News: Front Section

Cummings Foundation awards 60 grants of $100,000 to not-for-profits

Cummings Foundation, the principal beneficiary of the earnings of commercial real estate firm Cummings Properties, recently distributed 60 grants of $100,000 each to a diverse group of greater Boston not-for-profits. The $6 million in awards were made during the first grant cycle of OneWorld Boston, the Foundation's new grant-making affiliate. According to Cummings Properties' president and CEO, Dennis Clarke, the aim is to give back to the areas where the firm operates and most of its employees live. The grants program directed funds to charities based primarily in eastern Middlesex County, with some funding going to organizations in southern Essex and Suffolk counties. Founded by Bill Cummings in 1969, Cummings Properties manages more than 10 million s/f of office, lab, and medical space in 10 suburban Boston communities. Its largest and most well known campuses include the landmark TradeCenter 128 in Woburn and the 2 million s/f Cummings Center in Beverly. Clarke said, "The funding comes from the real estate side of the organization, and so we feel strongly about supporting the communities and people who have supported Cummings Properties over the years." Despite no formal announcement about the new grant-maker, it received 203 proposals between January and April. Due to this overwhelming number of requests for funding, OneWorld Boston awarded $1 million more than originally planned for this year. The majority of the grants will be paid over one to three years. A wide variety of causes were represented among the grant recipients, including healthcare, education, social justice, and underserved populations. (See sidebar for a complete list of all grant recipients.) OneWorld Boston's next grant cycle will open this fall. Instructions and eligibility requirements are available at www.CummingsFoundation.org. Letters of inquiry will be accepted, and select organizations will then be invited to submit applications. In 2013, a total of $10 million will be awarded through 100 grants of $100,000 each. Established by Bill Cummings and his wife, Joyce, in 1986, Cummings Foundation has grown to one of the largest charitable foundations in New England, with current assets just exceeding $1 billion. In May 2011, the Cummings became the first family in Massachusetts to sign the Giving Pledge, joining the likes of Warren Buffett and Bill and Melinda Gates in publicly declaring to give away more than half their wealth to philanthropic causes.
MORE FROM Front Section
Front Section

McEvoy of The Conrad Group brokers $2.9 million sale of industrial building

Hingham, MA The Conrad Group  has brokered the sale of 55 Research Rd., South Shore Park. The property consists of a 20,340 s/f single story manufacturing building on two acres of land.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Newmark negotiates sale of  10 Liberty Sq. and 12 Post Office Sq.

Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.

Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty

The doctor is in: How medical leases differ from retail and office spaces - by Brian Cafferty

As healthcare facilities, often referred to as “Doc in a Box” clinics, increasingly move into traditional retail spaces, landlords are more frequently leasing to medical tenants. Unlike standard retail or office leases, medical facilities come with a unique set of considerations that must be carefully addressed to ensure a successful tenancy.
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
5 Questions to ask when  choosing a real estate broker - by Elizabeth Perez Barlett

5 Questions to ask when choosing a real estate broker - by Elizabeth Perez Barlett

>They say, “April showers bring May flowers,” but this season may bring more movement in the housing market as springtime is one of the most popular times for home buying and selling. Although spring is one of the strongest seasons for the residential market, it may not be all rosebuds and butterflies if you don’t have the right advisors.