(Cambridge, MA) Leadership from DivcoWest today joined representatives of the Commonwealth of Massachusetts, the MBTA, the Massachusetts Department of Transportation, the Massachusetts Congressional Delegation and the cities of Boston, Cambridge and Somerville in celebrating the completion of the Green Line Extension.  DivcoWest has been a key partner with the MBTA and helped make the Green Line Extension (GLX) a reality.

“Our investment in Cambridge Crossing is directly tied to the pivotal location this site plays at the intersection of Boston, Cambridge and Somerville.  These are the very same reasons that the extension of the Green Line is so important to the larger community.  It dramatically expands the capacity of the oldest subway system in the country to connect many of our great academic, healthcare and cultural institutions with companies, residential neighborhoods and beloved open spaces,” said Stuart Shiff, CEO and Founder DivcoWest. “We could not be prouder to play a part in achieving this milestone and extending the benefits of the Green Line to several new communities and we thank the MBTA for their great partnership.”

Recognizing the benefits of an extended Green Line to the entire region, as well as its own adjacent 43 acre Cambridge Crossing project, DivcoWest collaborated with the MBTA and city of Cambridge to support the Green Line Extension.  DivcoWest provided matching funds to the city of Cambridge, allowing the city to meet its contribution obligation to the project.  In addition, DivcoWest provide construction laydown space and easements to the MBTA, and constructed plazas surrounding the new Lechmere Station.  Throughout the construction process, DivcoWest closely coordinated with the MBTA to ensure delivery of these two large scale construction projects – the Green Line and Cambridge Crossing Development.

“A project of this nature, which spans three municipalities and involves city, state and federal funding, is by its nature complex.  As a private partner to the Commonwealth and our community of Cambridge, we were able to support the MBTA as the design and other aspects of the project evolved,” said Mark Johnson, Managing Director, DivcoWest.

The Green Line Extension has also been critical to unlocking the potential of Cambridge Crossing, a 4.5 million square feet of mixed-use development. The transit-oriented Cambridge Crossing project will ultimately host more than 2 million square feet of mission-driven life sciences space.  Current tenant partners include Sanofi, Bristol Myers Squibb, Cerevel Therapeutics, and Thrive Earlier Detection. The project will ultimately include over 2400 new residences, 6 public parks and plazas, community-oriented retail and locally owned restaurants.

“We can’t underestimate the combined impact that the Green Line extension and the successful development of Cambridge Crossing will have in extending Massachusetts’ reputation as the world leader in scientific research and discovery.  This is a clear example of how investments in transit can drive innovation and opportunity,” said Mark Roopenian, Managing Director, DivcoWest.

PUBLICATION: SWFI

On March 11, 2022, Tishman Speyer and Abu Dhabi Investment Authority (ADIA) sold a 15-storey building to DivcoWest. DivcoWest bought the Commonwealth Tower in Arlington, Virginia. Located in the heart of Rosslyn, Commonwealth Tower is a 359,840-square-foot trophy office tower with views of the Potomac River, landmark bridges, and the Washington, D.C. skyline. Commonwealth Tower was fully renovated in 1996 and features unique symmetrical floor plates that allow for eight corner offices per floor.

In January 2021, Microsoft Corporation inked a lease for more than 180,000 square feet at Commonwealth Tower. The lease helps fill the vacancy of The Carlyle Group’s consolidation into its Washington D.C. office. In February 2011, Carlyle Group had signed a lease for 70,000 square feet at Tishman Speyer Properties LP’s Commonwealth Tower.

On March 17, 2011, Tishman Speyer acquired Commonwealth Tower for just over US$ 200 million from Beacon Capital Partners… READ MORE.

PUBLICATION: COSTAR

PUBLICATION: BMS

Bristol Myers Squibb is rapidly becoming a major biopharmaceutical presence in the Cambridge/Boston region and the company will soon have a new home in the area.

Construction is currently underway on a 480,000 square-foot state-of-the-art Research and Early Development center that will bring together more than 550 employees now based in Kendall Square and Alewife. The new biomedical hub will be located in Cambridge Crossing, a 43-acre development at the intersection of Cambridge, Somerville, and Boston. The company’s work on cancer resistance, neuroscience and immune-related diseases — such as discovery biology, translational science and chemistry research—will be housed at the new location.  Additionally, work at the new site will facilitate end-to-end drug discovery: biotherapeutics, informatics and predictive sciences, drug metabolism pharmacokinetics and other research activities.

Work on the new Bristol Myers Squibb building at 250 Water Street in Cambridge Crossing began in the fall of 2019, and the company celebrated a topping off ceremony at the site in February of 2021.  Current plans call for the building to be completed in January 2023, and employees are expected to relocate to Cambridge Crossing in the months that follow.

