An industry source tells GlobeSt.com that while the transaction has not yet been completed, the "commitment is there." Although the source could not confirm the size, local published reports indicate that the company's new space will be 80,000 sf. The source adds that the new space will definitely be less than the space Standish Mellon is leaving and he notes that Standish Mellon will be putting that space on the market shortly.

According to Robert Cleary, SIOR and vice president at Meredith & Grew, there is a movement in the market here towards tenants relocating and consolidating their space resulting in a high velocity of deals but a negative net absorption in the market. "Corporate America is fine-tuning," Cleary tells GlobeSt.com. "They are looking at their real estate costs and tightening their belts." Cleary points to Fidelity Investments, which recently put 120,000 sf on the market at 260 Franklin Street here as it relocated that office to 80,000 sf at World Trade Center East. The investment firm also recently put over 200,000 sf on the market at 99 High Street here.