Industry sources report that the 14-story office building has scored one tenant and is on the verge of signing up several others. Located on Boston Harbor, the hulking former factory building is renowned for being the site of the famous Boston Tea Party.
Wellington Management, an old-line investment firm, is said to have committed to two floors in the property, which is undergoing a gut renovation by the Modern Continental Cos. The company will take approximately 52,000 sf, says one source, adding that, "They will be a great anchor tenant for the building."
Reached at the firm's headquarters at 75 State St., a Wellington spokeswoman would only say that, "we do not discuss such issues," while Modern Continental principal Robert L. Shepard also declined comment. Shepard does, however, acknowledge that the company has at least two signed letters of intent, and says there has been more than one million sf of potential requirements tour the property in the past three months.
Trammell Crow is exclusive leasing agent for the 370,000-sf building.
"It's a frenzy because there's no space that can be delivered in our time frame," says Shepard. Independence Wharf will be ready for occupancy next August, and is indeed one of the few large space opportunities available.
Although he says the company will not make any announcements until a lease is actually signed, Shepard says he believes the activity justifies Modern's faith in the project.
Known more for heavy construction work – it is the lead contractor on the $14 billion Big Dig project – Modern Continental paid $52 million for the building last summer.
"People know it's a real project now," Shepard says of the surge in activity. "They didn't believe it when we said we'd do the building [on spec], but they believe it now."
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