Jim Adams, with the Codman Co.'s Boston office, tellsGlobeSt.com that officials from the advertising, marketing andcorporate communications company shopped the Back Bay market beforesigning the deal, which gives the firm an additional five years ontop of its existing lease. That lease was set to expire Sept.1.
"They loved the building," Adams says. "It works well for themand the location is great." So was the lease rate offered bylandlord, TA Associates Realty.
Although terms of the lease were not disclosed, Adams says thelandlord offered "a very fair price" on rental rates, whichconvinced the firm to stay. Lease rates for class A office space inthe Back Bay runs from $45 per sf for a mid-rise building to $50 to$60 per sf in the neighborhood's tower buildings.
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