Thursday, February 11, 2010

Channel Center Update

Wednesday, March 25, 2009

Moving In

It was a decade ago when investors started capitalizing on the Fort Point Channel. They bought in, renovated, in some cases tore down and replaced. It happened early with Channel Center, along A Street, but it was too early.

Things didn't pop. A long wait is just about over for the block of former Boston Wharf Co. buildings along A Street, though. They've changed hands, now owned by Commonwealth Ventures.

And this week Boston Mayor Tom Menino joined company executives and city officials and neighbors and in particular the folks from Boston World Partnerships to celebrate three companies and about 600 new workers to the area. Retail Convergence, Inc., has signed a lease for 43,000 square feet on two floors at 20 Channel Center, and that will keep 125 jobs in Boston.

"We've been looking for space in the Boston area for about 12 months," said Ben Fischman, chief executive of the company. "We also looked in the suburbs. Our first reaction is it wasn't going to be available in the city." "They have a very creative business model," said Mark Maloney, former director of the Boston Redevelopment Authority and now president of Boston World Partnerships. He said the organization helps people "get over obstacles" when they're trying to connect with Boston. (Procter & Gamble is a private partner, and Menino is chairman of the organization, which works with the BRA.)

With the help of the connectors -- those associated with Boston World Partnerships, who promote Boston and help make it easier for people to do business here -- the company found the Fort Point Channel neighborhood.

"It very much embodies the kind of company we want to build," said Fischman, standing in an open brick and beam floor that is decades old but looked new and inviting. "Every time we come here there's a new restaurant being opened."

As a matter of fact, Tom Devlin was on hand to announce his and Pat O'Sullivan's Barlow's Restaurant, which will open by early May, next door to 20 Channel Center. O'Sullivan partnered with Spalding Tougias Architects to buy 40 Channel Center from Commonwealth Ventures last year, and Devlin credited the mayor and Boston World Partnerships with making it happen. They have Devlin's Restaurant and Bar in Brighton too.

A third tenant, Cengage Learning, moved into 110,000 square feet of space on three floors at 20 Channel Center late last year and brought 500 employees.

Retail Convergence owns two internet retail sites, Smartbargains.com and Ruelala.com, an exclusive, invitation-only destination that holds limited-time private sales of some of premium clothing brands.

John Palmieri, director of the BRA, credited CB Richard Ellis' Ogden White with the leasing success, and CB boss Andy Hoar was also on hand for the praise.

Menino said Maloney and Dave McLaughlin, executive director, "worked together behind the scenes" to make sure Retail Convergence found a place in the city.

"These two companies are bringing Channel Center to life," Menino said. "Bringing a vibrant mixed-use neighborhood to reality." Cengage Learning provides customized learning products to colleges, universities, corporations, and others worldwide. "We knew that Boston was our home," said Manuel Guzman, executive vice president of finance and operations for Cengage's academic and professional group. "The experience has been perfect."

Developer Dick Galvin of Commonwealth Ventures played it low-key and didn't have remarks. He's taken a few knocks in public meetings about the delay in the arrival of activity at Channel Center. But he said it all in a press release: "All the planning, all the investment, we're seeing the benefits of that now, in spite of the challenging economy."

Galvin also told The Boston Globe that he'll renovate some of the remaining Channel Center buildings, rather than demolishing them and building new, as previously planned.

Monday, March 2, 2009

Retail Convergence, Inc. Leases 43,055 SF at Channel Center

BOSTON (Mar. 2, 2009) — Commonwealth Ventures, LLC today announced that Retail Convergence Inc. (RCI) has leased 43,055 square feet at Channel Center, a mixed-use development consisting of 1.1 million square feet of office, residential, commercial and retail space in the Seaport District of Boston. Retail Convergence, a privately held portfolio of e-commerce companies, will relocate from 10 Milk Street to Channel Center, which offers a total of 248,000 square feet of office and retail space over three renovated brick and beam buildings.