A former railyard, the Cambridge Crossing property is being converted into a vibrant, dynamic life science hub in a neighborhood that its developers say inspires collaboration, innovation and connection through its proximity to MIT, Harvard and Kendall Square.

“We were thrilled when we identified Cambridge Crossing as a location for us,” said Emma Lees, senior vice president and head of the company’s Mechanisms of Cancer Resistance Thematic Research Center. “The design of the building is visionary. It’s an exciting collaborative and innovative space for our employees and the work we do here in the Boston area.”

Bristol Myers Squibb’s new R&D home in Cambridge Crossing will be situated in a biotech hotspot that will be part of a neighborhood that includes residential units, community retail space and eleven acres of open public and green space. In keeping with New England tradition, Cambridge Crossing will feature a central common that can be enjoyed by employees, local residents and neighbors…READ MORE.

PUBLICATION: CONNECT CRE

Glendale Plaza, a 24-story highrise office building (familiar to anyone driving the 134) has secured $145 million of refinancing in a new deal. DivcoWest closed the refinancing, while CBRE helped negotiate the five-year, floating-rate note on behalf of the borrower, according to a news release.

The financing will retire a $120 million loan that AXA Equitable Life Insurance Co. provided in 2017, per data via CommercialEdge.com.

Glendale Plaza’s history goes back to its construction in 1999. DivcoWest acquired the 591,958-square-foot asset from PGIM Real Estate in 2017. The company paid $179 million has invested more than $17 million in renovations.

The high-rise is 77 percent leased, with one client DreamWorks Animation Television – a studio that saw one of its own headquarters move off the market in 2021.

The CBRE Debt & Structured Finance team included Executive Vice President Brad Zampa and Senior Vice Presidents Michael Walker and Greg Grant. READ MORE.

PUBLICATION: OFFICE SNAPSHOTS

Located in Downtown DC, 1133 15th Street redefines the spec suite environment for the modern commercial market. Having recently purchased the building, Divco West sought to attract new tenants to lease vacant space on the seventh floor. They engaged Hickok Cole to develop an elevated yet neutral design concept for four spec suite offices in addition to providing design and FF&E services for a 2,500-SF shared amenity space. The result offers tenants looking to downsize with a high-quality, flexible office with access to the amenities expected from the modern workforce.

Tenants customize their space from a curated collection of sophisticated finishes that serve as backdrops for their unique brand while maintaining continuity with the other units to make expanding within the building, seamless. The luxury amenity center features a spacious lounge and pantry which connect to several, more intimate meeting spaces and private phone booths. A large conference room equipped with state-of-the-art technology is available to reserve for client presentations or video conferencing. A modern tropical design concept is articulated through palm leaf wallcoverings and natural finishes while contrasting angular forms take shape in the pantry backsplash, statement chandelier, and island sunburst accent. Lush furniture and polished materials combine with art deco accents, funky wallpaper, and delightful accents like travel-inspired coffee table books for a boutique-hotel atmosphere suited for comfort and productivity. The intimate amenity center offers tenants a third-place environment away from their desks to brainstorm ideas, have a personal conversation, or enjoy happy hour among colleagues. Bursts of color lend a creative personality to the central, shared space that anchor all tenants within the 1133 15th Street community. READ MORE.

PUBLICATION: LA BUSINESS JOURNAL

An office tower in Glendale known as Glendale Plaza has received a $145 million loan.

The 542,000-square-foot building is owned by San Francisco-based DivcoWest.
CBRE Group Inc.’s Brad Zampa, Michael Walker and Greg Grant represented the borrower in the five-year, floating-rate, over-30-day LIBOR loan, which was provided by a multinational investment banking company.

Glendale Plaza is a 24-story office building at 655 N. Central Ave. Built in 1999, it has an adjacent parking structure with eight levels.
The property is currently 77% leased to a mix of media companies, blue-chip financial services firms and law firms.

DivcoWest purchased the property in 2017. Since its purchase, DivcoWest signed more than 225,000 square feet of new leases and lease renewals.
The company invested more than $17 million to upgrade the property when it acquired the building. Renovations included creating an indoor/outdoor lobby, adding a conference center, creating a fitness area, modernizing restrooms and adding a mobile app concierge service… READ MORE.

PUBLICATION: BREWBOUND 

The rapidly evolving Cambridge Crossing (CX) neighborhood is celebrating the opening of Lamplighter CX, a brewery and taproom, the newest addition to its vibrant ecosystem of restaurants, retail, and public spaces. Located at 110 North First Street in the heart of the neighborhood, the brewery joins a collection of locally curated retailers now open at CX. Lamplighter CX will be the brewery’s second location in East Cambridge and will be an urban destination brewery that not only offers Lamplighter the opportunity to increase production and taproom services, but to create an inclusive community space that provides friends, both old and new, to experience the local Cambridge flavor in a vibrant new place.

