Credit: Wikipedia
When thinking about your next office do you care to be in one of Boston’s top 25 largest buildings? Number one is the John Hancock with a total of 1,755,400 rentable square feet that is owned by Boston Properties.
The Boston Business Journal has posted its list of the top 25 largest office buildings in Greater Boston. You can download a pdf containing the complete list of the largest office buildings in greater boston, courtesy of the BBJ.
28 State Street – Office Building
Where is the value in office space within Boston? Low and mid-rise Class A.
Tenants in recent years have worked on space efficiency like State Street with their new facility in the Seaport, which will have less than 100 square feet per employee. Additionally, tenants have sought out a flight to quality by moving up in floors during the recent economic downturn and locking in rates for a longer term.
The Boston Business Journal cites a survey by Jones Lang LaSalle, “which examined 46 towers in the Back Bay, Financial District and the Seaport, found 22 buildings where occupancies dropped, while 21 saw increases and three were flat, year-over-year. Within the 31.8 million-square-foot office market, 5.7 million is available to lease – the equivalent of three John towers.”
More information from the survey is available on the BBJ’s website.
Credit: Bisnow.com
Changes are coming to Copley Place, a 52-story tower to house rental apartments and condos. Currently there is no change to the existing office towers.
Bisnow is reporting that “Simon Property Groups $500M expansion of Copley Place–is advancing with the recent city approval of its revised plan to add rental apartments to the residential mix…Simon will build 433 rental apartments and 109 condos instead of 318 condos in the 625-foot, 52-story tower.”
Additional details are available online, here.
Related Property Listings
Copley Office Space for Lease
Credit: Boston Business Journal
If you dream it, build it and lease it; they will come. As much is true at least if you’re Joe Fallon, developer of Fan pier.
A Boston Business Journal report notes that Fallon, the creator of the Seaport’s Waterfront Towers, is considering another sale that would impact that market. According to the BBJ, “Fallon will sell the two Vertex towers on Fan Pier at the right price.”
Further details on the potential sale of Vertex towers can be found on the BBJ.
Credit: rebusinessonline
What does $630M get you in Boston? A 1.4 million square foot development in the heart of Downtown Crossing. It will create new residences, office and retail opportunities.
Rebusinessonline is reporting that “Millennium Partners, a New York-based developer, has kicked off construction of its Millennium Tower and Burnham Building development in Boston’s Downtown Crossing neighborhood. Located at the site of the former Filene’s Department Store, the $630 million project consists of the 1912 Burnham Building and the 62-story, 450-unit mixed-use Millennium Tower.”
Continue on to rebusinessonline.com for more info.
Related Office Space Listings
Downtown Crossing Commercial Real Estate
Credit: The Boston Globe
Our city continues to grow up. Literally. The newest building approved in Boston is 691 feet. The tallest current building in the city is the John Hancock, at 790 feet, built in 1976. Coming in second is the Prudential Tower at 750 feet, built in 1964. The only building to make the list and built in the 80’s, was One International Place at 600 feet built in 1987.
From 1987 to present we have not seen any new construction over 600 feet. Currently there are three projects that are all 600 feet plus.
The Boston Globe reported on the announcement:
“The 58-story building, at the corner of Belvidere and Dalton streets, will add another major peak on the high spine of the Back Bay and bring thousands of new residents and visitors to one of the city’s most celebrated landmarks…The 950,000-square-foot development also includes a 25-story tower with 255 apartments; both buildings will have retail and restaurant spaces. Construction is scheduled to start early next year.”
Jump over to the Boston Globe’s website to read the full editorial.
Available Commercial Real Estate
Back Bay Office Space
Credit: Boston Business Journal
Downtown Crossing is set to host the groundbreaking ceremony for the Filene’s Tower. This area of the Financial District has seen a large influx of Class B tenants over the 1st of ’13 that has driven pricing up to the low $30’s PSF within that segment.
“Plans for the $615 million Millennium Tower and adjacent Burnham building, the original Filene’s store, include 600 condominiums and apartments, up to 218,000 square feet of office space and 231,000 square feet of retail,” a Boston Business Journal report states.
The full BBJ article is available on its website: Construction set for Filene’s in Downtown Crossing.
Credit: Boston Business Journal
Round two for the proposed tallest building in Boston; the BRA might be offering the 47,738 square-foot parcel up for sale. The market rents in Class A Financial District buildings continue to move up as vacancy rates continue to drop.
According to the BBJ, “Mayor Thomas M. Menino, who had previously sought proposals to build a 1,000-foot tower with 1.3 million square feet of office space at the Winthrop Street Garage site on Devonshire Street between Winthrop Square and Federal Street, confirmed the BRA’s plan to seek a developer for the 47,738-square-foot parcel.”
Additional details can be found on the Boston Business Journal’s article, Menino Tower to get Second Chance