{"id":1004159898,"date":"2016-11-23T02:09:29","date_gmt":"2016-11-23T10:09:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004159898"},"modified":"2022-12-08T19:14:04","modified_gmt":"2022-12-09T03:14:04","slug":"akamai-pre-leases-468-ksf-boston-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/akamai-pre-leases-468-ksf-boston-office-tower\/","title":{"rendered":"Akamai Pre-Leases 468 KSF Boston Office Tower"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004159899\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004159899\" data-attachment-id=\"1004159899\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/akamai-pre-leases-468-ksf-boston-office-tower\/akamai-technologies-headquarters-courtesy-of-akamai-technologies\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg\" data-orig-size=\"897,789\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Akamai Technologies Headquarters, courtesy of Akamai Technologies\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg?w=897\" class=\"wp-image-1004159899 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg\" alt=\"Akamai Technologies Headquarters, courtesy of Akamai\" width=\"300\" height=\"264\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg 897w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg?resize=300,264 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/11\/Akamai-Technologies-Headquarters-courtesy-of-Akamai-Technologies.jpg?resize=768,676 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004159899\" class=\"wp-caption-text\">Akamai Technologies Headquarters, courtesy of Akamai<\/p><\/div>\n<p><strong>Boston<\/strong>\u2014Akamai Technologies Inc. went looking for a new headquarters location in its hometown of Cambridge, Mass., and the company just found it. Akamai has pre-leased 145 Broadway, a 468,000-square-foot office project to be developed by Boston Properties in the city\u2019s Kendall Square neighborhood. The project cost: approximately $517 million, as noted by Boston Properties CEO Owen Thomas during the REIT\u2019s third quarter earnings call on Oct. 28.<\/p>\n<p>It\u2019s not that good space is hard to find in Cambridge; any space is hard to find in the coveted submarket. \u201cThe Cambridge office market is essentially full,\u201d according to a third quarter report by commercial real estate services firm Colliers International. \u201cTenants continue to fight for space, as the few options that remain are flying off the market.\u201d<\/p>\n<p>Much of that limited stock that\u2019s flying off the market is flying right into Akamai\u2019s hands. Not only will Akamai occupy 145 Broadway under a 15-year agreement, the content delivery network services provider will grab even more square footage from Boston Properties\u2019 offerings, having committed to leasing 150,000 square feet or more within the REIT\u2019s Kendall Square portfolio.<\/p>\n<p>Boston Properties expects to kick off development of the Pickard Chilton-designed 145 Broadway once the city and the Cambridge Redevelopment Authority give the green light. The real estate company plans to empty and then demolish the existing 80,000-square-foot, three-decade-old office structure on the site, also known as 11\u00a0Cambridge\u00a0Center,\u00a0during the second quarter of 2017.\u00a0The new 19-story office tower will be a premier property, fit for the largest tech company based in the Kendall Square area. The state-of-the-art office space in the building will be complemented by approximately 9,500 square feet of ground-level retail space and, potentially, a caf\u00e9, roof deck, fitness facility and electric vehicle charging station.<\/p>\n<p>Build out of the additional space Akamai will lease from Boston Properties will begin simultaneously with the commencement of 145 Broadway\u2019s construction. Akamai will be free to relocate staff from its current Cambridge locations to its new digs at its leisure following the building\u2019s completion in 2019. \u201cWe look forward to creating a campus environment for Akamai&#8217;s employees to further foster innovation and collaboration, and to build a headquarters that complements the thriving Kendall Square community,\u201d Erica Chapman, vice president\u00a0of Global Real Estate and Workplace Productivity at Akamai, said in a prepared statement.<\/p>\n<p>Kendall Square is, indeed, thriving, and the state of the entire Cambridge office market tells the story. \u201cBoth office and lab landlords will remain in the driver\u2019s seat as demand outpaces supply, and there is limited relief on the horizon, particularly in the core Kendall Square market,\u201d per the Colliers report. Cambridge\u2019s 4.2 percent office vacancy rate in the third quarter marked the lowest vacancy rate since the peak of the venture capital-backed tech boom in late 2000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm will set up shop at 145 Broadway, a $517 million office project to be developed by Boston Properties in Kendall Square.<\/p>\n","protected":false},"author":969,"featured_media":1004159899,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21784,21808,21742,10,21747,21787],"tags":[32843,32763,32844],"class_list":["post-1004159898","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-brokerage","category-featured","category-latest","category-northeast","category-office","category-technology","tag-boston-properties-inc","tag-colliers-international","tag-kendall-square"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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