New Building, Old Address, Draws Businesses to the Back Bay

"It's a testament to the activity and the strength of the Back Bay market," Barry Hynes, senior vice president with Trammell Crow's Boston office, who brokered the deals for the owner, tells GlobeSt.com. The 221,586-sf class A property, which features 14,239 sf of high-end street level retail space and 207,347 sf of office space, is located across from Copley Square and the Boston Public Library.

Hynes says all three tenants, Zantaz DS Inc., a digital archiving, compliance and management company which resigned a six-year lease for 10,715 sf; investment banking firm Consilium Partners, which released for 3,236 sf for two years; and newcomer Full Armor Corp., a software developer that moved into 7,000 sf of office space under a five-year agreement, were drawn to the property because of its top-notch location and outstanding quality.

The building, which numbers among its tenants Trinity Communications, investment bankers CDC IXIS and publisher Time Inc., is owned by Boylston 399 LP and leased at market rate, Hynes says. Those rates range from $34 to $36 per sf, plus the cost of electricity.

Hynes adds that the Back Bay is gaining a renewed interest from businesses lately because of its Downtown location, strong labor pool and the area's many amenities. "It's becoming a very strong alternative to the Financial District," he notes. "We're seeing a lot of people from Downtown looking at Back Bay and companies from the suburb looking at Back Bay. It comes down to the quality of life and the great labor pool they can tap into."

Hynes, along with Peter Farnum, also with Trammell Crow, brokered all three lease deals for the owner. Bill Crean, vice president of CB Richard Ellis' Boston office, represented Consilium Partners, while Bob Cleary, principal of the Codman Co., represented Full Armor Corp. Kevin Mechelke of Cushman & Wakefield's Walnut Creek, CA office and Jim Brady of Cushman & Wakefield's Massachusetts office represented Zantaz.