Remy deVarenne, managing director at the New Jersey office of Insignia/ESG, and director Bill Crean at the Boston office, represented Crum&Forster in the transaction. John McHugh, vice president and Chuck O'Connor, principal of Trammell Crow Co. represented sublessor Pioneer Group.
Crum & Foster is using the space to relocate some of its employees from its office in Woburn, MA. Crean points out that the current market is perfect for tenants who are looking to make the move from the suburbs into the city, "and still slash their rents."
Equity Office Properties owns the 833,000-sf building. A spokesperson for Insignia tells GlobeSt.com that this space has been on the market for over six months. Pioneer Group moved some of its operations to One Cabot Rd. in Medford, MA.
The lease rate was not disclosed but according to Spaulding & Slye Colliers International's third quarter market statistics the average asking rent for office space in the financial district was $44.42.
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