The project suffered a major setback this summer after Loews Cineplex Entertainment Corp. decided not to build a 12-screen theater on the site. Gary Jennison of Corcoran-Jennison was not available for comment by presstime but he is quoted in an issued statement, "We are excited about the opportunity to make Crosstown Center an economic gateway for Boston. This is a $1 billion of investment going into this part of the city."

Crosstown Center, located one mile from Downtown off Interstate 93, will have a nine-story office building, a 190-room hotel and a 1,300-car parking garage on its 6.3 acres. "This is a mixed-use project," says Travis Powell, vice president at Spaulding & Slye Colliers, which has been named exclusive leasing agent for the office space. "It makes a lot of sense because it offers all the amenities from access to transportation to parking spaces at a much lower rate."

The market rate Downtown runs anywhere from $60 to $80 per sf while in the Financial District asking rates have recently gone as high as $100 per sf. Crosstown Center will be $40 per sf. While Powell would not specify names he did tell Globest.com that he has several potential tenants for the space. "We've got very good activity right now," he says.