The building's new owner, 400 Crown Colony LLC, acquired the property in January, Drew Nelson, a principal with the Codman Co. in Boston, tells GlobeSt.com. Nelson says the newspaper's headquarters has been located in the building since it was constructed in 1988. Terms of the lease were not disclosed.
Nelson says the six-story 125,000-sf, multi-tenant office building, part of the 175-acre, two-million-sf Crown Colony Office Park, is 65% occupied with tenants that include several law firms and financial service companies. The office park also is home to a number of large tenants, including State Street Bank, Arbella Insurance and Boston Financial Data Services.
"We continue to see strong levels of activity both in the market and at the property and fully expect to have the property fully leased in the near future," says Nelson, noting that the newspaper's lease renewal stabilized the building and allowed the owners to more aggressively pursue other tenants to fill the remaining vacancies. Nelson represented the landlord in the lease negotiations. The Patriot Ledger was self-represented.
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