Cushman & Wakefield senior director Mark Winters, who is marketing the space for BV Development, says his company was surprised by the strong response for the East Building, which now has just 12,000 of 240,000 sf remaining.
"It went faster than we expected in terms of how quickly it leased up," says Winters, adding that interest was so strong that the company was able to raise its rental rate by 20% during the second half of the leaseup effort. Indeed, whereas initially $29.50 per sf was sought at the complex, the West Building is being offered at $36 per sf. The project is located in Brighton, a primarily residential district now being eyed for office and retail development.
With Boston's office vacancy rate now under 2%, and conditions even tighter across the river in Cambridge, Brighton Landing has attracted tenants from both of those markets. The East Building, for example, has leased space to two Cambridge high-tech companies, as well as Entercom Communications, which will take 27,000 sf there. The owner of four local radio stations, Entercom will relocated from 116 Huntington Ave. in Downtown Boston.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.