BOSTON-The John Hancock Tower is snagging a 208,000-square-foot lease from Bain Capital which will move onto seven contiguous floors of Boston's iconic office tower. The city's tallest building will add Bain for 15 years and will offer the company an option to expand to 270,000 square feet prior to move-in.
The owners Normandy Real Estate Partners and Five Mile Capital Partners executed the lease to relocate into the alpha-structure of Boston's skyline. This lease will bring the Hancock Tower to 95% occupancy when Bain moves into its space in the fall of 2011.
The class A trophy tower is at 200 Clarendon St. topping out at 62 stories comprised of 1.8 million square feet. Cushman & Wakefield's Gil Dailey, Dave Martel and Rob Griffin repped the tenant and Bill Anderson of C&W represented the landlord in the transaction. Normandy would not reveal lease rates in the transaction and C&W did not return GlobeSt.com inquiries by deadline. However, average asking lease rates for class A space in the Back Bay district is $48.52 per square foot.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.