Industry sources report that the 14-story office building hasscored one tenant and is on the verge of signing up several others.Located on Boston Harbor, the hulking former factory building isrenowned for being the site of the famous Boston Tea Party.

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Wellington Management, an old-line investment firm, is said tohave committed to two floors in the property, which is undergoing agut renovation by the Modern Continental Cos. The company will takeapproximately 52,000 sf, says one source, adding that, "They willbe a great anchor tenant for the building."

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Reached at the firm's headquarters at 75 State St., a Wellingtonspokeswoman would only say that, "we do not discuss such issues,"while Modern Continental principal Robert L. Shepard also declinedcomment. Shepard does, however, acknowledge that the company has atleast two signed letters of intent, and says there has been morethan one million sf of potential requirements tour the property inthe past three months.

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Trammell Crow is exclusive leasing agent for the 370,000-sfbuilding.

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"It's a frenzy because there's no space that can be delivered inour time frame," says Shepard. Independence Wharf will be ready foroccupancy next August, and is indeed one of the few large spaceopportunities available.

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Although he says the company will not make any announcementsuntil a lease is actually signed, Shepard says he believes theactivity justifies Modern's faith in the project.

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Known more for heavy construction work – it is the leadcontractor on the $14 billion Big Dig project – Modern Continentalpaid $52 million for the building last summer.

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"People know it's a real project now," Shepard says of the surgein activity. "They didn't believe it when we said we'd do thebuilding [on spec], but they believe it now."

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