Verizon Tops Office Space: 70% of Hub On Causeway Leased for 20-Year Term
Boston just had its biggest lease of the year signed by an affiliate of Verizon Communications, locking in a 20-year lease of 440,000 square feet of prime Class-A office space. This $1.2 billion investment in a 31-story office tower is part of a joint venture between Boston Properties and Delaware North.
The 627,000 square foot office tower is under construction and located across the TD Garden. This construction project will provide 1.5 million square feet of retail, office, hotel, and residential space, including an expansion of the Delaware North-operated TD Garden. As of August, The Hub on Causeway is more than 75% leased.
Local reports indicate that a subsidiary of Verizon Communications named Oath Inc. had been in negotiations to lease some of the tower’s space.
This massive project is planned to be completed in three phases. The first phase plans to incorporate a redesigned entrance for the TD Garden arena in October and finalize the retail and office space by late 2019. The second phase, which is also expected to be completed in late 2019, includes a hotel and residential spaces. The third-phase encompasses a 31-story office tower, the tallest office building built in Boston in more than 20 years. Verizon plans to occupy the building in 2021.
Boston’s first citizenM hotel completed construction in early July, with its eight-story tower and 269 rooms on top of the west podium expected to be open in fall 2019.