Normandy principal Raymond Trevisan, who oversees leasing for the firm, says the company was eager to score a downtown Boston office building as part of a multi-state portfolio deal with former owner Glenborough Realty Trust completed at year-end 2006. The reason, he says, was a belief the city was poised for a solid comeback. While the velocity 99 Summer St.'s leasing had been anticipated, Trevisan says the surprise has been the rental rate accretion. "The rents have moved higher than we thought they would by this point," says Trevisan. "They have accelerated very quickly."

While declining to provide specifics, achieved rates for the latest agreements were reportedly approaching $50 per sf, and CB Richard Ellis broker Christopher Cuddy says that level will soon be breached at 99 Summer St. At the same time, the building is also recognized for being a reasonable alternative, both Cuddy and Trevisan say, with several tenants mulling competing properties before opting to stay put. "They realized we were the best value," says Trevisan.

The smallish floorplates once seen as a detriment for 99 Summer St. have proven a benefit, says Trevisan, because it suits a certain range of tenancy who often feel overwhelmed by larger towers. Normandy has done deals as modest at 1,600 sf, while the largest occupant has about 30,000 sf on two floors. The property has about 90 tenants overall. "The building works well for them," Cuddy concurs of the smaller user, adding he believes Normandy's on-site property management office provides another level of comfort for such companies.

Cuddy and CBRE broker William Crean handled all of the recent deals on behalf of Normandy. Among the firms signing leases were FTN Financial, Cargill Investment Group, the Karol Group, Westwood Global Investments, and the Taipei Economic and Cultural Office. Fontana Capital and Metropolitan Construction Co. relocated and expanded within the tower, and Fusion Design Consultants renewed its lease.

Westwood Global co-founder Bryan Ward cites several reasons for selecting 99 Summer St., including options for future growth. "The central location also makes commuting easier, which is important to our employees," adds Ward, not to mention facilitating clients traveling from international destinations to meet with his firm.

Cuddy says on-site amenities are also considered attractive, and agrees that the district where 99 Summer St. is situated has matured considerably since the days in the mid-1990s when he was handling leasing at the building. Between then and CBRE's return as leasing agent under Normandy, the area has seen the arrival of the One Lincoln St. office tower that is now home to State Street Corp., plus addition of a new Ritz Carlton Hotel and various other retail offerings. "It is now considered to be in the heart of the Financial District," he says.

That was not the case when construction began on 99 Summer St. in 1985, and a flurry of competing projects in the traditional downtown core bled demand away soon after the red-roof tower came on line in 1987. The tower was purchased that same year by Jaymont Properties, a New York group fueled by money from a Saudi Arabian investor. Aggressive leasing did boost occupancy in the asset into the mid-90% range for a stretch, but overbuilding, an abundance of short-term deals and the difficult economy forced Jaymont to file for bankruptcy in May 1991 after vacancies approached 30%. The asset has changed hands several times since, with Glenborough acquiring 99 Summer St. in July 2003 for $68.2 million.

Cuddy says rollover at 99 Summer St. is limited going forward. A 13,000-sf opening anticipated by next year is about the only major space coming up, he says. The swift completion of the recent deals reflect both the improving market overall and the building's allure, he says. "We're pleased with the outcome," he says. Tenant brokers in the most recent round of deals include Eric Ross of CBRE's Atlanta office on the FTN Financial lease, while Adam Schneier and Kevin Brown of Lincoln Property Group were agents for Cargill. Andrew McDonald was broker for the Karol Group, Joseph Previte negotiated terms for Westwood, and Meredith & Grew brokers Roger Breslin and Frank Durand acted on behalf of the Taipei organization.