Jim Adams, with the Codman Co.'s Boston office, tells GlobeSt.com that officials from the advertising, marketing and corporate communications company shopped the Back Bay market before signing the deal, which gives the firm an additional five years on top of its existing lease. That lease was set to expire Sept. 1.
"They loved the building," Adams says. "It works well for them and the location is great." So was the lease rate offered by landlord, TA Associates Realty.
Although terms of the lease were not disclosed, Adams says the landlord offered "a very fair price" on rental rates, which convinced the firm to stay. Lease rates for class A office space in the Back Bay runs from $45 per sf for a mid-rise building to $50 to $60 per sf in the neighborhood's tower buildings.
Built in 1986, the 11-story, 145,000-sf building is located across from the main entrance of the Prudential Center and counts among its tenants Bank of America, Eastern Mountain Sports, Kessler Financial Services and the administrative offices of Berklee College. Omnicorp, which occupies more than one-third of the property, is the building's largest tenant.
Adams handled the transaction for the tenant. TA Associates was represented by CB Richard Ellis/New England.
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