"It is a long-term, 15-year lease," Cushman & Wakefield's Scott Frankel tells GlobeSt.com. Cushman represented property developer Boston Properties Inc., and Charles C. Pilchard stood in for the law firm. While the financial terms of Shea & Gardner's deal are not being disclosed, lease rates in the East End-area edifice range from $34 to $38 on a triple net basis.
Frankel is confident about filling the office space to capacity by the time construction is completed. "We have some healthy leasing activity, and we're looking to deliver in early third quarter of 2004," he says. Earlier this year law firm Finnegan Henderson Farabow Garrett & Dunner LLP pre-leased 250,000 sf in the 11-story building.
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