Another Class A Financial District tower comes to market. As Class A rents continue to march up it is still a great market to be a tenant with vacancy rates hovering around 15 percent.
“Jim Cronin of Banker & Tradesman reported that “Beacon Capital Partners is trying to unload its One Beacon Street property, and [the publication’s] sources say the expected price will be in the neighborhood of $450 million.”
Jump over to Bank and Tradesman’s coverage for more information
The Innovation continues to attract tenants, but with prices pushing $40 PSF some are seeking the value play with the 15 percent vacancy rate of the Financial District.
Kyle Alspach, VC Editor at the Boston Business Journal, reports the “LED lighting system firm Digital Lumens announced Wednesday that it has relocated to a 16,000-square-foot office at 374 Congress St. The office is double the size of the firm’s previous office at 110 Canal St., near the TD Garden.”
Read the complete report on the Boston Business Journal.
The long awaited transformation of 50 Post Office Square has moved closer with a letter of intent being executed by Brown Brothers for 300,000 RSF. Currently the 18 story Class A building is offering 424,297 RSF for lease on 7th through 18th floors with floors plates just over 53,000 RSF.
“The non-binding commitment at the regional headquarters for Verizon Corp. follows months of considering alternatives in the area for a venerable financial services firm whose lease at nearby 50 Milk St. expires next autumn.”
Jump over to therealreporter.com for the full report.
eBay is settling in on one of the Financial Districts 16 buildings that currently have more than 60K RSF of contiguous space according to CoStar. Vacancy within the Financial District is running just below 15 percent with opportunities in the low to mid rise space within the Class A inventory and the entire Class B market.
The Boston Business Journal offers some perspective on the transaction, noting “the lease would be one of the largest on record this year for the Downtown market and would mark a significant win for The Chiofaro Co., the International Place’s developer and current leasing manager.”
For more information, we recommend reading the Boston Business Journal’s full report.
State Street is on the move, and the Seaport continue to evolve.
The Boston Business Journal is reporting “the Boston Redevelopment Authority has put its stamp of approval on a $11.5 million tax break for State Street Corp., tied to the construction of a new office building in South Boston.”
To read more on the Seaport and State Street migration, click here.
Vacancy in the Financial District dropped to 14.8 percent with rents up 1.25 percent to just over $45.60, while Back Bay is just over $55.25 and the Seaport District is $51.00.
Banker & Tradesman states, “the Greater Boston office market enjoyed a strong second quarter, according to a new quarterly research publication released this morning by Richards Barry Joyce & Partners LLC (RBJ&P).”
To read the complete article, click through to Banker & Tradesman.