Efforts to contact Sofft Shoe and its broker, Keith Gurtler of Jones Lang LaSalle, were unsuccessful by press deadline. Brickstone Square's exclusive leasing agents, M&G senior Vice president Matthew Daniels and associate Christopher Lawrence, were also unavailable. Even so, industry sources insist Sofft Shoe has made its choice.
"It's a nice win for Massachusetts," says one industry professional tracking the negotiations. The agreement would also be a boon for Transwestern Investment Co., the Chicago-based concern that acquired Brickstone Square in late 2005 and has been preparing the property to take advantage of the region's recovering office market.
Encompassing nearly one million sf, the park had substantial vacancy when Transwestern took ownership. The situation had become so acute that lender Lehman Brothers had taken the property back from the original developers, Brickstone Properties, following the demise of chief tenant CMGI. The venture capital firm whose fortunes plummeted along with the technology sector to begin the decade eventually walked away from 300,000 sf at Brickstone, leading to lender action. The empty space has trended down during the past 12 months and Brickstone Square reportedly is now approaching 75% occupancy.
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