Jones Lang LaSalle managing director Erich Sengelmann and EVPJames Miller represented Skadden Arps. Boston Propertiesrepresented itself. According to a recent Cushman & Wakefieldquarterly market report, the negotiated lease rate on the SkaddenArps lease was $56 per sf per year. One local industry source tellsGlobeSt.com that comparable view space is currently going for$60-plus per sf.

"Premier class A space is becoming tougher to come by," saysSengelmann, who declined to confirm lease details. "Jones LangLaSalle was able to leverage Skadden's strong credit and lower-costrelocation alternatives to allow the firm to remain in one of thecity's premier office buildings at below-market rates, and BostonProperties was able to retain a premier law firm."

Completed in 1980, Embarcadero Center Four has 938,165 sf of netleasable office space that was 96.1% leased as of the end of theyear, according to the company's 2005 annual report. The propertyis encumbered by a $138.11-million mortgage that comes due in early2008 and carries an interest rate of 6.79%.