The project suffered a major setback this summer after LoewsCineplex Entertainment Corp. decided not to build a 12-screentheater on the site. Gary Jennison of Corcoran-Jennison was notavailable for comment by presstime but he is quoted in an issuedstatement, "We are excited about the opportunity to make CrosstownCenter an economic gateway for Boston. This is a $1 billion ofinvestment going into this part of the city."

Crosstown Center, located one mile from Downtown off Interstate93, will have a nine-story office building, a 190-room hotel and a1,300-car parking garage on its 6.3 acres. "This is a mixed-useproject," says Travis Powell, vice president at Spaulding &Slye Colliers, which has been named exclusive leasing agent for theoffice space. "It makes a lot of sense because it offers all theamenities from access to transportation to parking spaces at a muchlower rate."

The market rate Downtown runs anywhere from $60 to $80 per sfwhile in the Financial District asking rates have recently gone ashigh as $100 per sf. Crosstown Center will be $40 per sf. WhilePowell would not specify names he did tell Globest.com that he hasseveral potential tenants for the space. "We've got very goodactivity right now," he says.