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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Aquinnah Spotlight: Dukes/Nantucket
IN PERSON
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Eastern Bank has tapped Deborah Jackson to lead its board of directors, marking the first time in the bank’s 200-year history that a woman will lead the board, and only the second time that a person of color has held the position.
WEEK OF MONDAY, APRIL 30, 2018
COMMERCIAL REAL ESTATE BY THE NUMBERS
500,000 square feet Marlborough’s Apex Center of New England is 500,000 square feet of entertainment destination. See Steve Adam’s story on page 9 for more about the complex’s recent success.
$725 million 399 Binney is part of the One Kendall Square campus, which Alexandria acquired for $725 million in 2017 from DivcoWest. See the Hot Property on page 9 for more about lease activity at 399 Binney.
72 percent Studies find that that 72 percent of Instagram users have made fashion or style-related purchases after seeing something on Instagram. See page B5 for more about refining retail strategies to appeal to a modern Millennial.
COMMERCIAL INTERESTS
Another Year of Record-Breaking Prices MA Single-Family Median Tops $350K BY SCOTT VAN VOORHIS
MASSIVE APPRECIATION
BANKER & TRADESMAN COLUMNIST
H
ave we reached the peak real estate frenzy yet? Have Greater Boston’s already stratospheric home prices finally reached their zenith? It would be great to be able to point to local factors to predict whether we’ve reached the top of the market, whether it’s Eastern Massachusetts’ ever shrinking supply of homes for sale or buyers finally getting fed up with crazy prices. continued on page 10
2013
Arlington Belmont Bedford Cambridge Framingham Natick Somerville Massachusetts
2018
% Change
$557,000 $750,000 34.65% $750,000 $1,100,000 46.67% $525,000 $675,000 28.57% $711,000 $1,550,000 118.00% $293,000 $400,550 36.71% $365,000 $600,000 64.38% $510,000 $750,000 47.06% $285,000 $350,000 22.81%
• All figures are for single-family homes year to date through March • Source: The Warren Group
No release When creditors settle their claims against debtors, guarantors should not assume that they are automatically released from their guaranty obligations. See Chris Vaccaro’s column on page B3 for more about this court case.
Popping up While the goal of a pop-up is to test a concept or extend a brand, the benefits to property owners are just as valuable, says Mike Kelleher; see page B4 for more about pop-ups as a brand and tenant strategy.
$15 million The former Barnes & Noble location in Downtown Crossing will undergo a $15 million gut renovation before it is reopened as “DTX 399” in mid2019. See Jay Fitzgerald’s story on page B1 for more about the building’s renaissance.
66,209 square feet ZGB Capital Corp. leased 66,209 square feet at 1000 Massachusetts Ave. in Cambridge. See page B7 for more of the top leases in the state over the past month.
$11 million A 28-acre property including the New England offices of the Army Corps of Engineers was sold for $11 million to Azad Legacy Partners LLC, a Lexingtonbased developer. See page B4 for more of the month’s top commercial sales.
INDIRECT AUTO LENDING
R E TA I L O U T L I E R
Repeal of CFPB Auto Lending Guidance Could Lead to Shift in Policy
Marlborough Development Sells Experiences
From Flats Back to Markups By Bram Berkowitz | Banker & Tradesman Staff
No Shopping Bags Needed By Steve Adams | Banker & Tradesman Staff
11 years Streaming music service Spotify will make its Boston debut after signing an 11-year lease for 73,891 square feet at 3 Center Plaza. See page 2 for more about Spotify’s Boston debut.
Banking & Lending PAGE 3
Commercial Real Estate PAGE 9