Andrew Hueser, one of two Trammell Crow brokers representing FTI, tells GlobeSt.com the company signed a 10-year lease for all of the 15th and 16th floors in the 38-story building and secured expansion rights throughout the lease term. The expansion rights options were "absolutely critical in negotiating and executing this transaction," says Jay Scholl, the other TCC broker in the transaction.
"The market is active and vacancy is dropping, but if you have strong credit and a significant size requirement, there is still the ability to negotiate a fair amount [of concessions," Hueser tells GlobeSt.com. Hueser declined to discuss the negotiated lease rate; according to Co-Star, the lease rate for the building is $37.68 per sf.
One Front St. has 623,000 sf net rentable. Occupancy is about 65%, according to Co-Star. The asset is managed by Morgan Stanley on behalf of a Florida teachers retirement fund, according to local brokers. The ownership entity is named Market Front Associates LP. Jones Lang LaSalle has the property management and CB Richard ELlis has the leasing assignment.
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