175 Federal Street is on the move and looking to ignite a relationship with retail. The walkway between 175 & 176 Federal Street is one of the most active pedestrian points in the city travelling too and from South Station.
By Catherine Carlock Real Estate Editor, Boston Business Journal | January 28, 2019
The owners of 175 Federal St. — the Fiduciary Trust building with a “flared out” shape at Dewey Square, just across from South Station — intend to add a two-story glass enclosure around the building to host restaurant or retail tenants.
Deka Immobilien, the real-estate arm of German real estate fund company Deka Group, has proposed relocating the building’s lobby to the corner of Purchase and Summer streets to align with the Rose Fitzgerald Kennedy Greenway. Deka bought 175 Federal St. in 2016 for $139 million.
“The objective of this project is to better integrate this iconic building with Downtown Boston and to upgrade the quality for the tenants and retail customers,” said Gabriele Gottschalk, senior project manager of construction and development at Deka Immobilien Investment GmbH, in a statement. “Boston, and the Financial District in particular, have gone through tremendous growth and change since 175 Federal’s initial construction. Deka Immobilien intend to develop the building to a flagship premium property within their U.S portfolio.”
A number of developers have reoriented buildings to face the Greenway since the park’s opening, including Oxford Properties at nearby 125 Summer St. And Boston Properties (NYSE: BXP) added a glass atrium outside 100 Federal St., with tenants including Blue Bottle Coffee.
The 175 Federal St. project would create 12,000 square feet of new space.
Boston-based CBT Architects designed the project, and Cushman & Wakefield is the construction manager.