BOSTON’S MOST UNIQUE AND ICONIC PROPERTY

Millennium Tower will become the tallest residential property in Boston and the fourth tallest structure on the city’s skyline.

At the epicenter of it all will stand the new 54-story Millennium Tower, offering 662,000 SF of residential units in the sky. At its base, 240,000 SF of flagship retail and office space will anchor the most eagerly awaited skyscraper development in modern Boston history.

A Visionary Team

Dedicated to the future of Boston

Developer Millennium Partners is committed to Downtown Boston. Its holdings there already include The Ritz-Carlton Hotel and Towers, Millennium Place, Sports Club/LA and AMC Loews Theatre.

With the addition of the new $630 million Millennium Tower Boston, the City of Boston will witness the transformation and reawakening of the once-legendary Downtown Crossing neighborhood.

Occupancy at a Glance

Burnham Retail

Tower Retail

Office

Residential

Class A office space

Form Meets Function on a Grand Scale

Within the Millennium Tower development, the completely restored Burnham Building will offer tenants many novel features first envisioned by legendary Chicago architect Daniel Burnham in the early 20th century. High ceilings, large windows, generous column spacing and a top floor skylight create an unmatched office setting.

The Burnham Building includes nearly 200,000 SF of completely restored Class A office space. Located on floor 4, the Burnham Building’s office spaces will offer the city’s contemporary, highly-educated workforce a dynamic location amid a diverse mix of retail, hospitality, educational, entertainment and residential offerings.

Daniel Burnham

And his Beaux Arts legacy

Daniel H. Burnham (1846–1912) is considered one of America's most important architects. In 1873, he went into partnership with colleague John Root, a partnership that proved to be quite profitable. Together, Burnham and Root embraced and advanced the concepts of L’Ecole des Beaux Arts, a French aesthetic for exterior design that echoed the formal column, arch and dome of ancient Greek and Roman monuments.

Today, Burnham is best remembered for his iconic Flatiron Building, New York (1901); Union Station, Washington, D.C. (1909); and Filene's Department Store, Boston (1912). Each of these buildings had a powerful influence on the twentieth century cityscape, and through them, Daniel Burnham's legacy endures.

At the intersection of Franklin and Washington streets lives

THE BOLDEST RETAIL STATEMENT IN BOSTON

Millennium Tower Boston development boasts more than 180,000 SF of retail and office space. It will harmoniously blend the striking, contemporary Millennium Tower and the adjacent historic Burnham Building.

The Future of Downtown Retail

The Millennium Tower Boston development will comprise five levels of retail space boasting unique display and signage opportunities. Large format and specialty retailers will revel in the unique ability to advertise their brands to ten million people that walk by the project each year.

  • 180,000 SF of retail space
  • Anchors 662,000 SF of luxury residential apartments and 20,000 SF of residential amenity space
  • 3-level below-grade parking garage

THE BIG PICTURE: AN INCOMPARABLE RETAIL SETTING

Downtown Crossing is one of the most energetic districts in Boston for business, retail and residential activity. It’s a magnet for hundreds of thousands of residents and office workers and attracts millions of visitors from all over the world.

  • TOTAL RETAIL SUMMARY 180,000 SQ. FT.
  • Floor-plates spanning 57,000 square-feet across both buildings
  • Flexibility to lease both vertically and horizontally
  • Tenant occupancy September 2014 at the Burnham Building
    and June 2015 at Millennium Tower
  • 2-level below-grade parking garage

Floorplans

Stack plan - Basement - Ground floor - Second floor - Third floor

Demographics

3,200,000 Freedom trail walkers in 2011 - 250,000 pedestrians - 165,000 office workers - 100,000 subway boardings - 14,000 local college students

8,000 residents - 1,800 hotel rooms - 530 - retail businesses - 11 parking garages

In The Heart of The City

World Class
Pedestrian Volume

(Data provided by American Traffic Information, Inc.)

* Daily Pedestrian Volume Compares Favorably to Some of New York City's Best Locations.

5th Avenue & 53rd Street weekday: 47,000 (October 2010)
Soho weekend: 30,000 (July 2010)
Broadway & Wall Street weekday: 25,000 (July 2011)

TRANSIT MAP
BOSTON > DOWNTOWN CROSSING

On the way to everywhere

Whether walking or taking public or private transportation customers are never in short supply in this bustling corridor at the corner of Franklin and Washington.

