Bulfinch owns and manages roughly 3 million square feet of office, biotech and medical spaces that benefit from 24\/7 dedicated management. These properties are home to an impressive tenant roster, including high-caliber occupants such as Harvard University, Dana-Farber Cancer Institute and Warner Bros. What\u2019s more, in the context of the ongoing pandemic, the forward-thinking company has also been providing critical support to its life science tenants that are conducting essential COVID-19 research.<\/p>\n
Most recently, the company opened Building 400-500 \u2014 a state-of-the-art development that encompasses 286,000 square feet of LEED Gold-certified research and development (R&D) and office space in North Cambridge. This delivery marks the completion of Cambridge Discovery Park<\/a> (CDP), an innovation hub that brings together 800,000 square feet of laboratory, office and R&D space spanning 27 acres of rich green space and located adjacent to the Alewife Brook Reservation. Although it just opened in the first quarter of this year, the property is almost fully leased, with approximately 32,000 square feet of prime\u00a0Cambridge office space for rent<\/a>\u00a0remaining.<\/p>\n Cambridge Discovery Park, Building 400-500, developed by The Bulfinch Companies, completed in Q1 2020 (image courtesy of Robert Benson)<\/em><\/p><\/div>\n Michael B. Wilcox, senior VP and director of leasing with The Bulfinch Companies<\/em><\/p><\/div>\n We spoke with Mike Wilcox, senior vice president and director of leasing at The Bulfinch Companies. During our conversation, he shared valuable insights on the importance of adopting proptech in leasing and management; how the pandemic might change amenity offerings in commercial real estate going forward; as well as what the company has learned while successfully delivering new office space and managing a vast portfolio during the constantly changing economic environment of 2020 thus far:<\/p>\n Wilcox: <\/strong>\u201cThe Boston office market remains strong, thanks in part to our \u2018meds and eds.\u2019 As life science endeavors have continued to grow, Boston\u2019s office market continues to expand, offering world-class opportunities for life science and biotech organizations. Cambridge, in particular, has drawn premiere pharmaceutical, life science and biotech companies from around the globe, creating an unparalleled cluster of sophisticated, cutting-edge researchers, including companies like Novartis and Pfizer, both Bulfinch tenants.\u201d<\/p>\n Wilcox: <\/strong>\u201cBulfinch completed construction at our Cambridge Discovery Park project amidst the pandemic, and we\u2019re fortunate that our positioning of the property prior to the outbreak will provide key amenities to our tenants as they look forward beyond the current conditions. We anticipate health to be of utmost importance to tenants moving forward, and with this will come [as] requests that may reprioritize desired amenities and will change tenants\u2019 needs.<\/p>\n \u201cOne such example is outdoor space, which has become increasingly important. The CDP campus is one of the largest campuses in Cambridge (behind MIT and Harvard), sprawled across 27 acres of lush, green space. Surrounded by Alewife Brook Reservation, the property includes coveted outdoor amenities, including walking trails, a soccer field and a volleyball court. All of this existed prior to the pandemic but, in recent months, Bulfinch has further activated the campus\u2019 exterior, providing outdoor workplaces for our tenants. We anticipate that outdoor space will more frequently be offered at commercial real estate developments, as these spaces will provide greater flexibility and distancing opportunities for tenants and their employees.<\/p>\n \u201cAmenities like food delivery service and\u00a0on-site cafes<\/a>\u00a0and\u00a0fitness centers<\/a>\u00a0were also of increasing importance to tenants prior to the pandemic, as they sought fully amenitized spaces.\u00a0Though we cannot predict the pandemic\u2019s long-term impact on amenities, currently, at our commercial properties, we anticipate changes in the way these services will be provided in the near-term (for example, individual food-ordering platforms instead of widespread catering, shifting caf\u00e9 models, etc.)<\/p>\n \u201cWhile office spaces will continue to incorporate tenant-specific design (such as lab versus office), we anticipate that shared amenities and spaces will see more drastic shifts.\u201d<\/p>\n Wilcox: <\/strong>\u201cBuilding 400-500 at Cambridge Discovery Park (CDP) was successfully 90% leased in [the] six months prior to the pandemic, leaving only\u00a0the premiere office space on the sixth floor, at 32,253 square feet (in addition to 1,292 square feet of first-floor chemical storage), remaining.<\/p>\n \u201cBulfinch has significant experience building projects at impressive speeds \u2014 Building 400-500 took approximately 20 months from groundbreaking to completion and was delivered seven months ahead of the original schedule. This fast-track schedule has allowed us to secure tenants for our properties prior to completion, and we anticipate these short delivery timelines will be increasingly important as the lab and office landscapes continue to shift.\u201d<\/p>\n Wilcox: <\/strong>\u201cThe commercial real estate industry has certainly shifted in recent months. But, despite the extraordinary challenges faced during COVID-19, Bulfinch remains open and operational.