Market Overview

Delaware North and Boston Properties Announce the Hub on Causeway Project Has Reached More Than 75 Percent Leased


Lease Signing with Verizon for Office Tower Marks Leasing Milestone
for the 1.5 Million Square Foot Transit-Oriented Development Project on
Site of Former Boston Garden

Delaware North and Boston Properties (BXP) announced today that with the
signing of a lease with Verizon for 440,000 square feet of space, The
Hub on Causeway project is more than 75 percent leased.

The Hub on Causeway is a joint-venture development of Delaware North and
Boston Properties, and consists of more than 1.5 million square feet of
mixed-use retail, office, hotel, and residential space, as well as an
expansion of TD Garden. This transit-oriented development is a
significant investment that will bring substantial improvements to North
Station, will create major economic impact for the area and enhance the
vitality of this important district in the City of Boston.

The Hub on Causeway is being constructed in three phases. Completion of
Phase I, which includes TD Garden's grand entrance, new entry for North
Station and additional commuter conveniences, is set for October 2018.
The retail, office space and amenities located within The Hub are
planned to open in late 2019. Phase II, which includes the hotel and
residential spaces, will be completed in late 2019. Verizon's commitment
to the project kicks off the final phase, featuring a 31-story office
tower, the tallest in Boston in more than two decades, which will be
completed in mid-2021.

"Since Rapid7's commitment to lease 147,500 square feet of loft office
space last year, we have seen tremendous interest in all that The Hub
has to offer, including experiential amenities unmatched in the city of
Boston," said Bryan Koop, Executive Vice President, Boston Region, for
Boston Properties. "City of Boston leadership under Mayor Marty Walsh
has been instrumental in all aspects of the project, ensuring The Hub
will connect the West End and North End neighborhoods, as well as act as
a dramatic presence on the skyline at the northern gateway to the city."

"The Hub on Causeway will soon be the new gateway to Boston, and the
transformation of this neighborhood will be second to none," said
Charlie Jacobs, CEO of Delaware North's Boston Holdings. "We are
delighted to have Verizon join our already outstanding group of tenants
at The Hub on Causeway. Verizon will now have access to some of Boston's
most desirable tech-focused office space and all of the incredible
experiences that The Hub on Causeway will have to offer."

In addition to the recent leasing milestone at the project, Boston's
first citizenM hotel topped off its structure at The Hub on Causeway
earlier this month. This 269-room hotel will be located in an
eight-story tower atop the west podium and is planned to open in fall

Boston Properties manages all development aspects of the project. The
project is being constructed by John Moriarty & Associates. The
architect for the commercial spaces is Gensler, with Stantec as the
architect of record for the office tower. The architect for the
residential building is Solomon Cordwell Buenz. The architect for the TD
Garden expansion is SCI Architects. Delaware North is owner and operator
of TD Garden. Verizon was represented in its lease by the Cushman &
Wakefield brokerage team led by Josh Kuriloff in New York and John J.
Boyle III in Boston.


Phase I, also known as "The Hub'," and the east and west podium,
includes 210,000 square feet of multi-level retail/restaurant space,

The Hub | New Main Entry Points - Opening October 2018.

  • Grand, glass-topped entry for TD Garden off of Causeway Street (10,000
    square feet) for the more than 2 million guests who attend TD Garden
    events annually.
  • New entrance for North Station for the more than 50,000 commuters who
    pass through North Station every day.
  • Underground tunnel beneath Causeway Street providing a convenient and
    weather protected connection from North Station T subway stop to MBTA
    Commuter Rail.

East & West Podium | Retail, Office Space & Amenities
- Opening late 2019.

  • Star Market: The City of Boston's largest supermarket (60,000 square
  • ArcLight Boston: The Northeast's first ArcLight Cinema with 15 screens.
  • A live entertainment venue.
  • Community room to provide meeting space for neighborhood groups and
  • Food Hall featuring 15 food and beverage concepts.
  • Multi-level sports bar.
  • 175,000 square feet of creative loft office space, featuring anchor
    tenant Rapid7.

TD Garden Expansion | Levels 3-9 of TD Garden & Additional Parking
Opening Late 2019.

  • Expansion space for TD Garden on floors 3-9 to provide additional
    in-arena enhancements for all arena guests.
  • Expanded concourses.
  • New and expanded premium spaces and amenities, including vertical
  • Locker Room and backstage infrastructure improvements.
  • Addition of 540 spaces of below-grade parking that will be connected
    to the existing North Station garage.

late 2019/2020)

Work on Phase II is currently underway and
includes the residential and hotel towers.

Boston's first citizenM will open a 269-room hotel in an eight-story
tower atop the west podium in the fall of 2019. citizenM is a hotel
driven by one desire: to create affordable luxury for the people. The
Amsterdam-based chain opened its first micro-hotel in Amsterdam's
Schiphol Airport in 2008. It now has 13 hotels across the globe,
including two U.S. locations in New York City.

A 440-unit, 38-story residential tower is also under construction atop
the west podium. The residential building will begin welcoming residents
in fall 2019.

III of The Hub on Causeway is construction of an office tower that will
be approximately 627,000 square feet in a 31-story tower. Verizon's
lease for 440,000 square feet anchors this building. Completion is
expected in mid 2021.

About Delaware North
Delaware North is one of the largest
privately-held hospitality and food service companies in the world.
Founded in 1915 and owned by the Jacobs family for 100 years, Delaware
North has global operations at high-profile places such as sports and
entertainment venues, national and state parks, destination resorts and
restaurants, airports, and regional casinos. Our 55,000 employee
associates are dedicated to creating special experiences one guest at a
time in serving more than 500 million guests annually. Delaware North
has annual revenue of about $3 billion in the sports, travel
hospitality, restaurants and catering, parks, resorts, gaming, and
specialty retail industries. Learn more about Delaware North at

About Boston Properties
Boston Properties is a fully
integrated, self-administered and self-managed real estate investment
trust that develops, redevelops, acquires, manages, operates and owns a
diverse portfolio of Class A office space, one hotel, four residential
properties and five retail properties. The Company is one of the largest
owners and developers of Class A office properties in the United States,
concentrated in five markets – Boston, Los Angeles, New York, San
Francisco and Washington, DC. For more information about Boston
Properties, please visit the Company's web site at

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