45,387 SF Leased Up at 75 State Street

BOSTON-In deals that bring good news to the city’s still struggling office market, two companies sign leases that fill up 45,387 sf of space at 75 State St., a one million sf building located in the city’s financial district. The leases are with Harbor Capital Management and Parthenon Capital. Lease rates for these deals were not available, but the average asking rent for similar space in the area is about $46 per sf. According to Grubb & Ellis’s most recent statistics, the overall vacancy rate for the area is at 13.6%.

Harbor Capital signed a 10-year lease for 24,359 sf of office space on the 27th and 28th floors. The company, which manages equity, balanced and fixed-income portfolios for institutions and its private client group, was represented by John Hennessey at GVA Thompson Doyle Hennessey & Stevens.

Parthenon Capital, a private equity investment firm, signed a seven-year lease for 21,028 sf on the 26th floor of the building. The firm was represented by Debra Gould and Jason Cameron at Spaulding & Slye Colliers.

John Barry and Michael Joyce, partners, and Thomas Ashe, associate, at Richards Barry Joyce & Partners represented Brookfield Properties in both transactions. The firm is the exclusive leasing agent for the building.

The 31-story office building consists of 742,096 sf of office space, 25,000 sf of retail space, and a 685-space parking garage of 235,000 sf.