Tim Lyne, senior managing director, and Joanna Dresser and Bill Crean, directors at the Boston office of Insignia/ESG, represented the property owner, Walton10-Ten Post Office Investors III LLC. David Richardson, executive vice president of locally based McCall & Almy, represented the tenant in the transaction.
The 405,763-sf, two-building property occupies an entire city block in the heart of the city's financial district. The buildings were constructed between 1923 and 1929, but in the late 1970s and the early 1980s, underwent substantial renovations. The property is nearly 100% leased. Among its tenants are Fidelity Investments, Dow Jones, Wall Street Journal, and Boston Private Bank & Trust.
The deal is good news in a once-invulnerable market that has recently seen its available space slowly increase. According to Trammel Crow Co.'s most recent statistics, the overall available space for the financial district is at 18.8% as of this past January as compared with 14.7% the year before. Lease rates for this space were not available but average asking rents for office space in this area is at $41.38 per sf.
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