$200 Million-plus Loan Secured for The District Burlington
Financing in the amount of $205 million has been secured for The District Burlington located between the Burlington Mall and Lahey Hospital & Medical Center in the suburban Boston submarket of Burlington/Woburn.
The 13-building, 1.3 million-square-foot office and retail cluster lies off I-95 and is so far 85 percent leased to more than 40 diverse regional, nation and worldwide tenants.
The project involves a 30,000-square-foot retail development with Island Creek Oyster Bar, Tuscan Kitchen & Market and TD Bank as anchor businesses. Other restaurants in the complex include Pressed Café, Rebecca's Café and Tavern on the Square. Both Island Creek Oyster Bar and Pressed Café are local New England establishments and offer locally-grown, farm-fresh food. Feng Shui, the newest and final food business to locate in The District Burlington, specializes in Asian cuisine. Across the street from Pressed Café, the establishment occupies over 5,000 square feet of space and can seat 195 patrons indoors and 40 on its outdoor patio. In addition, the restaurant offers private and semi-private rooms that can accommodate from 20 to more than 100 guests for special events.
A 350-space parking area will be added and 700 District Avenue expanded.
Work space will be available in sizes from 1,000 to 200,000 square feet with 80,000 square feet of new work space. A new concept, pop-up office space, provides each business with 3,000 square feet of furnished work space. Designed with an open concept and flexibility in mind, there are no drab-colored work cubicles to be found.
Wellness pervades the entire culture of The District Burlington. A specialized curtain wall system lets natural light into the lobby where a natural wall of flora ensures excellent air quality.
The project also includes a brand-new Marriott Hotel, an OMMM Space for yoga and meditation, a fitness center, Building 700 Roof Deck with bar and fire pit, Life-Cycle Studio and Pure Barre.
The Boston Marriott Burlington Hotel offers guests a whirlpool, indoor and outdoor pools and executive fitness center. The hotel's Chopps American Bar & Grill features a terrace dining area that guests can enjoy for either meals or private parties, receptions, bridal or baby showers or company meetings.
Designed to fit into the 9 to 5 workday of The District Burlington, the Life-Cycle Studio community is open to both employees and the general public. With a wide range of class times from which to choose, customers can enjoy indoor cycling and yoga in a contemporary wellness studio. State-of-the-art bikes, locker rooms with showers and towels are some of the complimentary services Life-Cycle provides.
A distinctive feature of The District Burlington is its contemporary signage, characterized by a three-dimensional feel throughout, including street signs, building identifications and addresses and tenant directories. None of the LED-illuminated signage is flat, reflecting a modern work space designed for 21st-century businesses.
Outdoor features of The District Burlington include Pocket Park, Vine Brook and Waterfall Overlook, nature trails, a bike share and shuttle to Alewife Station.
The seven-year, fixed-rate loan for the project was placed through a prominent life insurance company. Because the project will be multi-purpose, tenant demand has been high, which has led to increasingly higher rental prices.