Real Reporter: RBJ’s Purpura Assesses Buyout Deal

September 18, 2013 Leave a comment
Steve Purpura, Managing Partner

Steve Purpura, Managing Partner

This week’s issue of The Real Reporter features a front page article on Transwestern’s acquisition of RBJ.  Steve Purpura spoke to the publication last week to provide an overview of the acquisition and discuss the firm’s continued focus on client service. Please click here to read the full article.

Categories: Press Releases

RBJ Brokers The Sale Of Two Industrial Buildings In Franklin, Mass.

September 11, 2013 Leave a comment

Novaya Real Estate Ventures Purchases 176 Grove Street And 130 Constitution Boulevard

BOSTON – September 11, 2013 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it brokered the sale of 176 Grove Street and 130 Constitution Boulevard in Franklin, Mass.

Novaya Real Estate Ventures purchased the two Franklin industrial buildings, which are each fully leased due to their excellent location and strong functional attributes.  176 Grove Street, a 169,968 square foot warehouse/distribution building, is occupied by Williams-Sonoma Direct and Spirit Delivery & Distribution Services, and serves as a regional distribution center for each.  130 Constitution Boulevard is a 59,970 square foot warehouse building fully occupied by Clark Cutler McDermott (CCMcD).  The building also serves as a dry storage and distribution facility for the Franklin-based company.

Chris Skeffington, Senior Vice President

Chris Skeffington, Senior Vice President

“This is an excellent investment on the part of Novaya Real Estate Ventures,” said Chris Skeffington, senior vice president, Richards Barry Joyce & Partners.  “The buildings are well located and both fully leased to well capitalized national and local tenants.”

John Lashar, partner, and Chris Skeffington, senior vice president, of RBJ&P represented the buildings’ seller and procured the buyer, Novaya Real Estate Ventures, in the transaction.  RBJ&P has been retained as exclusive leasing agent for both buildings.

Town of Franklin Warehouse/Industrial Market
According to research by Richards Barry Joyce & Partners, the town of Franklin has 2,887,000 square feet of warehouse space, which was 7.1% vacant (as of June 30, 2013).

About Novaya Real Estate Ventures
The Novaya Real Estate Ventures principals bring together nearly 100 years of collective experience in the real estate ownership arena. The complementary backgrounds of the Novaya principals enable our investors to access deep experience sets in real estate development, re-development and operations, as well as in real estate finance and the capital markets, and within real estate permitting and transactional law.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

Editor’s Note:  On September 9, 2013, Houston-based Transwestern announced the acquisition of Richards Barry Joyce & Partners.  Richards Barry Joyce & Partners will begin operating as Transwestern RBJ on November 1, 2013.  (More information here.)

Categories: Press Releases

Transwestern to establish major presence in Boston with acquisition of RBJ

September 9, 2013 1 comment

Transaction Creates 34th U.S. Office, Continues the Firm’s Strategic Expansion

(SEPTEMBER 9, 2013 – Houston) – Transwestern’s Houston headquarters today announced it is acquiring Richards Barry Joyce & Partners, LLC (RBJ), a full-service real estate firm based in Boston. Establishing its 34th U.S. office, Transwestern achieves a significant presence in the Boston market and takes a dynamic step toward its vision of becoming the No. 1 real estate value creator in the country. The transaction combines like-minded real estate firms, each with a client-centric business model and ambitious mission to excel in all areas of business.

“We are thrilled to add such a culturally compatible and dynamic firm as RBJ to the Transwestern team,” said Larry P. Heard, Transwestern president and CEO. “This acquisition will immediately connect our new Boston-area clients with Transwestern’s global enterprise and allow us to better serve our existing clients who do business in Boston and throughout the Northeast.”

RBJ was established in 2001 and has grown to be a true market leader, serving clients throughout the Greater Boston market, as well as in cities across the U.S. and internationally. RBJ has been named the “Small Business of the Year” by the Greater Boston Chamber of Commerce and has been honored multiple times as one of the “Best Places to Work” in the Boston Business Journal.  RBJ is consistently one of the most active brokerage firms in Boston representing some of the largest tenants and landlords in the market.

Steve Purpura, Managing Partner

Steve Purpura, Managing Partner

“Our focus has always been on delivering the highest level of service to our clients,” said Steve Purpura, managing partner, RBJ. “Joining Transwestern will allow us to maintain that focus, while making available a broader palette of services to landlords and tenants, both locally and beyond. We are pleased to become part of a firm known for excelling at client service.”

Celebrating its 35th anniversary in 2013, Transwestern is a global, diversified real estate firm with more than 1,900 team members nationwide. In 2012, the firm oversaw the leasing and management of 1,404 properties with 283 million square feet and completed leasing, sales and finance transactions totaling $6.22 billion.

Richards Barry Joyce will begin operating as Transwestern RBJ on November 1, 2013. Terms of the deal are not being disclosed.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services. For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

About Transwestern
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, development, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. Transwestern facilitates better decision-making for clients by combining penetrating local market intelligence and macro-market research through its affiliate, Delta Associates. Transwestern has 34 U.S. offices and assists clients through more than 181 offices in 36 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit www.transwestern.net and follow us on Twitter: @Transwestern.

