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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Suffolk Spotlight: Brighton
IN PERSON
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For the first time since 1997, the Massachusetts Bankers Association has a new leader, with Kathleen Murphy taking over for Daniel Forte, who retired at the end of October. Murphy started her career at a trade association in Washington, D.C., before joining Bank One in Ohio.
WEEK OF MONDAY, DECEMBER 14, 2020
BANKING & LENDING BY THE NUMBERS
B I O M A N U FA C T U R I N G B R E A K O U T
39 percent The share of bank customers who use a mobile app, up from 36 percent pre-COVID. See Diane McLaughlin’s story on page 9. Source: Morning Consult
2 Guaranteed Rate employs two of the top loan originators in Suffolk County. See By the Numbers on page 6. Source: The Warren Group’s Loan Originator Module
33 percent Webster Bank will close one-third of its Eastern Massachusetts branches. See Diane McLaughlin’s story on page 9. Source: Webster Bank
21 years The time the retiring Cambridge Trust Co. president spent at Boston Private Bank. See Week on the Web on page 2. Source: The Warren Group
34 The number of new local branches proposed in between July 1, 2019 and June 30, 2020. See Diane McLaughlin’s story on page 9. Source: Kafafian Group
Demand for
DRUG PRODUCTION
Creates New Development Niche Worcester, Devens Square Off as Future Hubs
$142 million
BY STEVE ADAMS
The money BNY Mellon and Wells Fargo are loaning Toll Brothers to build an Alewife apartment complex. See Week on the Web on page 2. Source: Toll Brothers
emand for biomanufacturing facilities is prompting a land grab in central Massachusetts by developers seeking sites to test new drug candidates invented in Greater Boston’s ever-expanding lab facilities. Properties in Boxborough, Marlborough, Worcester and the Devens business
18.4 percent The combined market share of the top three lenders in Suffolk County. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
BANKER & TRADESMAN STAFF
D
park are being prepped for the capital-intensive processes needed to accommodate drug manufacturing for early- and midstage life science companies. “We saw a noticeable trend emerging with some of our existing tenant base, as well as others knocking on our door and looking for a place to manufacture their new medicines,” said Stephen Lynch, a principal at King Street Properties. As early as 2018, Boston-based King Street Properties identified an opportunity to create a new division called Pathway tapping into the biomanufacturing market. It will provide design, permitting
and construction management on 700,000 square feet of approved sites at Devens and is actively scouting property acquisitions within an hour’s drive of Cambridge, Lynch said. Because of the highly specialized nature of the business, life science companies face the decision of designing and building their own facilities, or leasing space in third-party-owned facilities. With speed to market being a top priority, both developers and third-party contract manufacturers see an opportunity to build shell facilities ready for quick fit-outs and occupancy.
Continued on Page 7
3 percent The number of Massachusetts bank branches has only dropped 3 percent in five years. See Diane McLaughlin’s story on page 9. Source: FDIC
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
STREET PRESENCE
Communities Need to Make Room for Affordable Starter Homes
New Data Shows Changes to Consumer Preferences
By Scott Van Voorhis | Banker & Tradesman Columnist
By Diane McLaughlin | Banker & Tradesman Staff
Could Today’s New Suburbanites Changes in Store for Branches Help Reduce Barriers to Housing? as Some Banks Pull Back
Commercial Real Estate PAGE 3
Banking & Lending PAGE 9