PDF Brochure

Transcription

PDF Brochure

Office Leasing
CLASS A OFFICE SPACE AVAILABLE FOR LEASE
100 & 120 FRONT STREET
WORCESTER, MASSACHUSETTS
MercantileWorcester.com
PROPERTY OVERVIEW
Mercantile Center is the premier mixed-use property in downtown Worcester. It is comprised of two best-in-class
office towers at 100 and 120 Front Street containing 642,300 square feet of office and retail space, and a 1,647
space structured parking garage (the “Property”).
PROPERTYRSFFLOORSTYPE
100 Front Street
267,800
21
Office
200,600
2
Mixed-Use
120 Front Street
161,400
9
Office
2 Mercantile
12,500
2
Mixed-Use
Total Office and Mixed-Use
642,300
Commercial Street Garage
1,647 Spaces
5
Parking Garage
The Property was recently purchased by a venture between Franklin Realty Advisors and Great Point Investors.
The owner has capital available to:
•
Improve183,000 square feet of vacant space as it is leased
•
Fund tenant improvements in 74,600 square feet of space leased to UMass Memorial Health Care
•
Complete building façade improvements and entirely renovate the main lobbies of both buildings to a
level yet unseen in Worcester
•
Make capital repairs to the Commercial Street garage
Mercantile Center is part of City Square, a $565 million multi-phased project in the heart of downtown Worcester
that represents one of the largest public-private development projects in Massachusetts outside of the Boston Area.
City Square includes:
•
Unum Group’s recently completed 214,000 SF LEED Silver office building
•
Saint Vincent’s Hospital’s new 66,000 SF cancer center
•
DCU Center’s expansion and renovation
•
The opening of Quinsigamond Community College’s downtown campus
•
More than $25 million in site infrastructure invested by the current developer, the City of Worcester and
the Commonwealth of Massachusetts
William D. Kelleher, IV
kelleher-sadowsky.com
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
PROPERTY OVERVIEW
Next in line to complete this massive redevelopment project, and adjacent to Mercantile Center:
•
A 158 room AC Hotels by Marriott (1)
•
A 550 space underground parking garage funded and constructed by the city (2)
•
A 370 unit residential development with 479 parking spaces (3)
•
Massachusetts College of Pharmacy and Health Sciences’ ongoing expansion of its downtown
campus (4)
4
1
2
3
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
DOWNTOWN OFFICE OVERVIEW
The Worcester office market is unique in that it has relatively stable occupancy of 90% and higher rents than
the I-495 market. Comprised of seven buildings, the Central Business District (CBD) Class A market contains
approximately 1,400,000 square feet. Rental rates vary from a high of $30/ SF in the only new building to $22/ SF in
most of the older buildings, all depending on location, lobby condition, tenant improvements and parking.
There has been and continues to be a significant amount of new capital invested in the Worcester CBD. This
includes the construction of the new UNUM building, the redevelopment of the Telegraph & Gazette building for the
occupancy of Quinsigamond College and the ongoing expansion of facilities for the MCPHS. Public improvements
include the recent Front Street extension, the paving of Main Street, and construction of a 550 car public garage and
grade-level outdoor public space. Private capital is funding a 165 room AC Hotel by Marriott and the development of
376 units of market rate housing, all by year end 2017.
With all of this public and private investment, the Worcester CBD has become a destination for business. For
example, in 2015 Mercantile Center attracted 100,000 SF of occupancy by UMass Memorial and Nitsch Engineering
and secured extended commitments from Webster Five, Reliant Medical Group, Bank of America and Nationwide
Insurance Company.
Mercantile Center offers exceptional opportunities for new tenants from 1000 SF to 50,000 SF. The property will
provide a unique mix of amenities to the office tenants, including the complete renovation of 20,000 SF of common
areas. Ownership also offers the ability for new tenants to efficiently space plan and provide direct access to on-site
parking.
In summary:
•
Mercantile Center is the best mixed use property in the CBD. Its new lobbies will attract office and retail
that will benefit from each other’s presence
•
It is the best capitalized asset in the market with the ability to plan and execute exciting tenant
improvements
•
The current tenancy is the highest quality in the market place
•
Its onsite parking garage is being substantially renovated
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
DOWNTOWN OVERVIEW
Worcester is located in the heart of Massachusetts and New England. Mercantile Center represents the most
exciting mixed-use opportunity to emerge in the city’s on-going and progressive transformation. As the second
largest city in the northeast, Worcester has experienced vibrant growth highlighted by an active diverse culture,
multi-billion dollar public/private investment, a robust healthcare and biotechnology industry and an abundance of
nationally recognized colleges and universities. Mercantile Center stands at the epicenter of the city’s growth and
provides a unique opportunity for both office and retail businesses.
Mercantile Center is poised to take advantage of the many assets available in this dynamic and distinct
environment:
•
A city of iconic buildings and energized leadership
•
Thriving downtown that includes office, medical, retail and residential space in the heart of the business
