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.