Spaulding & Slye Colliers principal Debra J. Gould and Don Hause, formerly of Spaulding & Slye Colliers, negotiated the transaction on behalf of the tenant. The owner of the property is National Office Partners LP, a joint venture of the California Public Employees Retirement System and Hines Interests LP, represented in this transaction by project manager Michael B. Francis.
Buck Dowdell, IT manager for Escher says that the company was looking to stay in the building because "our corporate image is well served by the building's quality and location." The 18-story, 340,908 sf class A office building is located at the foot of the Longfellow Bridge with immediate access to Storrow Drive and Memorial Drive. Other tenants include Pegasystems, Razorfish, Mathsoft and Weber Shandwick.
While the biotech market in this city is thriving with vacancy rates hovering around 1%, the office market continues to struggle with vacancy rates around 20%. Christopher Crooks of CRESA Partners notes that increasingly landlords in the office market are trying to get tenants to renew leases early and lock in rates for a number of years.
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