Tim Lyne, senior managing director and Kevin Kennedy, an associate at the Boston office of Insignia/ESG, represented Lane, Berry & Co. in the transaction. Fleet Bank, which owns the building, was represented by David Fitzgerald, executive vice president and partner of CB Richard Ellis Whittier Partners.
The 41-story building is the former national headquarters of Bank Boston, which was acquired by Fleet. The building now functions as the corporate headquarters of Fleet-Boston Financial.
Built in 1971, the building is unofficially known as the "pregnant building" alluding to its bulging base. In 1992, the building underwent renovations, which modernized the lobby and plaza.
According to Cushman & Wakefield's most recent statistics, the city's financial district's overall vacancy rate was at 13.8% as of the first quarter of this year, up from 9.8% the year before. Lease rates for this deal were not disclosed but average asking rents for this area are at $42.11 per sf.
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