Peter Farnum, principal, Rick Fahey, principal, and Alison Cavanaugh-Leo, senior associate of Trammell Crow Co. represented Evergreen Investments. Stephen Lynch, principal of CBRE/Lynch Murphy Walsh Advisors represented the property owner, 200 Berkeley and 197 Clarendon LLC, an affiliate of Beacon Capital Partners LLC.
Steve Higbee, vice president of corporate real estate for Wachovia, says the company looked at a number of alternatives as well as the state of the current office market before ultimately deciding that the best solution was to renew its lease. "This site serves as an ideal location in the city, offering employees easy access to public transportation and the conveniences of Back Bay."
The site will continue to serve as Evergreen's national headquarters. The company, an investment management and asset management firm, has more than 400 employees at this location.
The 757,000-sf class A office tower is part of the John Hancock Complex, which also includes the John Hancock Tower, 197 Clarendon St. and the Garage@100 Clarendon. This four-building complex comprises nearly three million sf of office and retail space as well as 2,000 parking spaces. In March 2003, in one of the city's most significant real estate deals, Beacon Capital bought the complex from John Hancock Financial Services Inc. for $910 million.
Lease rates for this deal were not available, but the average asking rent for office space in the area is about $35 per sf. According to Trammell Crow Co.'s most recent statistics, the overall availability rate for office space in the Back Bay is at 18%.
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