Good morning,

Congratulations to Needham Police Chief Schlittler on his son Cam’s jaw-dropping pitching performance at Yankee Stadium last night.

And thanks to the overachieving (and under-resourced by ownership) Red Sox for giving us something to root for since early July.

Jumbo scoops up the Taylor Block — and more — in Wellesley

A big slice of Wellesley Square has just been sold to Jumbo Capital, increasing the Quincy-based company’s growing investment in town.

• In 2023, Jumbo acquired seven buildings, primarily in Wellesley Hills, from the Haynes Management Portfolio.
  
  
• Just last week, the company appeared before the Wellesley Planning Board to discuss plans to convert an office building located off Route 9 into a senior care facility.

But the big news is Jumbo’s latest acquisition in the heart of Wellesley’s downtown: The Taylor Block,

Tom Powers, who oversees the company’s acquisitions, told the planning board his company has closed on the purchase of the 1.2-acre property, located across from the commuter rail stop at the corner of Washington and Grove streets.

Approximately 70,000 SF, the site includes a mix of two- and three-story buildings, with shops and restaurants on the ground floor, some offices and apartments upstairs, and a car repair shop around the back.

The Sullivan family began marketing the 1.2-acre site last year, touting the town’s new MBTA Communities zoning as part of the sales pitch.  However, the new zoning does not allow for much residential growth on-site. Roughly 20 units are allowed by right –similar to the current amount – with only eight more possible under a special permit, as reported by the Globe’s Jon Chesto.

(The Taylor Block sale comes just as another key parcel located just across the street, known as the Rotunda Building, has been listed by Boston Reality Advisors.  The Grossman Companies-owned property incorporates 32,076 SF of office space and ground-level retail.)

As for Jumbo’s Route 9 senior housing proposal at 888 Worcester Street, every planning board member welcomed the idea last week, noting that the town has limited housing options for older residents looking to downsize.

And Jumbo may not be done in town, either.

“We continue to look to Wellesley as somewhere we want to invest in,” Powers said.

Lab market still stinks… It’s just not as stinky as before

Commercial real estate observers believe the regional market for lab space is likely to deteriorate before improving, largely due to ongoing capital constraints, past overbuilding of facilities and federal policies.

As a result,” writes Jay Fitzgerald for Banker & Tradesman, “vacancy rates are hovering at stomach-churning highs across the region, from about 20 percent in Cambridge to as high as 61 percent in the inner suburbs.”

However, Fitzgerald adds, “Little tiny green shoots are poking up here and there – in Waltham, Watertown, Cambridge and elsewhere around Greater Boston.”

That includes in Watertown, where Novartis subsidiary Mariana Oncology recently expanded its presence with a 30,000 SF lease at 500 Forge.

And six of the region’s 11 lease deals over 30,000 SF this year have occurred in Waltham, according to Riley McMullan, senior research manager at commercial brokerage Cushman & Wakefield.

Leasing activity along some parts of the Route 128 area is already 10 percent ahead of lease activity through all of 2024,  McMullan tells Fitzgerald.

No one is saying the local biotech real estate sector is poised for an imminent full-scale rebound, Fitzgerald adds, only that it's not getting bad at its prior pace.

Babson still nearly as good as it gets

Babson College retained its No. 2 spot from last year on the Wall Street Journal’s 2026 Best Colleges in America ranking of schools, beating out 582 colleges and universities across the country.

That’s quite a climb from 2022, when Babson ranked 126th.

“Ultimately, the thing we like about this Wall Street Journal ranking is it is about what your students are doing in their careers,” Babson's President Dr. Steve Spinelli tells the BBJ.

Stanford University ranks No. 1. Behind Babson is Yale, Princeton and Harvard.

A reminder: You can visit the campus and meet Spinelli at Wellesley Night on Oct. 15.

Laid-off tech workers say H-1B changes may not be helpful

The White House says its new policy to charge $100,000 to apply for new H-1B visas is designed to open up more jobs for American workers.

But many U.S. tech workers, particularly those seeking employment, tell the Wall Street Journal (free link) that they don’t expect it will help much.