district
•
Educated workforce drawing from more than 38,000 college students
•
Central location among Boston, Springfield, Providence and Hartford, featuring rail, bus and air service
•
State-of-the-art telecommunications infrastructure
•
Diverse business economy including health care, medical research, life sciences and biotechnology,
manufacturing, information technology, financial services and retail
•
65 arts and cultural venues (museums, theater, art galleries), 60 parks, a premier 13,700 seat arena and
convention center and a thriving nightlife
Mercantile Center offers its tenant partners an unparalleled level of accessibility, amenities, collaboration and
identity. It stands as a gateway to success.
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
SITE PLAN
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
THEATER DISTRICT MASTER PLAN
In December, 2013, the City of Worcester approved
the Theatre District Master Plan for the area
immediately surrounding the Hanover Theatre for the
Performing Arts in Downtown Worcester. The goal
of this Master Plan was to extend the success of the
various revitalization efforts underway throughout
the Downtown and build upon the strength of
such institutions as Mercantile Center, Hanover
Theatre, CitySquare, the Worcester Public Library,
Massachusetts College of Pharmacy and Health
Sciences University (MCPHSU), the DCU Center and
Saint Vincent Hospital. This document has served as
a blueprint for both public and private actors within
the Downtown to work together to coordinate efforts
to create an active, mixed-use, 18-hour neighborhood
in the heart of the downtown. Located at the eastern
end of the district, Mercantile Center is poised to
be a leader in this rejuvenation through activation
programming of its Courtyard, Atrium and focused
retail leasing.
Since its implementation, significant strides have
been made in implementing the Master Plan’s Action
Agenda. The renovation of the former Worcester
Telegram & Gazette building at 20 Franklin Street is the new home of Quinsigamond Community College’s Health
Care and Workforce Development Center, and a number of Worcester-area colleges and entrepreneurs have signed
on as participants in Worcester’s Idea Lab, an entrepreneurial incubator within the 20 Franklin Street facility.
Additionally, there has been significant collaboration with the City, local artists, and entrepreneurs to set up Pop Up
galleries and take part in various art installations within the area.
In coordination with the Master Plan, the City of Worcester has invested a significant amount of funds into
streetscape improvements on Front Street and Franklin Street and the area surrounding City Hall and Worcester
Common. These streetscape improvements will continue down the Main Street corridor. Mercantile Center will play
an important programming role in support of these improvements. The public and private partnerships within the
District have truly started to create a district identity and sense of place within Downtown Worcester.
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
ATRIUM AT MERCANTILE CENTER RENDERINGS
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
LOBBIES AT MERCANTILE CENTER RENDERINGS
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
COURTYARD AT MERCANTILE CENTER RENDERING
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
AERIAL OF SITE, CITY SQUARE & DOWNTOWN
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
AERIAL OF SITE, CITY SQUARE & DOWNTOWN
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
INTERIOR PHOTOS
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
INTERIOR PHOTOS
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
EXTERIOR RENDERINGS
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
EXTERIOR RENDERINGS
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]
PROJECT TEAM
EQUITY PARTNER
Great Point Investors LLC: A registered investment advisor since 1998, Great Point’s
client for the Mercantile Center transaction is the New England Carpenters Combined
Pension and Annuity Funds, an equity partner representing a significant segment of the
New England workforce.
DEVELOPER
Franklin Realty Advisors LLC: A regional real estate development and advisory firm with
expertise in public/private partnerships and historic preservation projects throughout the
northeast.
OFFICE LEASING
Kelleher & Sadowsky: Worcester’s leading commercial leasing company with services
including buyer-seller representation, landlord and tenant representation, capital market
investment and mortgage brokerage.
RETAIL LEASING
Newmark Grubb Knight Frank: A team of strategic and seasoned professionals whose
unique approach to retail leasing includes an analysis of each client’s financial, cultural
and operational goals.
ARCHITECTS
SGA: An award-winning full service architectural, planning, interior design, VDC (virtual
design and construction) and branded environments firm.
PUBLIC/PRIVATE PARTNERSHIP
Worcester Business Development Corporation (WBDC): A collaboration of public/private
partners whose mission is to strengthen the region’s position as an economic leader in
the Commonwealth through targeted investment and strategic partnerships.
Principal
508.596.5385 office
508.596.5395 cell
[email protected]
James Umphrey
Principal
508.596.5390 office
508.579.6080 cell
[email protected]
Donald J. Mancini
Principal
508.635.6786 office
774.696.8023 cell
[email protected]

PDF Brochure

Transcription

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