The largest concentration of office space North of NYC is making some changes: Boston’s Financial District is adding new construction with automated parking facilities, starting with One Post Office Square.
According to Banker and Tradesman, “the 41-story One Post Office Square tower..owner Morgan Stanley seeks to demolish the existing 6-story parking garage and build an 18-story addition including 265,000 square feet of office space atop a new automated parking system…Part of a comprehensive repositioning of the 832,000-square-foot tower built in 1980…would include a new glass curtain wall to replace the concrete facade, floor-to-ceiling windows and a 2-story rooftop lighting element dubbed “The Lantern” that would become a new skyline beacon.
Additional details on the tower and the Financial District’s planned modifications are available on B&T’s website.
Class A landlords are continuing to update and upgrade their assets to address the evolving needs of today’s tenant. The 402-foot, 41-story Class A tower at One Post Office Square was built in 1981 and is 832,000 rentable square feet with a typical floor plate of 18,221 square feet.
Credit: Banker and Tradesman
A recent Banker and Tradesman article speaks to the proposed transformation, noting the office “tower in Boston’s Financial District will get a new glass facade, a roof deck and terraces and an illuminated rooftop glass “lantern”…On the lower levels, a three-story glass pavilion will add 52,100 square feet of retail space and an 8,800-square-foot restaurant…An 18-story addition replacing the existing garage on Oliver Street would [also] contain automated parking and additional office space.”
Click on the link for additional information on the One Post Office Square renovation on B&T’s website.
One Post Office Sq.
The transfer/sale of assets in the Financial District continues. Time will tell how the transaction was structured, but what is clear Equity Office continue to divest New England Assets.
According to The Real Reporter, “equity Office has agreed to sell its stake at One Post Office Square to partner Morgan Stanley for a price said to exceed $500 million.”
To read the financials and details of the sale, jump over to The Real Reporter article.