HINES AND METLIFE TO DEVELOP MULTIFAMILY COMPLEX AT MARINA BAY IN QUINCY, MASS.
Boston, June 17, 2014
Hines, the international real estate firm, and MetLife, Inc. announced today that they will develop a multifamily housing complex along 5.83 acres of waterfront in Quincy, Mass. 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.
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.
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(R), ENERGY STAR(R), BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.