X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WALTHAM, MA-As fast-track projects go, 77 CityPoint is operating at warp speed, with owner Boston Properties acknowledging that the first class speculative office building has reached full occupancy even before coming on line. The final piece is a 165,000-sf, 10-year pact making Phase Forward anchor tenant of the six-story, 209,000-sf building overlooking Route 128. GlobeSt.com initially reported the deal in its Oct. 17 edition, but official confirmation is finally being made by the parties involved.

“The CityPoint message of urban convenience in a suburban setting really resonated in the market,” says DTZ FHO Partners principal John Boyle, who represented all three tenants committing to the building, the others being Administaff–9,000 sf–and PRTM–35,000 sf. The office building is the inaugural phase of a $500-million mixed-use complex Boston Properties is building at the interchange of Route 128 and the Totten Pond Road/Winter Street exit, and Boyle says the planned amenities were key elements in the decisionmaking process for his clients.

DTZ FHO Partners principal Brian Hines concurs, and maintains the response to 77 CityPoint also reflects a desire for new construction. The vacancy rate for class A office space on Route 128 between Routes 2 and 9 is now just 11%, he says, even though Waltham has seen nearly two million sf of new construction under way since the start of 2007.

Expectations for 77 CityPoint were high from the outset, Hines says, but he agrees that the venture reached full occupancy faster than anyone had anticipated. “It speaks volumes about Boston Properties and what they are trying to do there, and I think it proves that they really have the right product,” says Hines, who worked with the landlord’s in-house team of David Provost and Jason Fivek to fill the space. DTZ FHO Partners broker Michael O’Leary was also instrumental in the negotiations at 77 CityPoint, while principal Joseph Fallon worked with Boyle on the Phase Forward lease.

Construction is far enough along that Administaff will be able to move in early next month. That firm inked a five-year deal, while PRTM has a 10-year pact. Financial terms were not provided, but sources say Phase Forward’s lease is in the low $40-per-sf range. CEO and president Bob Weiler says the ability to remain in the Waltham market was important for Phase Forward, which will relocate later this year from Waltham Woods. “In addition,” he says, “employees have given us very positive feedback about our choice to move into a LEED-certified green building.”

Sustainability has become a key issue for tenants in recent months, but was not as mandatory when 77 CityPoint got under way. Boyle praises the developer for having the foresight to realize it would be of import, prompting the firm to secure a pre-certification for a Silver LEED certificate. “Boston Properties is really at the forefront of (green design), and they proved that here,” says Boyle. The design includes abundant natural light, increased indoor air quality and a 30% reduction in water usage versus conventional standards. “Phase Forward made it very clear from our first meeting that providing their associates with a healthy, vibrant and exciting work environment was critical to their company’s continued success,” says Boston Properties president Doug Linde. About 350 Phase Forward employees will work at 77 CityPoint.

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?

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.