Cushman & Wakefield Brokerage Team Cites Uptick in Recent Showings and Activity
6 Jun, 2012, Boston
Cushman & Wakefield's Downtown Boston leasing team is reporting a significant increase in office space showings driven by smaller professional services and technology firms seeking locations in the city. The trend is evident in the recent completion of three transactions at 200 State Street, 225 Friend Street, and 100 Summer Street.
At 200 State Street, Cushman & Wakefield Executive Director Debra Gould represented the landlord, GLL Real Estate Partners, in a 3,704 square foot office lease. The tenant, Fisher & Phillips was represented by Grubb & Ellis.
"The opening of a Boston office by Fischer & Phillips, a national law firm with offices in 27 U.S. cities, reflects a broader trend that we are seeing in the market," said Ms Gould. "Increasingly, we are receiving requests for Downtown showings from a wide range of small to mid-sized firms."
At 225 Friend Street, Cushman & Wakefield Director Tim Bianchi represented the landlord, STJ Friend Equity Partners, LLC, in the lease expansion from 4111 square feet of space to 8154 square feet of space and extended the lease. The tenant was The Achievement Network.
"Due to strong demand this past year, 225 Friend Street is nearly at full occupancy with only one small block of available space remaining," said Mr. Bianchi. "We're seeing a great deal of interest and activity from firms seeking a Downtown Boston presence. Tenants looking for space in the city or expanding their existing space are definitely more common than in years past."
At 100 Summer Street, Cushman & Wakefield Senior director Jim Brady represented MA-100 Summer Street, LLC (Equity Office), in the lease of 3241 square feet of office space. The tenant was EverBank.
"There is a noticeable uptick in new activity putting pressure on downtown space due to small professional services firms, many new to the city, requesting showings in the Downtown," added Mr. Brady.
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