NAI Hunneman Commercial vice president James Boudrot tells GlobeSt.com the deal follows the flight-to-quality trend that is occurring with many businesses. "This lease was a good example of flight to quality as our client was looking to upgrade its offices and its corporate image," says Boudrot, who along with NAI's executive vice president Steve James, handled the short-term lease transaction for the tenant. "Wells Avenue is a class A property that fit their needs well." The building's owner, locally based Saracen Properties/Rockpoint Group LLC, was represented by Mark Roth and Raymond Janney of Cushman & Wakefield's Boston office.
Terms of the transaction were not disclosed but property in the area generally rents in the $20 per-sf range. Boudrot says firms like Adviser are increasingly taking advantage of low class A rents to upgrade their facilities and their image in today's marketplace. "Prices have been so low," he notes, "that for just a bit more money, you can get class A space."
Last month, Seattle coffee brewer Starbucks decided to move its Northeast headquarters into 18,000 sf at the amenity rich property, also known as the Wells Center, under a seven-year lease. Built in 1986, the 241,760-sf, three-story brick, aluminum and glass office building, which also is home to data storage company EMC, features an in-house cafeteria, fitness center and conference room.
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