Hines, the international real estate firm, and MetLife announced today
that they will develop a multifamily housing complex along 5.83 acres of
waterfront in Quincy, MA. MetLife will own a majority equity stake in
the project. Hines will develop and co-invest.
CB Richard Ellis – N.E. Partners, LP exclusively represented the seller,
Flagship Marina Bay, LLC. CBRE’s multi-housing experts Simon Butler,
Executive Vice President/Partner and Biria St. John, Executive Vice
President/Partner, spearheaded the marketing efforts.
The project will consist of two, four-story apartment buildings with a
total of 352 market-rate units, approximately 17,000 square feet of
retail space and approximately 500 parking spaces. The project will
include a significant expansion of the boardwalk, as well as retail and
dining offerings at Marina Bay. A waterfront pedestrian connection
between the boardwalk and Squantum Point Park will also be created. The
project will provide shuttle service to the nearby North Quincy MBTA
station and will have views across Dorchester Bay to downtown Boston,
the Back Bay and the Seaport District. Construction is scheduled to
begin in early 2015 and pre-leasing to start in 2016.
“We are very excited to be involved in the property at Marina Bay in
Quincy,” said Robert Merck, senior managing director and global head of
real estate for MetLife. “Developing multifamily housing in core urban
areas is a key part of our real estate investment strategy, and we are
pleased to have a first-class partner in Hines in this joint venture.”
Hines senior managing director David Perry, who leads the firm’s Boston
office, stated, “We are pleased to partner with MetLife and respond to
the significant demand for new, high-quality rental housing in the
Boston area. This is a special site. It represents the last piece of
undeveloped waterfront property at Marina Bay. We feel very fortunate to
have acquired it. We are committed to delivering a superior product, and
we are excited about working with the community and the City of Quincy
on this important project.”
“We are pleased to have facilitated this transaction on behalf of the
seller as this development is the culmination of many years of
permitting with the City of Quincy and marks the final development site
within Marina Bay,” said Butler of CBRE.
This is the third residential development that MetLife and Hines have
recently collaborated on.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates
("MetLife"), is a leading global provider of insurance, annuities and
employee benefit programs. MetLife holds leading market positions in the
United States, Japan, Latin America, Asia, Europe and the Middle East.
For more information, visit www.metlife.com.
About CB Richard Ellis – N.E. Partners, LP
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group,
Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and
New Hampshire. Please visit our website at www.cbre-ne.com.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company
headquartered in Los Angeles, is the world’s largest commercial real
estate services firm (in terms of 2011 revenue). The company has
approximately 34,000 employees (excluding affiliates), and serves real
estate owners, investors and occupiers through more than 300 offices
(excluding affiliates) worldwide. CBRE offers strategic advice and
execution for property sales and leasing; corporate services; property,
facilities and project management; mortgage banking; appraisal and
valuation; development services; investment management; and research and
consulting.
About Hines
Hines is a privately owned real estate firm involved in real estate
investment, development and property management worldwide. The firm’s
historical and current portfolio of projects that are underway,
completed, acquired and managed for third parties includes 1,317
properties representing more than 541 million square feet of office,
residential, mixed-use, industrial, hotel, medical and sports
facilities, as well as large, master-planned communities and land
developments. Currently, Hines manages 391 properties totaling 161
million square feet, which includes 89.1 million square feet for third
parties. With offices in 115 cities in 18 countries, and controlled
assets valued at approximately $28.2 billion, Hines is one of the
largest real estate organizations in the world. Hines is also a world
leader in sustainable real estate strategies, with extensive experience
in LEED®, ENERGY STAR®, BREEAM, Haute Qualité
Environnementale and DGNB green building rating systems. Visit www.hines.com
for more information.
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