At the corner is the city's busiest subway station, Downtown Crossing, with over 100,000 subway boardings per day. It servers as the principal subway station for the nearby Financial District, which is one the main drivers behind the high volume of pedestrian traffic.

The Burnham building has great below-grade direct access from the Downtown Crossing station that has benefited retailers in the past and will again in the future.

Filene's project to resume within days

The long-stalled Filene’s redevelopment in downtown Boston will resume within days, as the project’s developer has signed the advertising firm Arnold Worldwide to occupy a large chunk of a $620 million complex of new offices, stores, and luxury homes.

The upcoming work will bring life back to the property and accelerate the broader revitalization of Downtown Crossing, where the blight at Filene’s has undermined an otherwise robust period of construction activity in the area.

“Downtown Crossing is buzzing with new energy, and Arnold Worldwide’s commitment to bring its Worldwide Headquarters to the Burnham Building speaks volumes about the future of the neighborhood,” Mayor Thomas M. Menino said. “Today’s announcement marks another significant step forward in the our ongoing efforts to rebuild this part of downtown. I’d like to thank Millennium Partners for their continued partnership in that work.”

Construction on the property will unfold gradually. Developer Millennium Partners will start by rebuilding the original Filene’s store into a retail and office building for Arnold and other tenants. Months later, it will proceed with construction of a 50-plus story tower containing apartments, condominiums and additional stores.

Arnold will occupy about 125,000 square feet in the restored Filene’s store, which sits at the corner of Washington and Summer Streets, at the center of Downtown Crossing. The project is expected to bring hundreds of new residents as well as new shopping and dining options to an area that has just begun to shrug off a reputation as a ­second-rate retail destination.

The Filene’s store was the last major building by the renowned architect Daniel Burnham, who died months before its opening in 1912. The building is now gutted and missing an outer wall. But Millennium Partners plans to restore many original architectural details, including its metal and glass canopies and its distinctive wall of glass along Washington and Summer streets, where new retail shops and restaurants will eventually open.

The Filene’s project will join several others already under way, including a 256-unit condo building at Millennium Place, a 381-unit apartment tower by Kensington Investment Co. on Washington Street, and a third residential tower at the edge of the Rose Fitzgerald Kennedy Greenway in Chinatown.

The burst of development, which also has brought new retailers to the area, has occurred despite the crater at Filene’s.

Construction on the property stalled in 2008, as a deepening recession dried up funding for the massive project. The developers — a team that included New York-based Vornado Realty Trust and Boston developer John B. Hynes III — spent years trying to resurrect the development, to no avail. The city eventually pulled the project’s permit amid a bitter war of words with the developers.

Last year, Millennium Partners took over the effort, revamped the development plans, and won approval for 1.2 million square feet of commercial and residential space in two buildings. The main element of the project is a slender glass tower that will contain between 500 and 600 residences and likely become a new focal point on the city’s skyline.

While the crater — or the tower over it — has captured most of the attention on the project, the developers have paid equal attention to the restoration of the original Filene’s store, spending the last several months working on designs and trying to find a tenant. The deal with Arnold Worldwide began to firm up in recent months.

Arnold will occupy the top few floors of the building. The lower floors will contain additional offices, new retail stores, and Millennium Partners is exploring getting a grocery store to serve the hundreds of residents moving to the area. No retail tenants have been signed.

The project would also result in the renovation of a neighboring park that would get a new ­MBTA station entrance and an outdoor amphitheater. It remains unclear when that work would begin.

« Back

Millennium Towers San Francisco is a $750M sellout

Five years and $750million later, the West Coast’s most luxurious condo project is sold out.

Millennium Tower, a glassy slate‐blue 60‐story high rise at 301 Mission St., closed the last of its 419 units, the company said. Despite selling through the worst economic collapse since the Great Depression, the tower generated $750million in sales, a 25 percent return on cost for the $600million development. The units averaged $1.8million, with penthouses selling for as much as $9.8million, or $1,970 a square foot for a 5,000‐square‐foot pad.

The condo tower was the tallest and most expensive residential high rise constructed on the West Coast. Famous residents include Tom Perkins of Kleiner Perkins Caufield & Byers, football executive Carmen Policy and Hall of Fame football icon Joe Montana. “There were some pretty difficult, unsettling times in 2009, but we stayed the course,” said Richard Baumert, a partner with developer Millennium Partners. “We saw it through and in the end our plan and vision for the project were validated.”

