Codman Co. says the move is the next step in its "rebuilding." The locally based firm is also relocating its headquarters from 211 Congress St. to 5,500 sf at 50 Rowes Wharf, in the financial district on the waterfront. The 150,000-sf building, which is contiguous with 30 and 40 Rowes Wharf for a total of 340,000 sf, is owned and managed by Equity Office Properties. Lease rates for this deal were not available, but space in the building goes for about $48 per sf.
"The new office space represents more than just a move. It represents the new Codman, which started on its path almost one year ago. Rowes Wharf will be a wonderful working atmosphere for our staff and make a positive statement and great image for our clients," says Cleary, who adds that the move was made during a "good time" in the real estate cycle. "…we were able to take advantage of the current market conditions. We are practicing what we preach to our clients." The company says its new office offers a reduction in its annual rent.
Last year Codman added four new partners, including Cleary, in an attempt to restructure and grow its brokerage group.
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