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BOSTON-Clark & Elbing, a local law firm, moved down the block from 176 Federal Street here Downtown to 101 Federal Street. The firm’s practice is growing and it needed more office space.

According to Jay Driscoll, senior director with Cushman & Wakefield’s Brokerage Services Group, Clark & Elbing moved from 12,000 sf to 18,500 sf of space. Driscoll, along with Rebecca Galeota, also of Cushman & Wakefield’s Brokerage Services Group represented the law firm while Bill Anderson represented the owner, Equity Office.

Driscoll declined to disclose the firm’s new lease rate but he tells GlobeSt.com that the rates are not lower at 101 Federal than at 176 Federal, emphasizing that the firm moved from a Class E building to a Class A building. Also, he notes, five years ago when the firm signed its lease at 176 Federal rents were much lower than they are today–even with the recent downturn. ‘We’ve seen rents soften, but there has been no dramatic decline. All building owners are pleased with the rent levels now,” he notes. Driscoll adds that tenants now have more leverage because of the area’s increased availability but he emphasizes that Boston’s 7.5% vacancy rate is still a healthy market.

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