The tenant services team of David W. Campbell, executive vice president and partner, and Robert B. Cleary, Jr., SIOR, president and co-managing partner, of the Codman Co. represented the tenant, assisted by Peter Farnum, principle of Trammell Crow Co., while property owner OMV Associates Limited Partnership was represented by Ogden White, vice president of CB Richard Ellis/Whittier Partners, and John Karnath, managing director of Capitol Properties.
Lease rates for this deal were not available but the average asking rent for space in the 500,000-sf building is about $30 per sf. The deal brings the building up to over a 90% occupancy level. Among the building's other tenants are Schlesinger Associates, Houghton Mifflin, Kopelman & Paige PC, Consulate General of France, Yankee Group and Liberty Mutual.
"The landlord, Capitol Properties, has been extremely cooperative in making all the pieces, including a tight construction schedule, fall into place. The building worked well to satisfy the needs of First Marblehead," says Campbell. Margulies & Associates has been selected as the project's architect and Shawmut Design & Construction will build the office space.
Vacancy rates for the Back Bay hover around 8%, according to Spaulding & Slye Colliers' most recent statistics. With sublease space factored in, the availability rate goes up to 16% but the area experienced a positive net absorption in 2003 of nearly 300,000 sf. In the last quarter of 2003, Back Bay had a positive absorption of 22,000 sf of space. First Marblehead Corp., which specializes in educational loans, recently relocated its corporate offices to the Prudential Center, where it is leasing 26,000 sf.
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