Wolf Greenfield also will have the right to occupy two additional floors over the term of the 12-year lease. CBT/Childs Bertman Tseckares Inc., an architecture and interior design firm, has been retained to design the build-out of the four new floors.
The firm, one of the region's largest law firms specializing in intellectual property, has been a tenant of the Federal Reserve Bank for the past 14 years. "The building's location also provides ideal convenience to public transportation," says Ed Gates, Wolf Greenfield's managing partner. "Add to that the current favorable lease rates, and we are very pleased."
Bob Delaney and Barrimore T. Hynes of Trammell Crow Co., commercial real estate brokers, represented Wolf Greenfield in the lease negotiation.
The 1.2 million sf building, owned by the Federal Reserve Bank of Boston, is nearly fully leased with this deal. Among its tenants, in addition to the 12 floors that the Federal Reserve occupies, are Harvard Management Co. Inc., Consulate General of Japan, Summit Partners, Craig & McCauley and Richard Ellis/ Whitter Partners. Lease rates for this deal were not disclosed, but the average rate in the building is about $43 per sf.
The financial district continues to struggle with relatively high vacancy rates. According to recent market statistics compiled by Trammel Crow Co., the overall available space as of this past April was at 18.6%, slightly under January's 18.8%.
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