“Lamplighter is all about creating unique beers and great experiences; in looking for our second location, we wanted to be in a community that shares our creative spirit,” said Cayla Marvil, co-founder.  “Being a part of Cambridge Crossing and its mix of local restaurant concepts, innovative companies, and abundance of outdoor spaces makes for a great setting. We’re really excited for our customers to experience this new taproom space among a dynamic new neighborhood.”

Lamplighter CX has over 6,000 square feet of taproom and production space on two levels of The Shed, an architecturally unique, standalone building which also features the restaurant trio The Lexington, Geppetto, and Café Beatrice by local restauranteur Will Gilson. The space will feature 16 beers on tap, a cheese and charcuterie board program, and a community-based event line-up including weekly trivia, happy hour yoga, and live music. The Shed sits amongst five of the 11 acres of open space within CX and features outdoor seating connected to the Picnic Grove and a central waterway.

“We aim to deliver a more meaningful connection to our local community and are thrilled to welcome Lamplighter CX which embodies the spirit of Cambridge broadly, focusing on community, innovation, and craft,” said Mark Roopenian, Managing Director at DivcoWest. “Joining other local retailers at the Shed, Lamplighter CX is another important point of connection for CX residents, neighbors, and commercial tenants alike.”… READ MORE.

PUBLICATION: COMMERCIAL PROPERTY EXECUTIVE

DivcoWest has closed a $145 million refinancing deal for Glendale Plaza, a 24-story office tower in Glendale, Calif., according to ReBusiness Online. CBRE helped negotiate the five-year, floating-rate note on behalf of the borrower. The financing will retire a $120 million loan that AXA Equitable Life Insurance Co. provided in 2017, CommercialEdge data shows.

DivcoWest acquired the 591,958-square-foot asset from PGIM Real Estate in 2017. The company paid $179 million for the 1999-built tower and has invested more than $17 million in renovations. Building upgrades included the addition of an outdoor event space, gym and conference center. The property offers 23,000-square-foot floorplates and a parking ratio of 3 spaces per 1,000 square feet. Last year, the property received LEED Gold recertification.

Located in the Vineyard neighborhood at 655 N. Central Ave., just off Ventura Freeway, Glendale Plaza is 2 miles from Griffith Park and some 10 miles north of downtown Los Angeles.

Glendale Plaza is currently 77 percent leased to a tenant roster that includes DreamWorks Animation Television, flex workspace provider Regus, ATC Trading Corp., UNUM, a life insurance company and law firm Lewis Roca Rothgerber Christie, among others.

The CBRE Debt & Structured Finance team included Executive Vice President Brad Zampa and Senior Vice Presidents Michael Walker and Greg Grant…READ MORE.

PUBLICATION: AUSTIN BUSINESS JOURNAL

Streaming TB startup will fill space with hundreds of new employees.

Atmosphere, the streaming television startup that broadcasts videos to bars and waiting rooms around Austin and the nation, will have a new home next year.

The company in late January signed a 10-year lease for 110,000 square feet in the new Bouldin Creek office building, nearly six times the size of its current main office on Congress Avenue. It will occupy space on the first, third and fourth floors, which it will fill with hundreds of new employees, with teams dedicated to content production, engineering, sales and more.

Tenant buildout is expected to take 14 to 16 months, so executives hope they can move in sometime in the second quarter of 2023.

As one of the few office leases of 100,000 square feet or more in Austin since the start of the pandemic, it’s another e xample of a company committing to a long-term office footprint near the urban core, even as questions abound about the future of the workplace.

Atmosphere Chief Financial Officer Mike Grisko said the company was drawn to Bouldin Creek by its design, led by Michael Hsu Office of Architecture, and its unique location, backing up to the creek that gives the building its name. The site features roughly two aces of green space that Atmosphere can now customize.

“The design that Michael had on the building was just an absolute jaw-dropper,” Grisko said. “The sanctuary and the green space that it sits on — I mean, it was a huge selling point for us.”

He said the outdoor space was viewed as a wellness bonus, and the neighborhood features plenty of restaurants and bars to help recruit during the Great Resignation. Bouldin Creek comes with the amenities you’d expect in a brand new class A building, like a gym, locker rooms and a rooftop deck, but Atmosphere also plans to build its own full cafe/bar and wellness center for employees. Atmosphere will also have prominent signage on the building exterior.

Atmosphere, which operates legally as Rarified Atmosphere Inc., leased from DivcoWest Real Estate Services LLC, the San Francisco-based investment firm that bought Bouldin Creek l ast summer. It has a burgeoning portfolio in Austin, including as co-developer of Sixth and Guadalupe… READ MORE