Allston Asset Emerges as Office Option

BOSTON-Space-starved office tenants seeking relief have a fresh choice in the city’s Allston-Brighton district, as the recent buyers of 61 N. Beacon St. are marketing the 70,000-sf building for lease through Lincoln Property Co. The former headquarters of New Balance Shoe Corp. has been shuttered since the footwear company relocated a few blocks west to Brighton Landing in 2000.

“It works well” for office space, says Lincoln VP Gian Starita, who is handling the leasing with colleague Ned Halloran. The five-story brick building had been considered for uses ranging from residential to a multi-level auto dealership, but those concepts are now being sidestepped to take advantage of the improving office market. Boston’s Back Bay and Financial District are posting single-digit vacancy rates and near-record rents, forcing companies intent on remaining in the city to pursue fringe markets. “Things have gotten a lot better,” Starita says of leasing velocity. “People see [Allston-Brighton] as a real alternative.”

Besides the cache of a Boston address, Starita says 61 N. Beacon St. offers a generous parking ratio that will be enhanced by use of the ground floor for vehicles. The structure also has an efficient layout, he says, and can accommodate users needing upwards of 55,000 sf. Several prospects requiring that amount of space are already considering the building, reports Starita, expressing optimism that a taker might be identified over the near term.