BOSTON-The Registry of Motor Vehicle’s five-year lease at Copley Square is coming to an end at the end of July and the agency is on the lookout for a new place to call home. With the increase in sublease space here and the softening of the commercial market, the 120,000 sf of space that the agency needs has not gone unnoticed.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.