\u00a0There has been an increased enhancement of Bulfinch\u2019s technology platforms, with our virtual leasing process allowing us to safely and effectively market available space and finalize transactions. We anticipate a continued use of technology to efficiently complete transactions, even in a post-pandemic world.<\/p>\n \u201cAs property manager at numerous buildings throughout Greater Boston, it has been critical for Bulfinch to devise protocols and procedures enabling properties to remain open, while also enhancing safety precautions. Bulfinch has implemented many operational changes at its properties, including increased sanitation of public spaces and incorporating protective glass partitions for reception desks. Moreover, Bulfinch has implemented on-site EMTs and screening procedures to further enhance safety at all properties.<\/p>\n \u201cWhile some of these procedures and policies may be temporary, we\u2019ll likely see building design adjustments, like plastic covers on elevator buttons; updated UV lighting with photo ionization in select areas; touchless technologies; and Merv 13 air filtration, where possible, continue to be implemented moving forward.\u201d<\/p>\n Wilcox: <\/strong>\u201cUnderstanding and meeting the needs of our stakeholders, including tenants, lenders, investors and employees, has remained Bulfinch\u2019s top priority. Throughout the pandemic, Bulfinch has strived to \u2018Discover + Deliver\u2019 innovative solutions for the evolving needs of stakeholders. We\u2019ve found that remaining in close communications with tenants \u2014 and serving as a resource, when necessary \u2014 has been of utmost importance. We\u2019ve had success disseminating important information to tenants through HqO, a tenant engagement application, and our team is at the forefront in planning and incorporating new technology and protocols to prepare our properties to safely accommodate the back-to-workplace transition.\u201d<\/p>\n Wilcox: <\/strong>\u201cThere was certainly a period of time where the pandemic was a shock to the commercial real estate industry, but at Bulfinch\u2019s portfolio of properties, we have started to see companies reopen and employees coming back to the office, particularly at life science companies, many of which have remained open as essential businesses at this time.<\/p>\n \u201cWe\u2019ve found that acquisition opportunities still exist in the market, and Bulfinch is well-positioned to take advantage of available opportunities. Our solid financial foundation, coupled with our entrepreneurial spirit, enables us to pursue quality acquisitions with our usual speed, efficiency and reliability.<\/p>\n \u201cAt present, we are considering various opportunities, including life science, residential, mixed-use, medical and office spaces.\u201d<\/p>\n <\/p>\n Interested in being interviewed for our Expert Insights series? Feel free to reach out to us at\u00a0contributors@commercialcafe.com<\/a>\u00a0or check out other articles from our series\u00a0here<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" How might the pandemic change amenity offerings in commercial real estate going forward? How has the company successfully delivered new office space to the Boston office market and managed a vast portfolio during the constantly changing economic environment of 2020?<\/p>\n","protected":false},"author":48,"featured_media":28193,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[4014,39,1335],"tags":[],"class_list":["post-28469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-office","category-qa","wpautop"],"acf":[],"yoast_head":"\n![\"boston](\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2020\/08\/Bulfinch-CDP-400-500-Exterior-resized-Robert-Benson.jpg\")
<\/a>Expert Insights: Bulfinch on Nurturing CRE Success in 2020<\/h2>\n
![\"Michael](\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2020\/08\/Mike-Wilcox-Bulfinch-Senior-VP-director-of-leasing.jpg?w=355\")
<\/a>Q: Your firm has decades of experience working on a wide variety of projects. What would you say stands out about the Boston office market?<\/h3>\n
Q: So far, 2020 has shaken up pretty much all sectors of our economy to varying extents. How has your experience been in commercial real estate activity in the past few months?<\/h3>\n
Q: Bulfinch opened a new state-of-the art office, lab and R&D facility at the start of the year (Building 400-500). Could you share some empirical wisdom on what challenges the firm encountered and what strategies and\/or solutions have been most effective?<\/h3>\n
Q: One hopes that this complicated year results in at least some notable progress. Are there any safety measures and policies that you think might or should be adopted into best practices for commercial real estate going forward, beyond this pandemic?<\/h3>\n
Q: Bulfinch properties are home to an impressive tenant roster, including life sciences companies that are, without a doubt, currently hard at work. What tenant care and assistance recommendations could you share, based on the company\u2019s recent experience?<\/h3>\n
Q: Of the various capacities in which Bulfinch operates across the Boston area \u2014 acquisitions, development, repositioning, management \u2014 which has been less encumbered so far by setbacks and difficulties that may have naturally resulted from the COVID-19 situation?<\/h3>\n