The insurance company is returning its headquarters to Back Bay, where it already has a 1.2M SF campus and employs over 2,000. Its 465K SF Seaport headquarters at 601 Congress St. employs 1,100 people, all of whom will be transferred by the end of 2018 to two Back Bay buildings at 200 Berkeley St. and 197 Clarendon St., the Boston Business Journal reports.
[John Hancock CEO Marianne] Harrison sent a memo to Hancock employees Tuesday, saying the company had enough space in Back Bay, given the number of local employees and how many work remotely. Along with the weather beacon-capped 200 Berkeley and 197 Clarendon, Hancock has approval to build a third office tower in Back Bay. The 26-story, 388-foot tower at 380 Stuart St. could be developed for Hancock or another tenant.
Reflecting back before looking forward, Built in Boston notes, “in 2016, Boston’s tech sector flourished, with startups maturing alongside the city’s legacy industries while a steady trickle of venture capital poured into industries like edtech, food-tech, fintech, digital media and healthtech…”
Click through to Built in Boston article to view its list of 50 start-ups in Boston to watch in 2017.
New England’s tallest building has space for you. The tower has approximately 450,000 square feet available for lease.
From the Boston Globe:
About one-fourth of the space in 200 Clarendon — or what most of us still call the John Hancock Tower — is sitting vacant after leases expired and tenants such as John Hancock moved to new digs. Landlord Boston Properties Inc. acknowledged Wednesday that efforts to fill it have been going “a little bit slow.”
Rents at the top of the tower run $70 to $80 per square foot — among the priciest in town. Boston Properties has given no sign it plans to offer discounts to fill 450,000 vacant square feet. Still, the slowdown reflects a bit of a softening at the very top of Boston’s market. Real estate brokers say law firms, financiers, and others who seek trophy office space are pushing back against building owners who want to hike rents.
The BRA has given the green light for 625,000 square foot towner at 380 Stuart Street.
Banker&Tradesman reports, “the Boston Development Authority (BRA) board of directors approved four development projects totaling approximately $374.7 million at a recent meeting…John Hancock received approval to construct a new $350 million, 26-story office tower in Back Bay that will include a public lobby with restaurant and retail space, a roof deck and four levels of underground parking. The 625,000-square-foot tower on 380 Stuart St. will be home to a new signature office building for the company. The $350 million dollar project is expected to create 454 construction jobs.”
You can read more about the Back Bay development projects on B&T’s website, here.
When John Hancock notified the city of its intent to build a 26-story tower at 380 Stuart St., a pedestrian connector linking the new tower and John Hancock’s existing office complex at 200 Berkeley St. was up for consideration…But on Tuesday evening, the project’s design team discussed the shaping of the tower and tapering it down to the ground, creating pedestrian walkways between Stuart and Stanhope streets as well as creating a rooftop terrace that could be rented for private functions. The pedestrian connector was not included in any of the design discussion…When asked about its whereabouts, the design team said: “The bridge is gone.”
Landlord Boston Properties has formally renamed New England’s tallest building, the 60-story John Hancock Tower, now that Manulife’s John Hancock Insurance division no longer occupies any office space in the mirrored glass rhomboid.
“We’re not allowed to call it (the Hancock Tower) anymore as the Hancock Manulife lease expired at the end of the second quarter,” Boston Properties President Douglas Linde said during a conference call today.
Boston Properties acquired the property in 2010 for $930 million. Leases by John Hancock and State Street Corp. totaling 414,000 square feet recently expired, increasing vacancies in the 1.7-million-square-foot tower. Boston Properties is repositioning the former State Street offices as tech space under the “120 St. James” name, reflecting a new entrance on that avenue.
Some of Boston’s largest office towers have experienced strong leasing activity in either attracting new tenants or renewing their existing ones. Some building highlight are the following commercial spaces:
· One Financial Center – Owned by Beacon Capital
· One Federal Street – Owned by Tishman Speyer
· International Place – Owned by The Chiofaro Company
· John Hancock, 200 Clarendon Street – Owned by Boston Properties
“A Boston Business Journal analysis of some of the largest towers in the city shows that many are enjoying their highest occupancy rates in years, although the good times haven’t come easy. Financial filings indicate these landlords have been working on overdrive to keep their properties filled, with many having to thread some impressive needles in order to head off or counter major lease expirations before they bite.”
You can view the BBJ’s status update “based on recent loan-servicer filings, on some of the biggest office properties in Boston’s downtown market,” here.
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.
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.