BOSTON – Shorenstein Properties, LLC, a privately-owned real estate firm, active nationally in the ownership and management of Class-A office properties, and the Center Plaza project team, were recently highlighted in the latest installment of the 2015 Real Estate Finance Association (REFA) Education Series in Boston, MA. Held at Center Plaza, the event provided an overview of the recently BRA approved Center Plaza renovation campaign, and hosted numerous attendees including brokers and real estate professionals.
The REFA event featured an engaging and esteemed panel comprised of the Center Plaza project team including Matthew Knisely, Managing Director at Shorenstein, Peter Gori, Director at Newmark Grubb Knight Frank, Kevin Kennedy, First Vice President at CBRE, Douglas Husid, Director at Goulston & Storrs, Maren Reepmeyer, AIA, LEED AP, Senior Associate at CBT Architects, and Paul Doyle, Senior Vice President at HSBC, USA, N.A. The discussion provided insight into Shorenstein’s process when acquiring Center Plaza, their vision for the facility with the renovation campaign, and the property’s success so far, specifically highlighting the recent 55,000 square-foot (sf) lease to tech-tenant Localytics.
“Our vision for Center Plaza was to transform an existing asset into a more vibrant destination with exciting tenants and retail offerings – a strategy that Shorenstein has employed successfully in other markets across the country,” said Knisely. “We are thrilled with the ongoing buzz and activity surrounding Center Plaza, and are confident that our partnership with industry-leading firms, whose leaders were represented on the panel today, will create a destination for growing businesses and the residents of Boston.”
Recognized as a “place-changing” project in the heart of Boston’s Government Center, the Center Plaza renovation campaign will transform the mixed-use asset into a premier work and play destination through the addition of exciting retail shops, an upgraded façade, and a re-invigorated ground-level arcade. The facility will also receive a rooftop addition of office space with outdoor decks, a publicly-accessible elevator, and building/wayfinding signage. In total, Center Plaza will receive approximately 30,000 sf of new net gross floor area (GFA) at the lobbies and penthouse levels, including nearly 9,400 sf of GFA at the ground level and mezzanine floors, comprising lobby, retail, service, and restaurant spaces.
“With its upcoming renovation plan, Center Plaza is now recognized as one of the most buzzworthy and exciting buildings in Boston, which is a testament to the project team’s ability to placemake, secure strong tenants, and position the facility as the new face of Government Center,” commented Adrienne Maley, Executive Director of REFA. “The REFA Education Series is dedicated to highlighting high-profile projects such as this, and we were thrilled to assemble this noteworthy panel of experts to provide insight to the greater real estate community.”
Center Plaza is a 717,128 sf mixed-use complex situated at the intersection of Beacon, Cambridge, and Somerset Streets, directly across from City Hall Plaza. The building currently features a 900-foot retail promenade along Cambridge Street offering diverse shopping and dining options, a 575-car parking garage, and convenient access to public transit, including the Red, Green, and Blue Lines.