Category Archives: Downtown boston office space for lease

0 Boston Tops US in CMBS Loans

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745 Boylston Street office building in Boston

Office Building at 745 Boylston Street in Copley Sq.

Boston leads New York, D.C., Chicago and L.A. not only in the bid for the 2024 Olympics, but also for CMBS loans.

The Boston Business Journal is reporting the “percentage of Boston-area commercial mortgage backed security real estate loans with late payments is its lowest in months and is among the best in the country, according to new data from real estate information provider Trepp,,,According to Trepp, 2.84 percent of Boston-area CMBS loans were 30 days delinquent or more as of the end of November. A year ago, the rate was 4.02 percent. The decline has been more or less steady, with slight increases a few months…The Boston-area compares especially well with other major U.S markets.

You can find more information on the BBJ’s website.

 

0 Kendall Square Office Rents Reach Record Level

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4 Cambridge Center

Four Cambridge Center

With the boost of office rents in East Cambridge, Downtown Crossing has become the new hotbed for Redline creative and tech companies with Class B rents still in the $30’s PSF.

The Boston Globe is reporting “Office rents in Kendall Square have hit an all-time high of almost $67 per square foot, breaking a record last set in 2001, according to the real estate brokerage Transwestern RBJ…Transwestern said the average asking rent on a top-tier office space in East Cambridge set a new record of $66.63 in the final quarter of 2014, edging out the previous record of $65.85 set in 2001. East Cambridge’s vacancy rate of 6.7 percent was lower than many parts of Boston’s central business district, but higher than those of the smaller office markets of South Station, North Station, and Longwood, whose vacancy rates ranged from 2 to 4.4 percent.”

Additional insight on the East Cambridge boom is available on the Boston Globe.

Office availability and neighborhood information for Downtown Crossing and Kendall Square are available on the following submarket pages:
Downtown Crossing offices
Kendall Square office space

0 Mayor Walsh Focuses on Four Neighborhoods for Boston’s ‘New Innovation District’

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Where will our next round of innovators set up camp?  Some hot spots in Boston and Cambridge are simply too expensive so Marc Bernsau of the BBJ has provided a great comparison of various Boston locations with their respect pro’s and con’s combined with market price.  Where can you find a low $20’s rent per square foot?

In a previous post on Boston’s new innovation district, we discuss Mayor Marty Walsh’s recently-formed task force, which is considering an innovation district in four specific Boston neighborhoods: Bowdoin-Geneva and Fields Corner in Dorchester, Dudley Square in Roxbury, and East Boston.

Fields Corner in Dorchester

Credit: FieldsCorner.org

The accompanying article on the Boston Business Journal notes, “Gilad Rosenzweig, founder and executive director of Smarter in the City, thinks Roxbury has the potential to be a home for startups.”

0 Wanderu Explains Selecting Downtown Crossing HQ (Video)

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Wanderu Boston Start-up logoWhy is Downtown Crossing (DTX) such a hot market?  Price, access, infrastructure and vibe.  Wanderu chose DTX over all other options in the city because it checked all 4 boxes.

Click over to watch the video on the Boston Business Journal.

0 45 Milk Street Office Building Leased in Full

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office space at 45 milk street in downtown boston

Credit: Boston Business Journal

Year Up is on the move to 45 Milk Street, leasing all 61,000 square feet of the downtown Boston office building.

Context on the area around Milk Street in Boston, from Wikipedia:

“Milk Street was one of Boston’s earliest highways. The name “Milk Street” was given to the street in 1708 due to the milk market at the location. One of the first post offices in Boston was located on the street in 1711, when the first regular postal routes to Maine, Plymouth and New York were established.”

Historical Context on the building, from BostonHistory.org:

“In 1906, noted architect William Gibbons Preston modified his own 1893 design for this building by extending the Milk St. facade to its present location. The allegorical figures of commerce, fidelity, industry and security are by New York artist Max Bachman. The building’s original owner, the International Trust Company, was founded in 1879 and grew to become one of the largest trust companies in New England in the early 20th century.”

Building Stats
• Type: 4 Star Office
• RBA: 68,927 SF
• Stories: 9
• Typical Floor: 7,659 SF
• Class: A
• Construction: Masonry
• Building Ht: 111′
• Year Built: 1893
• Year Renov: 1981
• Tenancy: Multi
• Owner Occup: No
• Elevators: 2
• Slab to Slab: 12′
• Sprinklers: Yes
• Property Mix: Office (61,778 SF, 89.6%), Retail (7,051 SF, 10.2%)

The Building last sold on 6/10/13 for $21,000,000.