? NAIOP Board of Directors + Gavel Members represent over 80 of the leading CRE development, investment and professional organizations.


COMMITTEES Participating on one of NAIOP Massachusetts’ volunteer committees is an exclusive benefit of membership. Volunteers develop lasting relationships with key business leaders, stay abreast of the latest industry developments, and help shape the agenda of the state’s leading commercial real estate organization.

CHARITABLE EVENTS

Take an active role in demonstrating NAIOP’s commitment to the community. Help coordinate and implement charitable activities for the Chapter, including the Annual Golf Tournament, Community Connect and several donation drives that allow NAIOP to continue its tradition of supporting local charities. Vice President - Derrick Goodwin, Margulies Perruzzi Architects Assistant Vice President - Danielle Simbliaris, Transwestern

DEVELOPING LEADERS

Young professionals age 35 or younger can join peers on this fun and friendly committee that plans a variety of educational, networking, and social events tailored to the unique needs and interests of younger professionals. This is an excellent way to get involved in NAIOP and to prepare for other leadership roles, all while building a network! Vice President - Abby Middleton, Oxford Properties Group Assistant Vice President - Jennifer Price, Colliers International

NEW! DIVERSITY AND INCLUSION

Provide strategic planning, support and oversight for diversity initiatives and pipeline development of diverse candidates in the commercial real estate industry. Vice President - Taidgh McClory, CBRE/New England Assistant Vice President - Amanda Strong, MIT Investment

Management Company

GOVERNMENT AFFAIRS

Members of NAIOP’s Government Affairs Committees actively shape laws and policies affecting the commercial real estate industry. The Chapter maintains three Government Affairs Committees: Environmental, Energy & Infrastructure, and Hazardous Waste (21E). Vice President - Greg Sampson, Brown Rudnick Assistant Vice President - Kathleen Brill, Foley Hoag LLP

MEMBERSHIP AND MARKETING

This committee offers direct contact with the top decision makers in the Massachusetts real estate community, and is a terrific networking opportunity. Develop strategic marketing campaigns to promote membership, sponsorship, event attendance and other initiatives. Vice President - Alexandra Saccone, National Development Assistant Vice President - Marsha Miller, Vanderweil Engineers

PROGRAM

Continue building NAIOP’s proud history of providing cutting-edge and relevant programs tailored specifically for Boston’s real estate professionals. Use creative thinking and contacts to ensure members are challenged and inspired by a wide-range of NAIOP programs. Vice President - Allen Breed, MIT Investment Management Co. Assistant Vice President - Robert Borden, JLL

SPECIAL EVENTS

Help plan and implement NAIOP’s special events including the signature annual Distinguished Real Estate Awards Gala, which publicly recognizes a deserving company for its significant contributions to the commercial real estate industry and is a top priority for the chapter. Vice President - Dan McGrath, Berkeley Investments


NAIOP STAFF

David Begelfer

Reesa Fischer

Tamara Small

Rachel Meyer

Debbie Osheroff

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Chief Executive Officer (781) 453-6900 x1 begelfer@naiopma.org

NAIOP Massachusetts 144 Gould Street Suite 140 Needham, MA 02494

(781) 453-6900 phone (781) 292-1089 fax

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144 Gould Street, Suite 140 | Needham, MA 02494 (T) 781-453-6900 (F) 781-292-1089 www.naiopma.org

2017 NAIOP Massachusetts Annual Report  
2017 NAIOP Massachusetts Annual Report