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Seaport Center Seen Landing J.P. Morgan

BOSTON-The financial services giant is taking 130,000 sf at a building owned by the Beal Cos. and Rockpoint Group LLC.

By Joe Clements | Updated on March 14, 2008

BOSTON-The new millennium has been a challenging time for Boston’s venerable Fargo Building, but the hulking property is poised for a dramatic rebound on the cusp of its 100th anniversary. According to industry sources, J.P. Morgan is negotiating a 130,000-sf lease at the nine-story, 458,000-sf structure, It is reportedly one of several agreements that the Beal Cos. and partner Rockpoint Group LLC are entertaining at a building they acquired in May 2006 and have since recast as Seaport Center.

All parties involved are remaining mum on the J.P. Morgan situation, but the landlord does acknowledge substantial velocity, including a just-completed lease for 26,000 sf with the Aberdeen Group, a Harte-Hanks company that is relocating from 260 Franklin St. in the Financial District. “It’s a done deal and we are very excited,” says Robert Doherty, a Beal Co. official. Seaport Center has another 200,000 sf of leases pending, he estimates, albeit declining to identify the prospects. According to sources, however, J.P. Morgan accounts for the bulk of that total.

“I know its happening,” one broker tells GlobeSt.com of the J.P. Morgan lease. The firm is expected to relocate employees from One Beacon St. and 73 Tremont St., a pair of buildings on Beacon Hill. One source calls the lease a “coup,” but not just for the partnership that paid $40 million for the building also known as 451 D St. Sources say J.P. Morgan had been mulling suburban alternatives, threatening the departure of several hundred positions from the city. “It could have been devastating for Boston,” opines one observer. Instead, J.P. Morgan is said to be doing a 15-year agreement, offering a long-range presence.

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