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ASSIGNMENT: A cool “SoHo like” office building located in Boston’s Midtown/South Station neighborhood experienced its Flagship tenant, over 35,000 SF, go into sudden bankruptcy. The building was going from 100% occupied to possibly 46% vacant overnight. The building was perceived to be a less desirable option due to under improved spaces and new availability of improved competitive cool loft options in the Seaport, a value market as recently as 2013.
APPROACH: When Boston Realty Advisors was engaged to reintroduce the building to the market for lease, it had not been represented by a brokerage firm for over 10 years. BRA advised ownership to stress the cool loft and casual atmosphere, easy Red Line accessibility and term flexibility. These existing building attributes had not been made known or promoted to the market for many years. That combined with a promotion of a market rate cheaper than similar brick and beam or “cool space” product in the seaport and Leather District attracted some of the tenants in the market looking for cool creative space at an affordable rent. BRA also actively called brokers with tenants in the market to consider 109-129 Kingston Street as a value alternative while offering the same quality, experience and image as competitive buildings in other parts of the city.
RESULT: Within 5-7 months of being engaged, BRA secured 6 new tenants resulting in a commitment of all of the available space. By effectively communicating the 120 day termination clause up front, tenants are able to understand and plan accordingly.Tags: Bonny Doorakian, Downtown office, landlord representation, Leasing, Robert LeClair, Wil Catlin