0 Definition of Class A Office Space

Posted on March 3, 2014 by Wil Catlin

What defines Class A office space?

According to CoStar, Class A office space is defined as follow:

In general, a class A building is an extremely desirable investment-grade property with the highest quality construction and workmanship, materials and systems, significant architectural features, the highest quality/expensive finish and trim, abundant amenities, first rate maintenance and management; usually occupied by prestigious tenants with above average rental rates and in an excellent location with exceptional accessibility. They are most eagerly sought by international and national investors willing to pay a premium for quality and are often designed by architects whose names are immediately recognizable. A building meeting this criteria is often considered to be a landmark, either historical, architectural or both. It may have been built within the last 5-10 years, but if it is older, it has been renovated to maintain its status and provide it many amenities. Buildings of this stature can be one-of-a-kind with unique shape and floor plans, notable architectural design, excellent and possibly outstanding location and a definite market presence.

Some notable Class A buildings in Boston:
John Hancock Tower: 200 Clarendon Street
Bank of America: 100 Federal Street
Prudential Center: 800 Boylston Street
Federal Reserve Plaza: 600 Atlantic Avenue
Exchange Place: 53 State Street
One Federal Street: 1 Federal Street
One Financial Center: 1 Financial Center
100 Summer Street: 100 Summer Street
International Place: 1 International Place

0 Boston Class A Office Buildings with at least 1 million rentable square feet

Posted on August 8, 2013 by Wil Catlin

Clients frequently ask, what is that building worth. The answer is never simple, due myriad of data. With the recent trade by Blackstone of One Post Office Square to its partner Morgan Stanley for $718 per square foot, I figured I would apply that same number to Boston Class A buildings greater than 1 million rentable square feet according to CoStar.

Building Address	Building Name	Rentable Building Area	Estimated Value
200 Clarendon Street	John Hancock Tower	1,755,398	$ 1,260,375,764
100 Federal Street	Bank of America	1,304,899	$ 936,917,482
One Financial Center	One Financial Center	1,279,492	$ 918,675,256
800 Boylston Street		1,207,499	$ 866,984,282
53 State Street	Exchange Place	1,194,000	$ 857,292,000
1 Federal Street		1,120,577	$ 804,574,286
600 Atlantic Avenue	Federal Reserve Plaza	1,051,295	$ 754,829,810
1 Lincoln Street	State Street Financial Center	1,045,106	$ 750,386,108
100 Summer Street		1,034,605	$ 742,846,390
1 International Place	One International Place	1,025,000	$ 735,950,000
1 Beacon Street	One Beacon	1,017,168	$ 730,326,624

0 Cambridge Office Rents Push Out Small Businesses

Posted on July 13, 2013 by Wil Catlin

Cambridge Center office space in Cambridge Mass

4 Cambridge Center, Cambridge, MA

If you’re a CEO of o a small software company that has recently been funded where do you go? Well the next question is what can you prudently afford. Gone are the days of leasing as much space as you can and hoping for revenue. Today’s decision makers would love to continue to grow their business within close proximity of the think tanks at Harvard and MIT; the reality, however, is that those locations are being gobbled up by the large publicly-traded tech companies with a worldwide presence. The notion of paying $60 PSF doesn’t affect them as much when you compare it to pricing in London or Singapore.

The Boston Business Journal describes the surge in Class A office space in Cambridge, identifying the “one-year increase roughly equates to a 25-to-30 percent price hike for tenants seeking a new or expanded beachhead in the Bay State’s innovation hub.”

You can check out office space available in Cambridge or read the BBJ’s article.

0 Tenants Migrate to Class A Buildings in Financial District

Posted on October 4, 2012 by Wil Catlin

Tenants continue their migration from Class B buildings to Class A within the Financial District. With vacancy rates just below 15 percent opportunities for tenants to trade up still exist. Rents within the low rise Class A space will fall in the upper $30’s to low $40’s depending on the building.

Banker and Tradesman reports, “the move is the result of an expansion push by Managing Director Robert Brown, who came to the firm last year.”