Federal Realty owns nine properties in the area and Brennan will be charged with overseeing development for those properties, as well as source new deals for the firm in the tri-state region.

Plans call for the building to be razed and the site combined with other components to create a larger assemblage for a mixed-use condominium project.

The New York City-headquartered company states it plans to utilize the facility to fund future acquisitions, including two properties, which are currently under agreement and are expected to close in the fourth quarter of 2017.

The cost of repair of New York City's bridges (not state owned) makes up nearly three quarters of the aforementioned repair estimate or $20.4 billion. The New York City region has by far the largest number of functionally obsolete and structurally deficient bridges.

New York State received 84 cents in return for every dollar it sent in taxes to the federal government last year. In fact, New York State had the largest funding imbalance in total dollars of any state.

The portfolio consists of the 251-room VERVE-Crowne Plaza Boston-Natick and the 188-room Hampton Inn Boston-Natick in Natick and the 184-room Holiday Inn Boston Bunker Hill Area in Somerville.

The new lease for the firm's corporate headquarters will expand its footprint at the property to the 12th floor, bringing its total occupancy to 51,150 square feet.

The city's real estate sector will be a major contributor to helping the city reduce greenhouse gases. The mayor's proposal calls for significant building energy performance upgrades as well as deep energy retrofits in city-owned buildings.