Two Iconic Boston-Based Brands Make Major Investment To Develop Luxury Residential
High Rise Building as Boston Landing Development Continues Growth
BOSTON–Tuesday, January 31, 2017—New Balance and John Hancock Financial have joined together to develop The Residences at Boston Landing, a 17-story, 295-unit luxury apartment high-rise currently under construction near the New Balance global headquarters.
Hancock is taking a major equity stake in the apartment building, which is scheduled to open in June 2018. Terms of the transaction were not disclosed.
The Residences at Boston Landing will provide direct connectivity to downtown, along with other amenities, open space and retail at Boston Landing, the new home of the Bruins, Celtics, New Balance and several of Boston’s most renowned brands.
NB Development Group is the Sponsor of the development and the other members of the project team are The HYM Investment Group as Development Manager, Elkus Manfredi as architects, John Moriarty & Associates as general contractors, and Moran & Company as the real estate investment banker.
“We are excited to join forces with John Hancock Real Estate to complete The Residences at Boston Landing,” said Jim Davis, Chairman of New Balance Athletics, Inc. “Bringing two iconic and historic Boston brands together further enhances the transformative nature of Boston Landing.”
“We are pleased to work with New Balance to make an equity investment in The Residences at Boston Landing,” said Kevin Adolphe, President and CEO of John Hancock Real Estate. “We regard this as an exceptional investment opportunity in Boston that will further strengthen economic development in the City in one of its remarkable neighborhoods.”
“These apartments are central to our vision for making Boston Landing a place where ‘life works,’” said Jim Halliday, Managing Director of New Balance Development Group. “This will be a dynamic neighborhood.”
“We believe The Residences at Boston Landing will be a great place to live, whether you’re an athlete or someone who wants a dynamic neighborhood with an easy commute,” said Thomas N. O’Brien, founding partner and Managing Director of The HYM Investment Group, the project’s development manager.
Designed by Elkus Manfredi Architects, construction of The Residences at Boston Landing has commenced and units are slated to be available in June of 2018. There will be a mixture of studios, one-, two- and three-bedroom units, along with 16,400 square feet of ground floor retail surrounding the residential lobby entrance. The residences will offer expansive views of downtown Boston and Cambridge, space for yoga and fitness classes, ground floor restaurants and specialty shops, above-grade parking, an active lounge with a pool table and seating, a 20,000-square-foot outdoor courtyard and pool with cabanas, a pet grooming room and bicycle storage with bike repair stations.
The Residences at Boston Landing is strategically positioned in Boston’s Allston-Brighton neighborhood adjacent to the forthcoming MBTA commuter rail station, which is under construction and expected to open in early 2017, directly connecting residents to downtown Boston. Residents will also have access to the Charles River and local parks, Stop & Shop, an abundance of restaurants in nearby Brighton Center, and convenient access to Soldiers Field Road, Storrow Drive and the Massachusetts Turnpike in addition to 80,000-square-feet of retail, restaurants and entertainment within Boston Landing. Within just two miles there are also a multitude of higher education institutions, including Boston College, Boston University, Harvard University, Harvard Business School and MIT.
Currently home to the New Balance World Headquarters, the 15.2-acre mixed-use development at Boston Landing is also home to the Boston Bruins Practice and Training Facility at NB’s recently opened Warrior Ice Arena. The Boston Celtics are also set to relocate their Practice and Training Facility to Boston Landing with opening scheduled for Summer 2018. The Boston Landing neighborhood is also home to Harvard Business Publishing, WGBH, Entercom, Newbury Comics and Major League Lacrosse. Future plans also call for a 290,000-square-foot Sports Complex where the New Balance Elite Running Team will have access to state-of-the-art training space, including one of the world’s fastest, hydraulically-banked indoor running tracks.
The Residences at Boston Landing Team:
Investors: John Hancock, New Balance
Master-plan Developer: NB Development Group
Development Manager: The HYM Investment Group, LLC
Architect: Elkus Manfredi Architects
General Contractor: John Moriarty & Associates
Real Estate Investment Banker: Moran & Company
About NB Development Group:
NB Development Group is a commercial real estate company based in Boston, MA. The group’s professionals bring Boston-based experience in the fields of development, permitting, construction management, asset management, leasing, and marketing. NBDG is currently managing the development of Boston Landing, a mixed-use project located along the Massachusetts Turnpike in Brighton, MA. Through expert entitlement and permitting strategies, Boston Landing is transforming a vacant industrial area into a vibrant, transit-oriented district. Boston Landing encompasses more than 15 acres of land and will include uses such as office, retail, hotel, recreation, parking, commuter rail, and residential with a total build-out of more than 2.5 million square feet. Additional information about NB Development Group, LLC and the Boston Landing project can be found at nbdevelopment.com and bostonlandingdevelopment.com, respectively.
About John Hancock Financial and Manulife:
John Hancock Financial is a division of Manulife, a leading Canada-based financial services group with principal operations in Asia, Canada, and the United States. Operating as Manulife in Canada and Asia, and primarily as John Hancock in the United States, our group of companies offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents, and distribution partners. Assets under management and administration by Manulife and its subsidiaries were CAD$966 billion (US$862 billion) as of September 30, 2016. Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE, and PSE, and under '945' on the SEHK. Manulife can be found at manulife.com.
The John Hancock unit, through its insurance companies, comprises one of the largest life insurers in the United States. John Hancock offers and administers a broad range of financial products, including life insurance, annuities, investments, 401(k) plans, long-term care insurance, college savings, and other forms of business insurance. Additional information about John Hancock may be found at johnhancock.com.
Operating as John Hancock Real Estate in the U.S. and Manulife Real Estate elsewhere, the company’s real estate unit invests, owns, develops and manages commercial real estate in major metropolitan cities across the globe. It leverages fully integrated in-house capabilities to best serve customers and investors while generating value for stakeholders.
About The HYM Investment Group, LLC:
The HYM Investment Group, LLC is a Boston-based real estate company focused on the acquisition, development and management of complicated urban mixed-use projects. HYM is currently leading the development of over nine (9) million square feet of mixed-use development in Greater Boston, including the following notable and complex projects: Government Center Garage Redevelopment (now Bulfinch Crossing), Boston Landing, and NorthPoint.
HYM is focused on creating significant value for investors by recognizing real estate opportunities where others may not. Each real estate asset is treated as a unique business opportunity, and each asset plan seeks to cause the real estate to reconnect, energize and enhance the urban communities of which it is a part. For more than 35 years HYM’s principals have been working on real estate ventures in the Boston, New York and Washington, D.C., corridor.
Media contact:
Amy Dow, New Balance; amy.dow@newbalance.com; 617-746-2214
Brian Carmichael, John Hancock; bcarmichael@jhancock.com; 617-663-4748
Susan Elsbree, InkHouse Media + Marketing; susan@inkhouse.com; 617-212-6817