BXP has inked a 413,000-square-foot workplace lease renewal with Ropes & Grey on the Prudential Tower, a 1.2 million-square-foot constructing in Boston. The regulation agency will occupy the area by 2041.
Ropes & Grey moved into the higher flooring of the high-rise within the fall of 2010. BXP’s headquarters is inside its personal tower, occupying 25,000 sq. toes, in line with CommercialEdge knowledge.
Extra tenants embrace Federal Dwelling Mortgage Financial institution of Boston (39,185 sq. toes) and Huge Pine Capital (17,000 sq. toes). The tower was 97.9 p.c leased as of September, in line with BXP’s complement for 2024’s third quarter.
The 52-story tower at 800 Boylston St. debuted in 1965, that includes 28,500-square-foot floorplates. At 749 toes, it’s the second-tallest workplace constructing in Boston after the 790-foot-tall tower at 200 Clarendon St., which can be owned by BXP, the identical supply reveals. BXP, previously Boston Properties, acquired Prudential Tower in 1998 for $388 million.
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The workplace high-rise is the biggest property inside the Prudential Middle, a five-building, 3.6 million-square-foot workplace campus together with 653,000 sq. toes of retail and about 3 million sq. toes of workplace area. The Middle is inside strolling distance of the Charles River and about 2 miles from downtown Boston.
Prudential Middle contains facilities corresponding to a submit workplace, automotive wash, direct reference to the Inexperienced Line MBTA station, in addition to a 3,000-space parking storage, amongst others.
Higher Boston’s workplace leasing exercise picks up the tempo
Metro Boston witnessed a development in mixture workplace leasing exercise for the third quarter in a row, with the determine clocking in at 1.9 million sq. toes from June to September and besting the earlier quarter by 31 p.c, in line with a report by Avison Younger.
The Metropolis on a Hill’s workplace availability price stood at 28 p.c in September, unmoved from June, the identical supply reveals. This marked the primary time the index didn’t rise since 2022’s third quarter. Trophy buildings fared considerably higher, with a price of 17.3 p.c.
The prime workplace area of trophy buildings was in excessive demand, accounting for 22 p.c of all leasing exercise throughout the third quarter, Avison Younger reveals. The determine was simply 6 p.c the earlier quarter.
As return-to-office insurance policies proceed to evolve, Higher Boston’s Friday workplace visitations spiked 35 p.c year-over-year by August, the report factors out. The general workplace visitation price remained resilient, enhancing by 1.5 p.c throughout the identical interval and reaching 57.3 p.c of prepandemic ranges in August.
BXP landed one other lease renewal this summer time when Bain Capital doubled down on its 378,000-square-foot settlement at 200 Clarendon St., previously John Hancock Tower. The asset was 99 p.c leased in September, BXP’s complement reveals.
