Reportedly, owners and real estate service firms all over town are very interested in pursuing the Registry as a tenant--especially in light of the recent dot-com fallout, which left some owners here leery of dealing with potentially shaky tenants. According to Kevin Flanigan, spokesperson for the Division of Capital Asset Management, which makes the decision on where the registry will go, the process of choosing a site is very specific.
"The state has a very rigid set of directives," he tells GlobeSt.com. "It is an open and competitive process." The process involves choosing among over a dozen bidders each of whom is offering space in a different location. While Flanigan insists that the Division has no standard time frame on when it makes a decision, some local brokers are reportedly surprised at how long the state is taking to choose among the bidders. The issue takes on more of an urgency because the chosen space will most likely need to be refurbished to accommodate the Registry.
Flanigan declined to say why the Division seems to be taking so long to decide. "I cannot talk about any of that," he says. "We are in the process of evaluating proposals." Flanigan would also not comment on why the Registry is considering not renewing its lease at Copley Square, where it reportedly pays $38 per sf.
Unconfirmed rumors speculate that initially Copley Place Associates might have wanted a higher class tenant than the state, but with the recent economic slowdown they might have changed their minds. The state's lease with Copley Place allows for a five-year extension on the lease if both sides agree to it.
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