ASA is relocating from its current premises at 330 Stuart St. in the city's Back Bay. It will be one of the building's major private tenants. Leases rates for this deal were not available but the average asking rent for similar space ranges from $37 to $43 per sf depending upon the space.
Spaulding & Slye Colliers senior vice president William F. Collins and assistant vice president Benjamin D. Heller represented ASA in the transaction while Meredith & Grew Inc.'s Thomas J. Hynes, president, Ronald K. Perry, executive vice president, JohnA. Carroll Jr., senior vice president, and Kristin E. Blount, vice president, represented MassDevelopment.
MassDevelopment, the state's economic development authority, was chosen through a competitive process to manage the new construction and renovations to the office tower. The entire project was estimated to cost approximately $184 million and MassDevelopment contributed $20 million in equity and utilized private financing to fund the balance of the project. The building is still owned by the state and they gave MassDevelopment a 50-year ground lease.
The tower was originally named after former US Sen. and Gov. Leverett A. Saltonstall. It was developed in 1965 and housed dozens of state agencies, until it was found to have environmental contaminants such as asbestos.
The 796,000-sf building is a mixed-use project with more than 500,000 sf of first-class office space, 34,359 sf of retail space and 75 residential condominiums fronting Bowdoin and Cambridge Streets. As part of the project, four floors of new condominium housing were developed above the newly created retail area. Eleven two-story townhouses will be built on Bowdoin Street with three floors of apartments above them. MassDevelopment is also developing the Garden of Peace in the plaza of the property as a memorial to victims of homicide.
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