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| Rendering of planned Linx office development, Watertown, MA |
BOSTON, MA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged a $60.67 million
construction loan for the development of LINX, a 185,595-square-foot,
speculative office development in Watertown, Massachusetts.
HFF worked on behalf of
the borrower, Boylston Properties, to secure the three-year, floating-rate loan
through Cornerstone Real Estate Advisers, acting on behalf of an institutional
client.
The current single-story,
93,000-square-foot industrial building began its transformation into LINX, a
Watertown, Massachusetts creative office building, in October 2015.
Upon completion, which is slated for early
2017, LINX will offer tenants Class A, innovative office space boasting a
dramatic, two-story atrium, 14’ and 30’ ceiling clearances in office space,
LEED-certification, and a private shuttle bus to Harvard Square, among other
highly desirable amenities that simply cannot be achieved within the four walls
of existing office product.
LINX will be purpose-built creative space,
flexible and functional, designed to meet the requirements of today’s office
tenants. LINX’s location at 490 Arsenal
Way is located just off of Arsenal Street, a corridor of Watertown that has
been the focal point of activity with both under construction and proposed
developments attracting top tenants, such as athenahealth, to the area.
The 10-acre site is just
four miles west of Boston, close to Harvard Business School, Cambridge’s
Kendall Square, Harvard Square and Alewife.
This prime location allows LINX to offer prospective tenants a better
“inner urban” location than the vibrant, but suburban, office and tech
communities of central 128.
The HFF debt placement team
representing Boylston Properties was led by senior managing director Frederic Wittmann.
Boylston Properties has
been active in investment and development in the Watertown market for the past
15 years; most recently acquiring 570 Arsenal Street and developing a 150-room
Marriott Residence Inn on the site, and the redevelopment of The Arsenal
Project, in addition to LINX.
“The Arsenal Street
corridor in Watertown is a viable alternative for the oversaturated Kendall
Square office market, the extremely congested West Cambridge/Alewife market and
the suburban markets of central 128,” said Wittmann. “With proximity, pricing and a new
purpose-built, highly efficient building, LINX will be extremely attractive to
new and existing tenants.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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