Case Study: 90 CANAL STREET
ASSIGNMENT: A boutique owner-occupied office building located in Boston’s North Station neighborhood experienced a potential vacancy of 2 floors with another floor rolling 10 months later due to lease expirations. The building was going from 100% occupied to possibly 40%.
APPROACH: Boston Realty Advisors was engaged to reintroduce the building to the market for lease ahead of the future vacancies. Boston Realty Advisors recommended ownership to stress the brick and beam attributes a widely unknown feature that was covered up for many years. That approach combined with a promotion of a market rate cheaper than similar brick and beam product in the seaport 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 90 Canal Street as a value alternative while offering the same quality, experience and image as competitive buildings in other parts of the city. Boston Realty Advisors was also able to expand one existing tenant as well as retain and retract another tenant by working closely with ownership and tenant’s brokers.
RESULT: Within five (5) months of being engaged, BRA secured two (2) existing tenant renewals and one (1) new tenant resulting in a commitment of all of the available space with occupancy two (2) months before the scheduled vacancy.