Could the news that Vertex Pharmaceuticals is moving from Cambridge to Fan Pier mean good things for the housing market on the South Shore?
The news that Cambridge based Vertex Pharmaceuticals will be relocating to Fan Pier in Boston was greeted with predictable applause from city of Boston officials and commercial real estate professionals in the South Boston/Downtown area, but there were cheers from the South Shore as well.
Vertex Spokesman Zachry Barber reports that the agreed upon lease term is for 15 years and will include an average annual rent of $72.5 million.
The two buildings to be built will total 1.1 million square feet, and will be the new home of thousands of workers. Vertex’s new addresses will be at 50 Northern Ave. and 11 Fan Pier Boulevard.
This new location is ideally situated to take advantage of the commuter transit options from the South Shore communities of Hingham, Cohasset, Scituate, Marshfield, and Duxbury.
While commuters to Cambridge are more often traveling from the Metro West markets, workers heading to and from Fan Pier and the Financial District have more typically opted for the South Shore communities and the commute by boat or train.
The MBTA boat commute offers convenient hourly travel from Quincy, Hull, and Hingham right to Rowes Wharf or Long Wharf. For commuters, there is also the recently completed Greenbush rail line connecting South Station to Scituate. The walk from Fan Pier to Rowes Wharf or South Station is an easy 5-10 minutes.
Real estate experts are expecting to see some commuting patterns change as the Fan Pier location becomes more of hub of employment.
Terry Boyle, who works the high end real estate market on the South Shore for LandVest, points to the commuter boat as being a huge attraction for either relocation buyers or families leaving the city. “I have had two or three buyers in the last 12 months, who have fallen in love with the boat commute, the great schools, and the beaches.
It’s great to hear they are that happy with the decision.”
For those interested in seeing the expanding inventory of homes and land available on the South Shore, please visit landvest.com