RCI owns and operates two internet retail sites, Smartbargains.com a top 100 internet retailer, and Ruelala.com, an exclusive, invitation-only destination for limited time private sales of the best brand names in the world. Launched in April 2008, Ruelala.com is revolutionizing online shopping. Using a brand new e-commerce model, Ruelala.com brings the excitement of private sales to life in an online environment. From coast to coast, consumers are now able to shop for premium brands at private sale prices from the comfort of their computers.

“Retail Convergence is a dynamic, fashion driven, ecommerce company,” explains Ben Fischman, CEO, Retail Convergence, Inc. “Our new home had to mirror the energy of our brand and employees. Thanks to the continuous development and beautification of the Fort Port Channel area, we were able to find this in Channel Center.” Channel Center consists of more than 200,000 square feet of residential space, nearly 250,000 square feet of mixed-used office/retail space and approximately 620,000 square feet of fully permitted new office building product. 10-20 Channel Center has undergone a full renovation, equipped with new lobbies, HVAC systems, windows and elevators, and offers substantial leasing flexibility ranging from 1,500 to 50,000 square feet. The development enjoys immediate access to Interstate 90, Interstate 93 and the MBTA at South Station and Broadway Station, and is being exclusively leased by CB Richard Ellis.

The CBRE team of Ogden White, Senior Vice President/Partner, Bill Crean, Senior Vice President/Partner and Jon Freni, Associate, represented Commonwealth Ventures in the transaction. Retail Convergence was represented by Michael Brown, Partner, and Ted Lyon, Vice President, of DTZ-FHO Partners.

Channel Center is owned by Channel Center Holdings VAF, LLC, a joint venture of an affiliate of Commonwealth Ventures, LLC, and GEAM Value Add Realty Partners, as advised by GE Asset Management, exclusive real estate advisor to the General Electric Pension Trust.

Friday, October 3, 2008

Cengage Learning Leases 100,000 SF at Channel Center


Location & Amenities
   

BOSTON (Oct. 3, 2008) — Commonwealth Ventures, LLC announced today that Cengage Learning has leased approximately 100,000 square feet at Channel Center, a mixed-use development consisting of 1.1 million square feet of office, residential, commercial and retail space in the Seaport District of Boston. Cengage Learning, a leading provider of print and digital instructional and reference materials for the academic, professional and library markets, will occupy the top three floors of 10-20 Channel Center, two historic brick and beam buildings offering approximately 248,000 square feet of renovated office and retail space.

“We are extremely pleased with this transaction and what it means to the continued redevelopment and repositioning of this historic area,” said Richard Galvin, president of Commonwealth Ventures. “We are particularly grateful to Mayor Menino and the Boston Redevelopment Authority for their ongoing support of the redevelopment efforts in South Boston and the Fort Point Channel District.”

Channel Center consists of more than 200,000 square feet of residential space, nearly 250,000 square feet of mixed-used office/retail space and approximately 620,000 square feet of fully permitted new office building product. Properties at Channel Center are undergoing full reconstructions, equipped with new lobbies, HVAC systems, windows and elevators, and offer substantial leasing flexibility ranging from 5,000 to 75,000 square feet. The development enjoys immediate access to Interstate 90, Interstate 93 and the MBTA at South Station and Broadway Station, and is being exclusively leased by CB Richard Ellis.

“We are truly pleased to be able to call Channel Center home,” said Steve Gibson, Vice President, Real Estate for Cengage Learning. “We consider 10-20 Channel Center a prime location with excellent tenant amenities and terrific access. The property has the ability to accommodate all of our current and future expansion needs. Channel Center will provide Cengage with a fresh, state-of-the-art facility that will allow us to consolidate our Boston-based headcount all under one roof as well as provide us with the ability to grow this office effectively in the future.”

The CBRE team of Bill Crean, Senior Vice President/Partner, Ogden White, Senior Vice President/Partner, and Jon Freni, Associate, represented Commonwealth Ventures in the transaction. Cengage Learning was represented by John Hennessey.

Channel Center is owned by Channel Center Holdings VAF, LLC, a joint venture of an affiliate of Commonwealth Ventures, LLC, and GEAM Value Add Realty Partners, as advised by GE Asset Management, exclusive real estate advisor to the General Electric Pension Trust.