"That shows how much people love the building," says LincolnProperty Co. broker Jeff Moore, who joined Boston office chief JohnMiller in negotiating the latest leases on behalf of Invesco. "It'sa class B building with class A amenities and location," Mooretells GlobeSt.com of the building, an historic treasure revered asone of Boston's first commercial properties. Lincoln hasrepresented 84 State St. since Invesco acquired the assetapproximately 10 years ago, and Moore says the fundamentals haveremained superior on both occupancy and rent levels.

The home to such well-known firms as Colliers International, 84State St. completed nearly 15,000 sf of transactions in the recentflurry to reach full occupancy. The largest deal was cemented byBrooke Private Equity Advisors, followed by Gelb & Gelb, MadRiver Management and Abbott Real Estate Development. Tenant brokersincluded Andy McDonald for Mad River, and Chris Rogers and BryanSparkes of Grubb & Ellis assisting Gelb & Gelb. Brooke wasrepresented by Andy Hoar and Taidgh McClory of CB RichardEllis.

Specifics of the individual leases were not provided, but Mooredid acknowledge rents have been exceeding $40 per sf at 84 StateSt. in many latter-day deals. Fit out allowances were said to belimited, and concessions such as free rent that were commonplace inBoston barely a year ago were reportedly non-existent. That shouldprevent the returns from becoming diluted.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.