Maryann Gilligan Suydam, senior vice president of the Boston region for Equity Office Properties, the building's owner, tells GlobeSt.com that property improvements to the class A tower in the Financial District combined with Equity's joint venture partner, Morgan Stanley, which invests in the hotel market, helped seal the Pyramid deal. Interior upgrades and landscaping improvements were made to the site.
"There were plenty of places they could go," Suydam says, "but I think the combination of going from a B-plus to an A building, along with the relationship of our joint venture partner and the location worked well for them." Terms of the lease were not disclosed but rents at the property, which is bordered by Milk, Oliver and Pearl streets, range from $40 to $46 per sf. Suydam notes that Pyramid's move highlights a trend in Downtown as businesses move out of class B space and into class A facilities.
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