Northland takes page from automakers

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The company, , announced it is launching a Rent Assurancw Program that is being rolled out acrossthe Newton-basex company’s entire portfolio. The company’s multifamily holdingas total 16,670 units in nine Massachusetts, Connecticut, Rhode Island, North Carolina, Soutb Carolina, Tennessee, Florida, Texas and Arizona. In Massachusetts, Northlandc owns 1,230 apartment unitxs in Amherst, Danvers, Quincy, Westborough and The program resembles those announced by automakers such as and to boostr sales from wary consumers who are tighteninh their belts in anticipation of potentiajob losses.
Hyundai recently announced a new and improvef version of its HyundaiAssurancs Program, which enables some customeras to turn their cars back in to dealers if they get laid off within a Hyundai’s new Assurance Plus program will cover thres months of car payments while the buyee looks for a new job. At the end of 90 days, the custome can still return the car ifthey haven’t foun d a job. Likewise, Ford’s “Advantage Plan” coversd payments of up to $700 per montg for as long as a year for buyers who have beenlaid off.
Much like the desperatde measures car manufacturers are taking to sell cars in one of the worst economic climatesin decades, Northland’s program enable s its residents to “wal k away from his or her lease, without paying termination in the event that the persomn involuntarily loses his or her The program is available to new residents and residents who renew leases. Time will tell if Northland’s prograkm helps it sign up new tenant inits buildings. Generally, residents sign long-term lease s that are extremely hard to break withoutlegall intervention. According to published Hyundai saw sales increase 14 percenyin January, the month the Assurance Program while U.S.
sales were the weakest for the monthu in27 years. “In these challenging economic webelieve it’s important to offee our residents peace of mind,” Northland Vice President Diane Yensen said in a statement. “Losing your income can be a scary situation, and provides our residents with an in the event that they involuntarily lose their job and need to breatheir lease.” Northland owns $2.1 billionm of apartment properties totaling 19 million square feet and has a development pipeline in excess of $1 billion. was awarded the leasinbg assignment for 399Boylston St., a 13-story, 228,820-square-foot office buildinbg in Boston’s Back Bay.
The building has one vacant saidDuncan Gratton, a partner at DTZ/FHO will vacate 8,900 square feet and anothefr tenant, McNamee Lawrence Co., is leaving 4,600 squares feet at the end of the said Gratton, who noted the building is 8 percentr vacant today. New tenants will be asked to pay in thelow $40s-per-square-foot range to lease space in the Shorenstein Properties LLC purchased the buildinhg in March 2007 from Rockwood/Abbeu Fee LLC for an undisclosed price. At the time the buildinhg was 100 percent leased to 14 tenantz including NATIXISAsset Management, software developer ZANTAZ Inc. and The building’s 14,00p square feet of ground-floor retailp space is leased toand .
Shorenstein recentlyt spent $575,000 on lobby renovations and morethan $1 million in repairs to the building’s exterior and operatiny systems.