Peter Farnum, with Trammell Crow Co. in Boston, tells GlobeSt.com that the lease renewal was a great way for the building's owner, Rockwood/Abbey Fee LLC, to stabilize the asset and create new value. Rockwood/Abbey Fee LLC acquired the 13-story, class A, Back Bay property last year. The building, which is fully leased, also includes 14,239 sf of street level retail.
Terms of the lease were not disclosed but Farnum says space in the Back Bay rents for just under $40 per sf. IXIS, which has been a tenant for about 10 years, also gained some tenant improvement concessions in the transaction, he says.
Farnum, along with Barry Hynes, also with Trammell Crow, and Bill Motley, with Spaulding & Slye's Boston office, represented the landlord in the lease negotiations. David Richardson, with McCall & Almy, of Boston, handled the transaction for the tenant.
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