Tishman Speyer Secures 58 KSF HQ Lease in Downtown Boston
The tenant, a law firm, is expected to move into the new space in 2028.
Image courtesy of Tishman Speyer
Rubin Rudman has signed a 15-year, 57,800-square-foot headquarters lease at Tishman Speyer’s One Federal Street, a 1.1 million-square-foot office tower in downtown Boston. Cresa arranged the transaction on behalf of the tenant, while the building owner had in-house representation.
The law firm’s corporate office relocation from the 42,994-square-foot space it currently occupies at 53 State St. is scheduled for 2028. The tenant will take up One Federal Street’s entire 23rd and 24th floors, as well as part of the tower’s 25th floor.
Boston’s average office listing rate recorded a 0.5 percent year-over-year uptick to $47.85 per square foot in August, according to a recent Yardi Matrix report. The figure was in line with the one of Los Angeles ($47.79) but well below the values recorded by Manhattan ($72.70), San Francisco ($65.41) and the Bay Area ($56.29). Meanwhile, Beantown’s office vacancy rate clocked in at 17.6 percent, up 160 basis points on a trailing 12-month basis and just slightly under the national figure of 17.8 percent.
A LEED Platinum-certified tower in Boston’s CBD
One Federal Street has been under Tishman Speyer’s ownership since 2006, when the company acquired it for $514 million from Jamestown, according to Yardi Matrix information. The asset is currently the subject of a $380 million loan issued by TIAA in 2017.
Completed in 1976 at 1 Federal St., the LEED Platinum-certified tower rises 38 stories, featuring floorplates ranging from 25,000 to 45,000 square feet. Amenities include a fitness center, a golf simulator and covered parking, as well as an 11,000-square-foot conference center, lounge and event facility on the ninth floor.
READ ALSO: How Hospitality Is Reshaping the Modern Office
Rubin Rudman will join other law firms on the property’s roster, including Morgan Lewis, Verrill, Day Pitney, Todd & Weld, and Conn Kavanaugh. Tenants also include the State of Massachusetts Department of Occupational Licensing, McNamara Salvia, Greystar and Siemens.
The high-rise is adjacent to the Post Office Square and within half a mile from the Old State House and Faneuil Hall Marketplace building. The property is also near South Station’s MBTA Commuter Rail and MBTA’s Red, Green and Orange MBTA lines.
Cresa Managing Principal John Coakley and Principal Matt Harvey worked on behalf of the tenant, while the ownership had Managing Director Jeffrey Moore and Senior Associate Victoria Robinson as in-house representatives.
You must be logged in to post a comment.