Silversmith Capital Deal Helps Bring Back Bay Office Building to Fully Leased
The largest recent transaction was with Silversmith Capital Partners, which signed a 26,000-square-foot lease at the 272,000-square-foot office building.
BOSTON—Columbia Property Trust reports it has signed 30,000 square feet in lease deals since the end of the first quarter that has brought its 116 Huntington Ave. office building in the Back Bay to 100% leased.
The largest recent transaction was with Silversmith Capital Partners, which signed a 26,000-square-foot lease at the 272,000-square-foot office building. Beginning in December, the growth equity investment firm will occupy the building’s 14th and 15th floors, which Columbia connected to create a light-filled space atop the building that offers direct access to multiple new private terraces.
Silversmith Capital, which is currently headquartered on the 25th floor of 177 Huntington Ave., partners with entrepreneurs in growing, profitable technology and healthcare businesses.
Columbia Property Trust acquired 116 Huntington Ave. in 2015 for $152 million from Broadway Partners. At the time of the purchase, the property was 78% occupied.
Since the purchase, Columbia has completed significant enhancements to the property that have included modern upgrades to the main entrance and lobby, the elevators and other common areas, as well as improvement of the onsite retail that culminated in the recent addition of local favorite Jaho Coffee.
Since the beginning of 2017, when many of these renovations were delivered, Columbia completed approximately 100,000 square feet of leasing at 116 Huntington, at starting face rates 25% to 30% greater than the building had previously achieved, Columbia Property Trust reports.
Other major tenants at the property include American Tower, GE Healthcare and Brigham and Women’s Hospital.
“We have worked diligently to cultivate the right mix of tenants and amenities for 116 Huntington, to capitalize on its exceptional Back Bay location,” says Nelson Mills, CEO of Columbia Property Trust. “We are very pleased to see that effort rewarded with strong leasing rates and full occupancy, and are excited to welcome Silversmith to their new home.”
Columbia Property Trust made news back in April when it sold One and Three Glenlake, a 711,000-square-foot office campus in Atlanta, for $227.5 million. The properties were reportedly sold to an affiliate of Starwood Capital Group of Miami Beach, FL.