San Francisco’s condo market was still in overdrive in 2008 when Millennium Partners opened its sales office and began pre-selling units. By April 23 of 2009, when the building opened its doors and the first sales closed, the economy was in tatters. While other developers raced to cut prices and unload inventory, Millennium implemented a one-time 15 percent reduction that was retroactive to buyers already in contract. The developer made the decision to keep the price cuts, even as the market bounced back in 2012 and 2013.

“Toward the end they sold out at a very fast pace,” said Gregg Lynn, a luxury broker at Sotheby’s International Realty. “They could have raised prices and easily sold those units, but they stuck to the original pricing.”

Designed by architect Glenn Rescalvo of Handel Architects, Millennium Tower was the second luxury development that Millennium Partners built in San Francisco. In 2001, Millennium Partners opened the Four Seasons Hotel and Residences, the 100,000‐square‐foot Sports Club/LA, and retail space that fronts both Market Street and Yerba Buena Lane. Other Millennium Partners developments in San Francisco include the entertainment center Metreon (in which Millennium later sold its interest) and the retail along Yerba Buena Lane. The developer is currently wrapping up entitlements for a new tower and Mexican Museum at 706 Mission St.

Lynn, who has represented about a dozen Millennium buyers,said Millennium Partners “executed an incredible marketing and sales process that resulted in them selling through very different markets.”

Currently, just three Millennium units are on the resale market— one for $4.5million, one for $5 million, and one for $6.2million. All three represent a significant premium over what the seller paid for the condos, though they also invested money on interior decoration.

“The situation we are facing is that everybody wants to buy into that building and they are kicking themselves that they didn’t when they had the chance,” he said. “I’ve been contacted by dozens of buyers and agents trying to get their clients into the building at the $2million or $3million range and there is nothing. There is no inventory below $4million.”

Lynn said the Millennium Tower is “our building of the moment.” While Millennium Partners will build another tower at 706 Mission St. and Tishman Speyeris constructing the next phase of the Infinity towers at 201 Folsom St., neither will be delivered for a few years. “I think it’s going to last a lot longer than the moment because there are no plans to build another building like it for many years,” he said. “It’s going to continue to set a whole new economic standard for luxury units downtown.”

A 3,300‐square‐foot unit originally purchased for $5million,sold recently for $7.8million after an extensive renovation. “People who sell now are expecting to cash out with major profits,” he said.

Baumert said the Millennium Tower concept is “not as much about the physical structure as the residential experience.” Millennium Tower implemented La Vie, a monthly events program ranging from film screenings in the Club Level’s private theater to fireside chats with notables such as residents Montana and Perkins as well as celebrity chef Michael Mina and former Mayor Willie Brown. Resident services include a private concierge and exclusive access to the 20,000-square-foot Club Level, featuring a private dining room (serviced by Michael Mina’s RN74), a 5,500-square-foot fitness center operated by Sports Club/LA, and a 75-foot, indoor, competition-length lap pool set beneath a soaring skylight.

Alan Mark of the Mark Co. said the Millennium Tower’s amenities and reputation drew people to the Transbay district who otherwise would not have considered buying there. He has friends who sold homes on Buena Vista Park, Russian Hill and Pacific Heights to relocate to what was once a gritty corner next to a hulking bus station.

“It brought a lot of deep-pocketed, older people to a whole new part of SoMa —people who five years ago might not have thought of living in that part of South of Market,” said Mark. “Over that time, Millennium Tower came into its own. People recognized it. Everyone knew people who had moved into the building. And finally in the end there was no inventory of that quality available.”

While the Millennium Tower was considered a pioneer when built, today it is smack in the middle of a district that is seeing 2.7million square feet of new office development as well as a new $4 billion transit terminal.

“We always talked about this —what the neighborhood would look like and feel like,” said Baumert. “Now you can see it. Now it’s a reality. You stand on the corner of Mission and Fremont and look to your left and see the Transbay Terminal. The Transbay Tower is weeks away from breaking ground. Across the street at 350 Mission is the Salesforce building. It has really validated our plan to build.”

« Back

Contact

Millennium Tower Boston

We welcome your inquiries about the one-of-a-kind retail, office and residential offerings at Millennium Tower.

Cushman Wakefield - 1290 Avenue of the Americas - New York, NY 10104 - Tel: +1 (212) 841-7500

Millennium Partners - 1995 Broadway New York, NY 10023 - 212.875.4900

Media Inquiries: Glodow Nead Communications - Courtney Finley - T 415-394-6500 - E Courtney@glodownead.com - W http://www.glodownead.com