Cresa says the move represents a significant upgrade in building quality and space efficiency and demonstrates that the current tenant's market enables tenants to lock inlong-term office leases at better rates. The building is located in the financial district on the waterfront.
"This is a classic example of a flight to quality," says Cresa Partners principal Claude Hoopes, who, along with Rick Lowe and James Topper, negotiated the seven-year lease. Property owner Sullivan Properties was represented by John Barry of Richards Barry Joyce Partners. Sullivan Properties' corporate offices are located on the 12th floor of 200State St.
At 84 State St., Cresa has been occupying three suites on two floors, with its brokers and project management team in separate areas. The location had served as the office of Cresa Partners Boston since 1990. Hoopes notes that, with the Central Artery coming down, several additional Class A and B buildings formerly abutting the Central Artery are attracting renewed interest from prospective tenants wanting closer access to the waterfront.
"With the completion of the Big Dig, the removal of the other 'Green Monster,' and exciting downtown beautification plans in the works, we expect the waterfront and surrounding areas to appreciate substantially in value," says Hoopes, who heads the firm's downtown market group. "200 State Street also serves as a portal of sorts for what we expect will be significantly increased pedestrian traffic from the North End and adjoining waterfront locations into the Fanueil Hall/Quincy Marketplace area."
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