Ben Heller, with Jones Lang LaSalle's Boston office, tells GlobeSt.com that the firm conducted a market analysis before renewing its lease and opted to remain in its current offices on the 28th through 31st floors.
"They did an extensive analysis of the market and at the end of the day concluded that this building served them well," he says. "They have a good relationship with the landlord and it was good economics for them to stay in the building another 10 years."
Terms of the lease were not disclosed but Heller says asking rates are in the mid-$50s per sf gross. The 730,000-sf, class A office building is 90% leased.
Heller says a multimillion-dollar capital improvement program, which will upgrade the 32-story Financial District tower's exterior, is planned by owner TIAA-CREF. Interior improvements to the lobby and interior systems have already been completed.
Located on the Central Artery and Rose Fitzgerald Kennedy Greenway, the property offers spectacular city and harbor views, Heller says.
"It is virtually a new building inside with a bird's eye view of Boston's future," says Bill Barrack, also with JLL, who handled the transaction for the landlord along with, Heller.
Ronald Perry, Francis Durand and Lawrence Epstein, all with Meredith & Grew, represented the tenant.
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