The 10-year lease for 14,259 sf increases the building's occupancy to 72%. Currently, the first 12 floors of the building--286,308 sf of space--are occupied by state agencies, and a private, non-profit organization, American Student Assistance, is leasing 140,000. Lease rates for this deal were not available but the average asking rent for office space in the area is about $37 per sf.
MassDevelopment, a quasi-public economic development authority, was chosen through a competitive process to manage the construction and renovations to the former state building. The newly rehabbed 22-floor building, previously known as the Saltonstall Building, consists of 570,000 sf of office space, 34,000 sf of retail space, a 30,000-sf park and 75 residential condominiums fronting Bowdoin and Cambridge streets.
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