“Most said their biggest problems are a weak domestic job market, the rise of artificial intelligence and a glut of displaced people looking for similar roles,” writes reporter Te-Ping Chen.  “Some said the new visa fees might reduce competition, but others said their H-1B colleagues helped tech companies flourish, which can lead to more jobs.”

Friday grab bag

• The BBJ explores how the federal shutdown will affect various Massachusetts business sectors.
• Enjoy complimentary food from Roxy’s Grilled Cheese, Clover Food Lab and Cabot’s Ice Cream, plus lawn games, karaoke, dancing, soccer and raffles at the Price Center’s free Fall Festival tomorrow (Saturday) at 11 a.m. at 27 Christina Street, Newton. Proceeds benefit programming for individuals with intellectual and developmental disabilities.
• Whoops! I listed the wrong start time for the League of Women Voters of Newton’s “Saturday Afternoon at the Races,” at Newton North High School tomorrow (Oct. 4). It’s from 4 to 6:30 p.m. and provides a great chance to meet and talk with many of the candidates running for municipal office
• Watertown News and Watertown Cable Access TV are cohosting candidate forums for the upcoming city elections: City Council At-Large on Oct. 6 at 6 p.m. and School Committee on Oct. 20 at 6:30 p.m. at Watertown Middle School, and City Council District C on Oct., 9 at 6 p.m., airing on WCA-TV.
• One of my family’s favorites, LeDu Thai Eatery on Walnut St. in Newtonville, has permanently closed.
• Sembol Mediterranean Restaurant is moving into the former Edamame Steakhouse space at 171 Watertown St. in Watertown, featuring freshly made breads, house-made mezze, kebabs, döner, and more. (Boston Restaurant Talk)
• Can I buy you lunch? Refer a business to the chamber, and when they join, we’ll thank you with a $25 gift card to a chamber-member restaurant of your choice

Riverside Station poised for a (hopefully) quick approval

After receiving an overwhelmingly warm welcome from community members at their first presentation, Mark Development returns to Newton’s Land Use committee on Tuesday (Oct. 7) at 7 p.m. to give updates on its redevelopment of Riverside Station.

The Newton Beacon has more.  But here’s the basic status:

Abutters seem happy. (How often do you read that sentence?). The Ward 4 councilors seem happy. The state and MBTA are on board. And the 750 individuals or families who will be close to Auburndale village, the Green Line and I-95 are going to love living, or being able to stay, in Newton.

All we need now is for the city council to do its due diligence and approve this project this fall.

Five things you should not miss at Sunday’s Harvest Fair

Finally, we’re expected to experience a meteorological phenomenon known as chamber of commerce weather on Sunday. And that means it will be perfect for you to join us at our annual Needham Harvest Fair & Farmers Market, from 11 a.m. to 3 p.m. at Green’s Field.

Our list of 100-plus exhibitors is here.

Along with all the booths from the town’s many community nonprofits, here’s five things you should not miss:

1. Oodles of free snacks from BXP, or purchase a slice from Hearth Pizzeria or that night’s dinner from our local farmers.
   
   
2. Michelson’s famous shoe sale is back! Browse overflowing bargain bins in the YMCA parking lot and walk away with new kicks. Or, if you prefer something underfoot, Nigoshian and Brookline Rug with also be featuring products for sale.
   
   
3. Things to pet and for pets: Get hands-on at  Bach to Rock’s instrument petting zoo. And visit Jake’s Dog Walking booth, featuring for fun games, cool merch and photo ops for your furry friend.
   
   
4. A year’s supply of toothbrushes. Free travel toothpaste too! (Who knew Needham had so many dentists?)
   
   
5. Four, three or two lanes? Stop by the Envision Needham booth to learn about three possible scenarios for Great Plain Ave.

Hope to see you there on Sunday.

And that’s what you need to know for today —  O.J. Simpson was acquitted 30 years ago today  — unless you need to know the 20 most commonly confused words that people keep Googling.

Enjoy the weekend. Shop local, please!

Greg Reibman (he, him)

President & CEO

Charles River Regional Chamber

617.244.1688

Max Woolf contributed to today’s newsletter.

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