Categories: Press Releases

RBJ Represents Preotle, Lane & Associates In 40,475 SF Lease At 200 River’s Edge Drive, Medford

August 16, 2013 Leave a comment

Lease With Management Sciences For Health Brings LEED Gold Certified Building To Full Occupancy

BOSTON – August 16, 2013 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that it represented Preotle, Lane & Associates Ltd. (PLA) in a 40,475-square-foot lease agreement that brings 200 River’s Edge Drive, a LEED Gold certified office/lab building in the River’s Edge Mixed Use Development in Medford, Mass., to full occupancy.

The 10-year lease was signed with Management Sciences for Health (MSH), an international nonprofit organization whose mission is to save lives and improve the health of the world’s poorest and most vulnerable people. MSH (www.msh.org) is relocating its corporate headquarters from Cambridge in late 2013.

200 River's Edge Drive, Medford, Mass.

200 River’s Edge Drive, Medford, Mass.

“As an organization that strives for innovation and sustainability in all that we do, we’re very excited  to have found a space that will substantially increase staff interaction, is so environmentally friendly, and is in such a natural setting,” said Jonathan D. Quick, MD, MPH, President and Chief Executive Officer of MSH.

“For more than 40 years, Management Sciences for Health has worked to improve health throughout the world, and we are honored the institution chose River’s Edge for its headquarters,” said John Preotle, principal of PLA.

Steven Purpura, managing partner, and senior vice presidents Eric Smith and Ron Friedman of RBJ&P represented PLA. RBJ&P is the exclusive leasing agent for River’s Edge. Management Sciences for Health was represented by Ted Lyon and Chris Walsh of Cassidy Turley.

River’s Edge
200 River’s Edge Drive is part of River’s Edge, one of several new first-class, mixed-use projects near Boston/Cambridge.  River’s Edge is highlighted by an award-winning, 10-acre park fronting the Malden River (2008 Honor Design award from the Boston Society of Landscape Architects).  The park, which includes the Tufts University Boat House, features more than a third of a mile of river frontage, numerous paths for walking, running, and cycling, hundreds of yards of granite seat walls, several hundred trees and over 4,000 rose bushes.

In addition to Building 200, the Park and the Boat House, River’s Edge currently includes luxury housing. Subsequent phases are planned to include two additional office/lab buildings: 400 River’s Edge (four stories, 115,000 square feet) and 500 River’s Edge (six stories, 180,000 square feet).  River’s Edge is within walking distance of the Wellington MBTA Station. (www.riversedgema.com)

Designed as a “building in a park,” 200 River’s Edge’s amenities include the River Café, an elegant bistro-style restaurant with an outdoor dining terrace, and a fully outfitted fitness center overlooking the Park with showers and lockers. The efficiency of 200 River’s Edge floorplate is unparalleled in greater Boston.

“200 River’s Edge is a premier building in what has become one of 2013’s most active markets,”  said Eric Smith, senior vice president, Richard’s Barry Joyce & Partners.  “We have seen a tremendous amount of activity in this submarket over the past several quarters.”

Active Market – Streetcar Suburbs
The transaction follows a trend of increased leasing velocity in Greater Boston’s Streetcar Suburbs, or Inner North submarket.  According to research from RBJ&P, during the four-quarter period ending with the second quarter of 2013, leasing activity has averaged 105,000 square feet per quarter.  The figure is almost double the five-year quarterly leasing average prior to this period of 58,000 square feet per quarter.

Since Q3 of 2012, RBJ&P has closed seven leases totaling 130,778 square feet in the Inner North submarket.  The Streetcar suburbs consist of 4,060,000 square feet of office space and was 15.9% vacant, as of the quarter ended June 30, 2013. (source: Richards Barry Joyce & Partners’ “officeSTATus – Summer 2013”)

About Preotle, Lane & Associates Ltd.
PLA is an owner, developer and manager of real estate with a focus on quality properties that can be acquired, developed or redeveloped, and managed for long-term value creation. The firm currently owns and is developing properties in Greater Boston and Connecticut.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

Categories: Press Releases

RBJ Gives Back: Habitat for Humanity Greater Boston “Build Day”

August 16, 2013 1 comment

Earlier this week, a group of Richards Barry Joyce & Partners team members had a memorable experience volunteering at a “build day” with Habitat for Humanity Greater Boston.  The event was part of Habitat’s excellent “Trade a Day in the Office” program that allows groups to get out of the office to help build safe and affordable homes in the Boston area.  Habitat for Humanity is a terrific organization that is “dedicated to building simple low-cost homes by forming partnerships with low-income families in need of decent and affordable housing.”

RBJ's Habitat For Humanity "Build Day"

RBJ’s Habitat For Humanity “Build Day”

Working in Roslindale, the eight person RBJ team was joined by three Habitat for Humanity workers, as well as two people who will be moving into one of the Habitat for Humanity homes.  As part of the program, recipient families must complete 300 hours of “sweat equity”, either by working on their future home or by serving in some other capacity.

