X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-In a deal that the brokers involved are calling one of the city’s downtown area’s largest leases of the year, William Gallagher Associates is leasing 45,152 sf in Independence Wharf, which is located at 470 Atlantic Ave. The company, a provider of insurance brokerage, risk management, employee and executive benefits services to companies with complex risks, will use the space for its corporate headquarters. Lease rates for this deal were not available, but average asking rents for office space in this area is about the low to mid $40s per sf.

Frank Nelson and Gil Dailey of Cushman & Wakefield represented Independence Wharf in the transaction while Bill Motley of Spaulding & Sly represented William Gallagher Associates.

Independence Wharf is a 14-story, 336,725-sf office building that is situated on a landmark property and a historic location–the actual site of the Boston Tea Party. The building changed hands just last summer when Modern Continental Enterprises sold it to GE Asset Management. At the time, sources involved in the deal told GlobeSt.com that the building went for over $80 million. MCE, the lead contractor on the Big Dig, paid $52 million for the former factory building two years before selling it, and had it converted it to Class A office space. The building had been struggling to fill its space since its renovation. Wellington Management backed out as an anchor tenant for 52,000-sf even before the building came online.

Prior to this lease the building’s only two tenants were Duane Morris LLP and Regus Business Centers with the remaining 240,000 sf sitting vacant. “Independence Wharf has a beautiful waterfront location, with great views, and it provides us with the desired access to Boston’s Downtown Financial District,” says Chris Rourke, CFO for WGA, which also has offices in Atlanta; Columbia, MD; Princeton, NJ; and Paris. In addition, Independence Wharf also offers us an ideal layout without any business disruption and meets our future growth needs.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.