Gregory Soffian, managing director of the local office of Studley, tells GlobeSt.com the aggregate value of the lease is approximately $6 million. Soffian and Matthew Sall, senior managing director at Studley, represented the tenant in the transaction. The local office of CB Richard Ellis represented the owner, Newton, MA-based HRPT Properties Trust.
Premier, which was recently acquired by UK-based CRC Development, asked Studley to review market availabilities and also analyze the feasibility of living through a renovation in its existing location. "We toured about a dozen buildings," Soffian says. "In addition to the great view, direct concourse access, parking and other building amenities, McDonald's had put about $60 per sf to $80 per sf into this space, and many of those existing improvements could be reused by Premier. The combination of benefits made this location the ideal choice."
Centre Square consists of a 43-story west and 36-story east tower, aggregating 1.8 million sf. It is currently more than 85% occupied. However, Comcast Corp., headquartered in the east tower, will move into Comcast Center at 17th St. and JFK Blvd., when the new tower reaches completion in fall 2007.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.