As Emma Geldmacher said, “this was a great opportunity for each of us to give back to the community.”  RBJ is very pleased to support Habitat for Humanity Greater Boston.  If you are interested in finding out more about, or donating to, the organization, please visit:  http://habitatboston.org/.

Categories: Press Releases

RBJ Pleased To Make First Donation To Support Dana-Farber Cancer Institute’s New Longwood Center Location

August 14, 2013 Leave a comment

Richards Barry Joyce & Partners is honored to have been mentioned in the Spring issue of Impact, a newsletter that offers highlights of the fundraising activities of the Jimmy Fund and Dana-Farber Cancer Institute.  RBJ represented the world renowned organization in its 154,100 square foot lease at Longwood Center (more here) and made the first donation to support the Institute’s research agenda in the new location.

Here is the full article from Impact:

First gift to Longwood Center from Richards Barry Joyce & Partners opens doors
The eight partners of the commercial real estate firm Richards Barry Joyce & Partners all grew up in Massachusetts with the knowledge of Dana-Farber’s importance. Giving back to the community in which they do business has always been a top priority, leading them to give Dana-Farber $100,000 as the first gift supporting the Institute’s ever expanding research agenda in the new Longwood Center. The building, which is being constructed at the intersection of Brookline Avenue and Longwood Avenue, is slated to open in 2015.

“It’s an opportunity for Dana-Farber to have more front doors,” Robert Richards, president, said of how this exciting project will enhance Dana-Farber’s physical presence in the Longwood Medical Area.

The project is a strategic expansion of Dana-Farber’s basic research initiatives in cancer chemistry and cancer biology, drivers of breakthrough therapies, by allowing laboratory teams to be built around the particular needs of these teams.  Laboratories will be laid out as “research neighborhoods” to foster collaboration and creativity, and to optimize use of space. This will help bring together and retain leading investigators at Dana-Farber, as well as provide space to attract additional talent.

“We feel so good to be contributing to a great cause, and we will have great pride in the accomplishments that come from this best in class research facility,” said Richards.

Dana-Farber Chief Scientific Officer Barrett J. Rollins, MD, PhD, commented, “The Longwood Center will transform Dana-Farber’s ability to develop new cancer therapies, advancing our capabilities in chemical biology to a level that matches our skill in making genetic discoveries in cancer. We are deeply grateful to Richards Barry Joyce & Partners for contributing to this project.”

© 2013 Dana-Farber Cancer Institute, Inc.  Reprinted with permission.

Categories: Press Releases

Strong Quarter Reported For Greater Boston Industrial Property Market, According To RBJ

July 30, 2013 Leave a comment

Richards Barry Joyce & Partners Publishes “indSTATus – Summer 2013” Report

BOSTON – July 30, 2013 – Greater Boston’s industrial property market closed another strong quarter, marking the fourth consecutive positive reporting period, according to Richards Barry Joyce & Partners (RBJ&P).

The firm published “indSTATus – Summer 2013” report, its quarterly report highlighting warehouse, flex and manufacturing property types.  All three property types have now posted positive absorption gains in each of the past four quarters.  The 2.3 million square feet of positive absorption during the four trailing quarters is the highest tally since 2007.

Brendan Carroll, Sr. Vice President

Brendan Carroll, Sr. Vice President

“We are pleased to see the continued positive momentum in the industrial market,” said Brendan Carroll, senior vice president of research for Richards Barry Joyce & Partners.  “Perhaps unsurprisingly, the biggest occupancy gains have been seen in the more modern and better equipped buildings.  We’ve also witnessed selective rent increases in the top properties in each market.”

Following are highlights from Q4 for each of the industrial property types.

In the Warehouse market, the quarter closed with vacancy at 17.1 percent (down from 17.8 in Q1 2013), on positive absorption of 420,000 square feet.  Asking lease rates were down $0.05 to $5.21.  The 17.1 percent vacancy rate compares quite favorably to the rate posted just four quarters ago:  19.8 percent.

The Flex market closed the quarter at 18.0 percent (down from 18.3 percent last quarter), on 79,000 square feet of positive absorption.  Asking lease rates jumped seven cents to $8.08.  The market is on a six-quarter streak of positive, albeit moderate, absorption, averaging 89,000 square feet per quarter.

Vacancy dropped to 15.6 percent, from 16.0 percent, in the Manufacturing market, on 67,000 square feet of positive absorption.  Asking lease rates had a slight increase by three cents to $6.32.  Manufacturing tenants have driven positive absorption for seven consecutive quarters, during which time occupancy levels have increased by 537,000 square feet and vacancy has dropped from 18.5 percent to 15.6 percent.

To request a copy of indSTATus – Summer 2013, please send an email to research@rbjrealestate.com.

RBJ&P Research Publications
indSTATus is one of RBJ&P’s family of ten quarterly research reports.  The firm also publishes a quarterly office report (officeSTATus) and individual marketSTATus reports on nine critical sub-markets.  The firm’s biotechnology-focused report, bioSTATus, is released twice a year, after the first and third quarters.  In total, RBJ&P produces an industry-leading 42 reports per year, in addition to custom research projects for clients.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

Categories: Press Releases
%d bloggers like this: