Andrew Maher, first vice president with Richard Ellis/Whittier Partners in Boston, tells GlobeSt.com that Canadian officials opted to relocate from 31 Milk St., where they were located for several years in offices that were about 4,800 sf, to the Mellon Financial Center at One Boston Place in order to take advantage of rental rates that give them a better location and upgraded facilities. "This is another example of tenants in the market looking to upgrade their space," says Maher.
Maher along with Andrew Hoar, president, and William Crean Jr., first vice president with CB Richard Ellis/Whittier Partners, represented the owner, TIAA-CREF/SITQ. Jay Driscoll, senior director and Kristen Haggerty, an associate at Cushman & Wakefield, represented the government of Quebec.
Terms of the long-term lease were not disclosed, but Maher says rents in the Financial District for similar space run in the low $40 per-sf range. Built in 1970, One Boston Place has undergone $10 million in renovation within the last three years, including new lobby, heating and air conditioning system and elevators. It is 93% occupied with the building's major tenant, Mellon Financial, occupying about 45% of the property.
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