About three months ago, Congress Group switched leasing agents from Trammel Crow to CB Richard Ellis. The building came online in one of the city's worst markets in years. According to Grubb & Ellis's most recent statistics, the city's vacancy rate is still at 12.9%. The financial district's rate is slightly higher at 13.6% and the average asking rent for office space in the area is about $46 per sf.

The marketing for the building will emphasize the advantages of "smarter" buildings, such as advanced technology systems, elevators and enhanced security and safety systems, features that are available at the 33-story tower.

"With the economy picking up steam and some of the city's larger tenants beginning to explore new locations and amenities, the timing of our leasing campaign for the city's brand new tower could not have been better," says Andrew Hoar, president and co-managing partner of CB Richard Ellis/Whittier Partners. "There are very few options today for tenants seeking more than 100,000 sf of contiguous office space in Downtown Boston." The campaign is also stressing that the building is likely to be the last class A office tower to be completed in the city's financial district during this decade.

The property is owned by Arch Street Tower, LLC, whose partners include affiliates of Congress Group Ventures, the Value Enhancement Funds managed by Lend Lease Real Estate Investments, the National Electrical Benefit Fund and Eastern Development.

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