The terms and length of the lease were not disclosed and inquiries to Normandy were not returned by deadline. However, class A office space goes for roughly $35.78 per square foot in Boston. The class A John Hancock Tower stands at 60 stories and is made up of 1.7 million square feet of office.
The tower has seen some tough times over the past year, as it reportedly dropped in value in December from a $1.3-billion purchase price to an estimated $700 million. The property which was purchased for the billion-dollar figure by Broadway Partners, eventually fell into default as Broadway found itself over-leveraged, having to sell the property to Normandy, which assumed the property for for $20.1 million, plus the assumption of $640.5 million in debt.
CB Richard Ellis's John Betterworth represented Baystate, while Normandy was repped by Dave Martel, Gil Dailey and Bill Anderson at Cushman & Wakefield.
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