We too can play at that game! That sentiment is being echoed by landlord’s and is resulting in upping the ante game within Class A towers and Class B midrises. Landlords across the spectrum are looking at where they can add amenities in what has traditionally been poor-performing or unleaseable space.
Companies in every industry, from autos to retail, have been scrambling to adjust to millennials’ tastes and expectations, and commercial real estate is no exception…big landlords are spending millions to inject Silicon Valley playfulness into aging towers in big cities. They’re in an arms race against new construction and co-working businesses such as WeWork Cos. “The way towers were built in the 1980s, they were a monument to the corporation,” says Lisa Picard, chief executive officer and president of Equity Office, a Blackstone unit that owns office buildings. “Now, if it feels corporate, that’s the kiss of death.”
Credit: Boston Business Journal
What does the shorter Winthrop Square tower now look like?
According to the Boston Business Journal, the refined Winthrop Square tower will include the following:
- 500 residential units;
- 750,000 square feet of office space;
- 21,000 square feet of publicly accessible meeting space;
- 21,000 square feet of restaurant/retail space;
- 115,000 square feet of affordable housing that could be built in Chinatown in collaboration with the
- Asian Community Development Corp.;
- Two exterior green roof spaces; and
- Capacity for 550 vehicles in five levels of underground parking.
The update follows an ongoing discussion around the impact of the shadows cast onto the Boston Common given the tower’s height, orientation, and location.
Class A landlords are continuing to update and upgrade their assets to address the evolving needs of today’s tenant. The 402-foot, 41-story Class A tower at One Post Office Square was built in 1981 and is 832,000 rentable square feet with a typical floor plate of 18,221 square feet.
Credit: Banker and Tradesman
A recent Banker and Tradesman article speaks to the proposed transformation, noting the office “tower in Boston’s Financial District will get a new glass facade, a roof deck and terraces and an illuminated rooftop glass “lantern”…On the lower levels, a three-story glass pavilion will add 52,100 square feet of retail space and an 8,800-square-foot restaurant…An 18-story addition replacing the existing garage on Oliver Street would [also] contain automated parking and additional office space.”
Click on the link for additional information on the One Post Office Square renovation on B&T’s website.