Overview SITE MKT OPP CNST DEV Site Characteristics

Overview [SITE] [MKT] [OPP] [CNST] [DEV] Site Characteristics Market Conditions Opportunities Constraints Development Opportunity

[SITE] [MKT] [OPP] [CNST] [DEV] Site Characteristics Market Conditions Opportunities Constraints Development Opportunity

Charlestown

Site Characteristics • unleveled, unimproved • Land Area: 40, 000 SF • Surrounding Uses: warehouse, commercial office, light industrial, institutional • BRA owned • New Rutherford Avenue Local Industrial (LI) Sub-district • Max FAR: 2. 0 • Max Building Height: 45 feet (3 -4 stories) • No regulations on lot dimension, yard, and usable open space • Parking Requirement: office 2, industrial 0. 5 space/1000 SF

[SITE] [MKT] [OPP] [CNST] [DEV] Site Characteristics Market Conditions Opportunities Constraints Development Opportunity

Boston Office Market: Supply • Current construction activity is very low. The forecasted completions are below 1% of total inventory (next 5 years). • Residential conversions of Class B & C office buildings erode the office inventory, leaving users of small office space with fewer options.

Boston Office Market: Demand Data: TWR Boston Office Submarket Report 2005

[SITE] [MKT] [OPP] [CNST] [DEV] Site Characteristics Market Conditions Opportunities Constraints Development Opportunity

Access Public Transportation Highway & Throughfare

[SITE] [MKT] [OPP] [CNST] [DEV] Site Characteristics Market Conditions Opportunities Constraints Development Opportunity

Price-Competitive

Proximity to Bioscience Cluster

Constraints • • Office market is still in trough Lower rents than in other areas Unappealing urban environmental quality Lot size + Zoning

[SITE] [MKT] [OPP] [CNST] [DEV] Site Characteristics Market Conditions Opportunities Constraints Development Opportunity

R&D Sub-Market On The Bright Side Proximity to life science center -- Cambridge Increasing R&D employment in Boston MSA High rents in Boston/Cambridge ($40 -45/SF NNN) Small firms relocating for cheaper rents Caveat New construction

Summary • Office market rebound • Good accessibility • Affordable relocating destinations for bioscience • Local employment benefits • Timing essential

Thank you！！

R&D Pipeline Site Area Notes +2, 000 East Cambridge Proposed 301 Binney Street 435, 000 East Cambridge Proposed 650 Kendall Street East 275, 000 East Cambridge Proposed 7 Cambridge Center 231, 000 East Cambridge Under Construction 750 Main Street 175, 000 East Cambridge Proposed 670 Albany Street 161, 255 Back Bay Under Construction North. Point Size (sf) source: Colliers International (colliers. com)