Cheryl Krauss, a spokesperson for Bain, tells GlobeSt.com that the company, along with Bain Capital, was leasing "comparable space" in its previous location, which will most likely be on the market. Bain Capital relocated to the financial district.

Krauss declined to reveal Bain's lease rate in Copley Place or its lease rate for its new space but she notes that "given the economic situation, we were able to negotiate a better leasing arrangement." According to Codman Co.'s 2003 third quarter market statistics, asking rents for Class A space in the city is at the mid $40s per sf, a drop of 50%, the report points out, from the all time highs of 2000.

Located in the heart of the city's Back Bay neighborhood, the building came online at the end of last year and ran smack into the recession. The signing of Bain was a coup for the owners, but an industry source tells GlobeSt.com that the rest of the building remains unoccupied.

The building was developed by Sullivan Properties, Peabody Construction and Heritage Property Investment Trust but it went through what another industry source told GlobeSt.com were some "ownership issues," and Heritage currently owns 96% of the building. Heritage is a real estate investment trust for the New England Teamsters pension fund.

The building has to contend with large blocks of available space that were recently put on the market such as 607,000 sf at 33 Arch St.; 300,000 sf at 1 Lincoln; and 320,000 sf at 501 Boylston.